ILTA Develops First-Ever Set of ESG Principles

A six-month effort to engage the membership in the development of ESG principles for the terminal industry has culminated in a final draft that the ILTA Board of Directors will formally review and adopt at its meeting July 29-30, 2021. Work on the principles included reviews and discussion at the January and March meetings of the Environment, Health, and Safety Committee, a survey of the entire membership, and two town hall-style discussions held on May 27 and June 3. ILTA thanks the many companies and individuals who contributed insights, comments, and specific language recommendations as part of this initiative.

The final set of 10 principles is designed to articulate the priority that ILTA and its member companies place in providing safe, sustainable, efficient, and reliable storage and logistics services for the bulk liquids both today and tomorrow. The principles express the key dimensions of ILTA’s commitment to sustainability and the aspirations of all ILTA member companies.

The Board of Directors instructed ILTA staff to begin developing ESG principles at its meeting in November 2020. ESG and sustainability reporting have become an increasingly active area for many industries. This has included the adoption of ESG and sustainability principles and statements by associations closely affiliated with ILTA’s work such as the American Petroleum Institute and the American Chemistry Council. In addition, trends in the financial and investment community have also brought ESG and sustainability issues to the forefront in investment ratings and decisions.

ILTA will continue to work with the membership to identify and develop added tools to assist companies that wish to begin or expand their ESG reporting initiatives.