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Offshore safety

The new valuation of safety

Bringing the way we value safety up to date

Building on the findings from the Lloyd's Register Foundation-funded, Technical University of Delft report on The Value of Safety, the Foundation has entered into a partnership with the National Safety Council (NSC) in the US to explore this area further. NSC will conduct research and develop tools and guidance to enhance the understanding of the value of safety and how it is measured in the context of current and emerging issues. The work will seek to integrate safety and health into Environmental, Social and Governance (ESG) frameworks.   

NSC will initially examine existing models, frameworks and tools in the ESG and sustainability fields. They will work with stakeholders from a wide variety of fields to inform and advance the discussions around the valuation of safety, with the aim of developing practical guides and toolkits to help practitioners to implement the findings. The work will raise awareness and knowledge of the changing dimensions in play that relate to the valuation of safety and will aim to increase integration of the values into policies. Ultimately, the work will raise the profile and importance of safety within the context of voluntary standards, like ESG frameworks. 

The work will take approximately 18 months, reporting in the autumn of 2023.  A working group involving industry, government, NGOs and investors is being drawn together to engage stakeholders in benchmarking and to test outputs as they are developed. The insight generated by this project will contribute to the knowledge base on safety and aims to enhance its standing within existing social value frameworks. 

John Dony, Vice President, Thought Leadership at NSC has written a blog to explain more. 

Please get in touch via the form below for further information on the work.

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