As explained, threats such as overfishing, marine litter and acidification have put the health of the world’s oceans in a very fragile state, with recent studies indicating that over 50% of the world’s fish stocks are fully exploited. By 2050, the oceans are expected to contain more plastic than fish, and more than 90% of coral reefs are at risk of dying off.

As the ocean challenge is a global imperative, the private sector can play a significant role in ensuring this crucial resource is sustainably managed. By contributing to its research, development and deployment capabilities and providing new products, services and business models, companies can negate harmful impacts on ocean ecosystems and contribute to their restoration.

The Ocean Action Platform is one of several partnerships initiatives managed by UN Global Compact, focusing on SDG14 Life Below Water, and will engage UN partners, private sector partners, government partners, academia, and NGOs. It will focus on growth, innovation and sustainability, exploring how to best protect the health of the ocean. It aims to mobilize the private sector to take tangible action, make investments and form partnerships to leverage the ocean as a resource to deliver the Global Goals.

"We are very proud to be the first business partner for this initiative – ocean challenges must be solved through multi-stakeholder dialogue, between governments, business, research institutions and civil society. And we believe the UN Global Compact will be an excellent arena for this dialogue," says Thomas Palm, Cermaq’s CFO, at the launch event.

The formal launch will take place in New York in June, when the full participation in the initiative has been determined.