Thirty companies and institutional investors have signed up to the UN Global Compact Sustainable Ocean Principles committing to take action in order to secure a healthy and productive ocean. The principles provide a foundation for companies to engage in ocean sustainability in light of the upcoming UN Ocean Conference in June 2020 in Lisbon, Portugal, and beyond.
CEO and Executive Director of the UN Global Compact, Lise Kingo, said that “the rapid deterioration of ocean health, which deeply affects biodiversity, coastal communities and the health of the planet, must be urgently addressed,” adding that “the deterioration is caused by human activity, and we need to create a tipping point where a critical mass of businesses use their capacity and competence to solve this challenge.”
In fact, the UN Global Compact Action Platform on Sustainable Ocean Business developed the Sustainable Ocean Principles collaborating with stakeholders from the private sector, NGOs, academic institutions and other UN agencies.
By committing to the nine principles, companies commit to take action in order to prevent pollution, manage their use of marine resources to ensure long-term sustainability, and be transparent about their ocean-related activities and impacts.
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The Minister of Trade and Industry of Norway, Torbjørn Røe Isaksen, the host country of the Our Ocean Conference 2019 noted that “bringing the private sector together as the UN Global Compact is doing, has a huge impact. When finance, classification, insurance and the operating companies together set the expectations higher, we as Governments should take that as a clear call to action.”
Namely, the supporters in particular include the container ship and supply vessel operator A.P. Møller – Mærsk; the food and beverage company PepsiCo and Norges Bank Investment Management, managing one of the world’s largest funds with over US$ 1 trillion in assets.
Simon Lowden, Chief Sustainability Officer of PepsiCo, adds that “the growing threat that packaging waste poses to our communities and marine environments is one that must be taken seriously and acted upon with urgency. PepsiCo’s sustainable packaging vision is a world where plastics need never become waste, and through investment, innovation and partnership, we will continue to do our part, working aggressively on solutions toward a circular economy.”
Other entities that have so far signed the Sustainable Ocean Principles include ABN AMRO, CEiiA, Cermaq, Cisco Systems, CoreMarine, DNB Bank ASA, DNV GL, Dow Inc., Empower, Equinor, Gard AS, Global Sea Mineral Resources, Government Pension Fund Norway, Grieg Maturitas AS, Kongsberg Gruppen ASA, Lloyd’s Register, MAKEEN Energy, The New Zealand King Salmon, Nor-Shipping, Nordic Mining, Norwegian Guarantee Institute for Export Credits, Norwegian Shipowners Association, Ocean Bottle, Skretting, StormGeo, TATA NYK and Thorvald Klaveness.
Group President and CEO of DNV GL, Remi Eriksen, highlights that
The ocean represents an ocean of opportunities and we welcome the introduction of the Sustainable Ocean Principles. These principles will be an important reference point as businesses look to capitalize on ocean opportunities related to the provision of food, renewable energy and global trade, while at the same time working to mitigate the many threats to ocean health.
Additionally, CEO of MAKEEN Energy, Anders C. Anderson, notes that “the health of our ocean has become an important and urgent issue, and I am proud that MAKEEN Energy is among the first companies to support and sign the Sustainable Ocean Principles. Today, we are already designing solutions that make it possible to bunker ferries with liquefied natural gas, which is much cleaner than conventional fuels. And in the future, we will continue focusing on responsible energy solutions that make a difference to people and planet.”
The Sustainable Ocean Principles, initially launched during the UN General Assembly in September, providing a base for responsible business practices across sectors, in line with the Ten Principles of the UN Global Compact on human rights, labour, environment and anti-corruption.
In January 2020, the UN Global Compact will publish a set of practical guidance documents to support companies in advancing ocean sustainability in different sectors.
