Photo: MSC press materials

150 companies sign up to UN’s Global Compact on Sustainable Ocean Principles

At the Sustainable Blue Economy Investment Forum in Cascais, Portugal, a special UN Ocean Conference event, more than 150 major companies have signaled their commitment to a healthy ocean by signing onto the UN Global Compact Sustainable Ocean Principles.

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The Global Compact contains 10 key principles and provides a framework for responsible business practices across ocean sectors and geographies. In a statement, the UN said those companies signing on to the Sustainable Ocean Principles have committed to assess their impact on the ocean and integrate ocean sustainability into their overall strategy.

“Today’s commitment by 150 blue economy companies showcases the private sector’s willingness to support SDG 14. Healthy and productive oceans rely on all actors to do their part. I am encouraged by these companies and their commitment to integrate ocean health into their corporate strategies,” said Sanda Ojiambo, Assistant Secretary-General and CEO of the UN Global Compact.

Some of the largest blue economy companies, including Mediterranean Shipping Company (MSC), Orsted and SAP SE, have joined the 150 signatories of the UN Global Compact Sustainable Ocean Principles.

The signatories span 30 industries, 35 countries and six continents, with a combined market capitalization of 1 trillion euros. This includes many of the largest shipping companies, such as A.P. Moller – Maersk, MSC, CMA CGM and NYK Line.

The full of list of signatories to the Sustainable Ocean Principles can be found here.

Stefania Lallai, Vice President Sustainability of MSC’s Cargo Division, said, “Oceans play a vital role in the health of our blue planet, producing half of the world’s oxygen as well as regulating our climate. By signing the Sustainable Ocean Principles, we are joining with other blue economy companies to help build a sustainable blue economy.”

Meanwhile, during the aforementioned event, one of the panellists, Risto Penttilä, announced the release of a practical playbook for Maritime Decarbonisation, the presentation of which can be found here.

Written by Wolfgang Lehmacher and Mikael Lind, the report finds that is most unlikely that the IMO ambition for a 50 percent cut in greenhouse gas emissions by 2050 will be met.

The full report is available on the website of the Nordic West Office think tank.