Recently, the UN Global Compact Action Forum has published a report on sustainable ocean business. The report provides a thorough guidance on the matter of environment friendly sea trade. Here we are indulging on that report.
Why Sustainable Ocean Business?
We know that long-term ocean well-being is vital to societal well-being. The world’s oceans are our greatest common resource to create growth and jobs in areas including food, energy, minerals and transport, and can accelerate work across all 17 of the Sustainable Development Goals.
- Yet threats such as overfishing, marine litter and acidification have put the health of the world’s oceans in a very fragile state. Recent studies indicate 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.
- Tackling the ocean challenge is a global imperative, and 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.
- As a resource for new growth, renewable energy, food and climate action, protecting the health of our ocean holds significant potential to support the achievement of the Global Goals. Moreover, there is broad recognition that sustainable use of the ocean must go hand in hand with Goal 14: Life Below Water.
- Maintaining healthy ocean environments is a fundamental precondition for business to operate in the long-term, and addressing current challenges provides a significant business opportunity.
About the Platform
The UN Global Compact Action Platform for Sustainable Ocean Business 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.
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Source: UN Global Compact
