At the Sustainable Blue Economy Investment Forum in Cascais, Portugal, a special UN Ocean Conference event, Odfjell joined 150 major companies in signaling their commitment to a healthy ocean by signing onto the UN Global Compact Sustainable Ocean Principles.
In addition to the Ten Principles of the UN Global Compact, the Sustainable Ocean Principles provide a framework for responsible business practices across ocean sectors and geographies. Companies signing on to the Sustainable Ocean Principles commit to assess their impact on the ocean and integrate ocean sustainability into their overall strategy.
The world depends on a healthy, productive and resilient ocean for food security, climate mitigation and economic livelihoods. Climate change, overfishing, pollution, and unsustainable and inequitable development are damaging the health of our oceans and seas.
“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”
Sanda Ojiambo, Assistant Secretary-General and CEO of the United Nations Global Compact.
Odfjell joins some of the largest blue economy companies, including Mediterranean Shipping Company, Orsted, SAP SE, and Thai Union, as one of the 150 signatories of the UN Global Compact Sustainable Ocean Principles, spanning 30 industries, 35 countries and six continents, with a combined market capitalization of 1 trillion euros.
Sustainable Development Goal 14 (Life below water) still has the lowest level of financial investment of any of the 17 SDGs. There is a need for increased public, private, and blended financing to foster a sustainable blue economy.
The UN Global Compact also announced it will join a coalition of global stakeholders to develop a universal guidance for Blue Bonds—a commitment to provide the global market consistency and transparency in financing the sustainable blue economy. In 2021, Odfjell issued the industry’s first Sustainability-Linked Bond. With a tight link to Odfjell's long-term climate targets, this pilot bond marked another milestone in our ESG commitment and has served as a benchmark for later industry initiatives.