Melvina Ramasamy
Marketing & Communications Manager, UN Global Compact Network Canada
The UN Global Compact Ocean Stewardship Coalition encourages stakeholders, including Canadian companies, to contribute to the protection and restoration of our oceans.
The world is experiencing a paradigm shift in our perception of the oceans. Instead of viewing them solely as resources to exploit, we’re embracing the concept of a sustainable ocean economy. This approach prioritizes responsible stewardship, preservation of marine biodiversity, and equitable sharing of oceanic resources. By joining the UN Global Compact Ocean Stewardship Coalition, Canadian companies can position themselves as leaders in this global movement, reaping the benefits of a sustainable future.
Building a sustainable ocean economy
A recent article published by the UN Global Compact titled “Investing in the Future: 4 Actions to Build a Sustainable Ocean Economy” underscores the significance of securing both public and private funding for solutions related to the ocean. To steer investments in the direction of a sustainable ocean economy, the Ocean Stewardship Coalition convened a High-Level Meeting on Sustainable Ocean Investments. This meeting represents a noteworthy milestone in the development of an Ocean Investment Protocol, which will provide a roadmap for governments, financial institutions, and industries to promote sustainable investments in the ocean sector. Additionally, the article highlights the imminent introduction of the Blue Bond Guidance, which aims to bring coherence and transparency to financing initiatives within the blue economy.
A unique alliance
The Ocean Stewardship Coalition is a unique alliance that unites businesses, investors, and governments dedicated to advancing ocean sustainability. The coalition strives to protect and restore the health of our oceans while promoting sustainable economic growth. As highlighted in Sustainable Development Goal 14: Life Below Water, there’s a pressing need to protect and restore the ocean’s health, which is rapidly deteriorating due to rising temperatures, acidification, depletion of natural resources, and pollution from land and sea. It’s the shared responsibility of businesses, governments, and civil society to take necessary actions to ensure a healthy ocean. The Sustainable Ocean Principles, developed through consultation with over 300 stakeholders, offer a framework for responsible business practices across sectors and regions. These principles complement and supplement the Ten Principles of the UN Global Compact on human rights, labour, environment, and anti-corruption, providing a comprehensive guide to sustainable practices in the ocean economy.
Making a commitment to sustainability
By becoming part of the Ocean Stewardship Coalition, Canadian companies can actively contribute to the protection and restoration of the oceans. Joining the coalition enables companies to align their business strategies with sustainable practices and to collaborate with other like-minded organizations, investors, and governments. Scaling up sustainable practices is also essential for Canadian companies. By adopting and implementing sustainable practices within their operations, supply chains, and products, they can serve as role models and inspire others to follow suit. This commitment to sustainability not only benefits the oceans but also enhances brand reputation and competitiveness in a global market that’s increasingly prioritizing environmental responsibility.
Canadian companies have a tremendous opportunity to make a tangible difference in ocean sustainability with the Ocean Stewardship Coalition. By driving investments, fostering innovation, engaging stakeholders, and scaling up sustainable practices, these companies can become leaders in creating a prosperous future where the oceans thrive. This World Oceans Day, let us seize this moment and establish a lasting legacy of ocean sustainability for generations to come.
Join the UN Global Compact today.
