UN Global Compact Report: “Tidal, wave and other marine energies will escalate”

The UN Global Compact’s new report Global Goals, Ocean Opportunities looks at different ways to protect the ocean while increasing its productivity. It discusses the possibilities of the key ocean-based industries to contribute to a healthier and more prosperous ocean. The report states that energy production, shipping, aquaculture and fishing can have a huge impact on the ocean ecosystems. Sustainable business operations coupled with government coordination are essential to overcome arising challenges such as climate change and marine litter.

The report highlights that new marine renewable energies have a huge potential in contributing to healthier oceans, as they have taken ocean preservation into account from an early stage of development. Tidal, wave and other ocean energy technologies already produce clean electricity and although currently costly, they will play an important role in the energy mix for many regions in the near future. The report endorses the European ocean energy industry’s ambition to provide 10% of Europe’s current electricity consumption by 2050.

In order to boost energy transition also in the ocean environment, the report calls for financial solutions and support from local communities, industries and other ocean stakeholders.

The UN Global Compact is a corporate sustainability initiative that aims to encourage businesses worldwide to adopt sustainable and socially responsible policies. Its Platform for Sustainable Ocean Business brings together the leading industries in shipping, aquaculture, fisheries and energy production with key equity funds, banks and insurance companies.