Policy News

Eco Wave Power Takes Principled Stand at UN Ocean Conference

At the Sustainable Blue Economy Investment Forum in Cascais, Portugal, a special UN Ocean Conference event, Eco Wave Power Global AB 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 ocean 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,” said Sanda Ojiambo, Assistant Secretary-General and CEO of the United Nations Global Compact.

“The ocean is the source of all life on the planet, and our ability to mitigate the effects of climate change starts with the ocean,” said Inna Braverman, founder and CEO of Eco Wave Power. “We are proud to stand strong with this coalition for a healthy and resilient ocean and contribute to it by working towards the commercialization of Eco Wave Power’s pioneering wave energy technology.”

Eco Wave Power joins some of the largest blue economy companies, including Mediterranean Shipping Company, Ørsted, 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 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. The Global Guidance for Bonds Financing the Blue Economy aims to provide market participants with clear criteria, practices and examples for blue bond lending and issuances.

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

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