Ocean Week presents an opportunity for companies to consider how their operations are dependent on the ocean and assess if their ESG strategy includes actions that support ocean health. Most companies that purchase inventory or supplies can expect their goods to arrive via ocean freight. For example, approximately 76% of all US trade involves ocean transportation. The significant risks associated with shipping, such as the disruptions experienced during COVID-19, have already demonstrated the devastating impact these risks can have on businesses.
But what other risks should we consider related to ocean freight?
In their article on shipping, WWF explains the following risks in detail: Oil spills, pollutants, air emissions, ship strikes, underwater noise pollution, invasive species, habitat destruction, and disruption of food security for local inhabitants.
Without going into specific details about each of these threats, it is clear that we have a tremendous impact on marine life. Simultaneously, we are also heavily dependent on the ocean, not only as a shipping route but as a source of food (over 3.3 billion people rely on seafood as a protein source), as a source of medical ingredients, for tourism around the world, and most importantly, as the main source of our oxygen. Through oceanic plankton, the ocean produces more than half of the oxygen we breathe, and absorbs 50% more carbon dioxide than our atmosphere. Ocean plankton is part of the complex web in the ocean, which we must strive to protect.
So what can we do? The UN Sustainable Development Goal #14, Life Below Water, has specific targets companies can consider implementing into their ESG strategies. Habitat protection and restoration is one action that any individual or organization can take that leads to direct results. Allowing nature to thrive is the best, and cheapest solution, to managing climate change. In May of this year, the Biodiversity Credit Alliance (BCA) released a draft paper on the definition of a Biodiversity Credit. The BCA aims to establish a credible and scalable market for the trade of biodiversity credits, defined as:
A biodiversity credit is a certificate that represents a measured and evidence-based unit of positive biodiversity outcome that is durable and additional to what would have otherwise occurred.
While we are excited about the potential of such a credit market, we also recognize that investment into biodiversity can be made via a genuine desire to protect nature and does not need to wait for the official launch of such markets . For example, the Canadian consulting company Enviro-Stewards has supported various water projects via their foundation, the Safe Water Social Ventures.
Most recently, Bridge Sustainability has had the pleasure of working with several ocean-dependent companies. Learn how we helped them implement initiatives that work to benefit their business model and ocean life.
Does your company support #LifeUnderWater? Let’s talk!
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