MSC Signs-up to the UN Sustainable Ocean Principles

As announced by the UN Global Compact at the Sustainable Blue Economy Investment Forum (SBEIF), a special UN Ocean Conference event held this week in Cascais, Portugal, MSC is pleased to join over 150 stakeholders in signing the UN Global Compact Sustainable Ocean Principles (SOPs).

In addition to the Ten Principles of the UN Global Compact which MSC has all supported for a very long time, the SOPs provide a framework for responsible business practices across ocean sectors and geographies. These cover ocean health and productivity, governance and engagement, and data and transparency.

Building a sustainable ocean economy

As a responsible world leader in container shipping, MSC fully understands the critical importance of global action to address ocean sustainability: it is a strategic imperative and a key business priority for MSC.

Soren Toft, Chief Executive Officer of MSC, said, “We are joining other blue economy companies in committing to continuously assess the impact our operations have on the ocean and to thoroughly integrate sustainability into our business strategy.

“Maritime cargo facilitates trade, which in turn fuels the global economy. It is our responsibility to help ensure the earth’s environmental security, so future generations can also enjoy the benefits of trade.

“That’s only the beginning. Our oceans cover almost three quarters of the planet, they produce half of the world’s oxygen and regulate our climate by absorbing a third of the carbon dioxide we produce. Our clear duty, to our children and their children, is to ensure the oceans can continue their vital role.”

A collaborative approach to healthy oceans

MSC is also a member of the UNGC Ocean Stewardship Coalition and the Maritime Just Transition Task Force.

The SOPs reflect how the company strives to integrate sustainability-related problem-solving into its overall strategy and the day-to-day work. The Sustainability Roadmap and the three Sustainability Priorities are MSC’s guides.

MSC’s key priority is decarbonising logistics, focused on the goal of carbon neutrality by 2050. We are focusing on energy efficiency, particularly the development of new propulsion technology to reduce and, ultimately remove, MSC’s dependence on fossil fuels. And where MSC leads, the whole industry, and its complex value chains, can follow.

The objectives go beyond sustainability, to include inclusive trade, contributing to economic growth, building resilient supply chains, and helping develop local capacity and know-how. An integral part of that work is addressing social challenges, advancing human rights and promoting diversity.

Soren Toft said, “We connect the world, fostering inclusive social prosperity and economic growth, whilst respecting and nurturing the home we all share, our blue planet.”

The UN Global Compact also announced it will join a coalition of global stakeholders to develop a universal guidance for Blue Bonds. This is a commitment to provide 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.

Sanda Ojiambo, Assistant Secretary-General and CEO of the United Nations Global Compact, said, “The ocean is the main source of life on the planet. 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.

“This commitment by 150 blue economy companies shows the private sector’s willingness to support SDG 14. Healthy and productive oceans rely on all actors to do their part. I am encouraged that these companies are committed to integrating ocean health into their corporate strategies.”

The UN Ocean Conference and UN Decade of Ocean Science (2021-2030) serve as constant reminders of the importance of the maritime industry’s role in understanding the marine environment.