The Norwegian government's Pension Fund is participating in the U.N. Global Compact Action Platform for Oceans, the manager of the fund, the Norges Bank Investment Management (NBIM) said on Monday.
NBIM said the objective of the platform is to develop a business leadership framework to promote the wellbeing of oceans and the sustainable use of marine resources.
Highlighting how oceans provide a multitude of resources and a space for passage, the bank said, 'the value of the oceans will continue to increase and generate important ecosystem services. The platform will facilitate the development of a business leadership framework on oceans, seas and marine resources.'
The bank added that its mission is to safeguard long-term financial interests for future generations in Norway.
'As a large, global and long-term shareholder, we have an inherent interest in long-term sustainable development. We aim to contribute to develop knowledge and a global framework that can help the companies in our portfolio mitigate risks and take advantage of the opportunities, including a sustainable use of the oceans,' said Carine Smith Ihenacho, chief corporate governance officer at NBIM.
The fund has signed up as a participant in the platform alongside companies representing industries and sectors that conduct ocean-related activities, UN bodies, NGOs and research institutions.
The platform was officially launched in New York on World Ocean Day, June 8, 2018, and will run through 2020.
By Murat Temizer