Jan 13 (Thomson Reuters Foundation) – Just 100 companies account for most of the profits from the world’s seas, researchers said on Wednesday, calling on them to help save the oceans from over-fishing, rising temperatures and pollution.
Together, the companies generated $1.1 trillion in revenues in 2018, or about 60% of the total, according to a study that sets out for the first time which firms profit the most from marine industries.
Oceans play a critical role in capturing planet-warming gases, absorbing around 25% of all carbon dioxide emissions. But environmentalists say much more needs to be done to protect them.
“There’s so much talk about the need for sustainable oceans … but there’s very rarely a conversation about who it is that needs to do the job,” said Henrik Osterblom, who co-authored the paper published in the journal Science Advances.
“We have identified who has power to influence the future of the oceans,” Osterblom, science director at the Stockholm Resilience Centre, told the Thomson Reuters Foundation.
“Just knowing who they are is the first step in getting them involved in what needs to be done.”
The team of researchers including Osterblom and environmental experts at Duke University in the United States focused on eight sea-based industries ranging from container shipping to seafood production and offshore wind.
The “Ocean 100” list was topped by offshore oil and gas giants including Saudi Aramco and Brazil’s Petrobras, with only one firm from outside the industry, Danish shipping company A.P. Moeller-Maersk, making the top 10.
It could help inform government policies as well as direct environmental groups seeking to push business towards greener practices, Osterblom said.
“One of our biggest challenges is to sustain healthy ocean ecosystems as economic use increases and climate impacts accelerate,” said Daniel Vermeer, director of Duke University’s Center for Energy, Development, and the Global Environment.
“This study confirms that a relatively small number of companies will be central to this challenge, and have a real opportunity for leadership.”
(Reporting by Umberto Bacchi @UmbertoBacchi, Editing by Claire Cozens. Please credit the Thomson Reuters Foundation, the charitable arm of Thomson Reuters, that covers the lives of people around the world who struggle to live freely or fairly. Visit http://news.trust.org)
This article is part of a series by Holland & Knight’s Transportation & Infrastructure Industry Sector Group leading up to President-elect Biden’s Jan. 20, 2021 inauguration, with insights into the likely impacts on industry...
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.