
For the first time, researchers have identified 100 transnational corporations that take home the majority of profits from the ocean's economy.
Referred to as the "Ocean 100," the corporations accounted for 60 percent of $1.9 trillion generated from core industries in the ocean economy in 2018 alone, according to an article by the Duke Nicholas Institute. The research was published Wednesday in the journal Science Advances by researchers at Duke University and the Stockholm Resilience Centre at Stockholm University.
If the group were a country, it would be the 16th-largest economy in the world, researchers found. Out of the eight industries examined, offshore drilling generated the most revenue.
"Now that we know who some of the biggest beneficiaries from the ocean economy are, this can help improve transparency relating to sustainability and ocean stewardship," the lead author John Virdin, director of the Ocean and Coastal Policy Program at Duke's Nicholas Institute for Environmental Policy Solutions, said in an article by the Duke Nicholas Institute. Some of the identified corporations included Saudi Aramco and Brazil's Petrobras, Reuters reported.
More than three billion people depend on the ocean for their livelihoods, according to a report by the OECD. Yet across eight industries studied, including offshore drilling, seafood production and processing and cruise tourism, researchers found that just 10 companies in each of the industries generated 45 percent of the industry's revenue.
"The fact that these companies are headquartered in a small number of countries also illustrates that concerted actions by some governments,could rapidly change how the private sector interacts with the ocean," co-author Henrik Österblom, science director at the Stockholm Resilience Centre, said in the article by the Duke Nicholas Institute.
Due to overfishing, pollution and climate change, the ocean is becoming increasingly threatened, the OECD reported. This has degraded the ocean's fish stocks, habitats, ecosystems and biodiversity.
In response, the international community adopted the 2030 Agenda for Sustainable Development in 2015, which for the first time sought to "conserve and sustainably use the oceans, seas and marine resources for sustainable development."
But such agreements overlook the ocean's potential to mitigate climate change, Janis Searles Jones, the Ocean's Conservancy CEO wrote in a Nature article. "We need greater ambition to give the ocean a fighting chance," she added.
The researchers' identification could help environmental groups like the Ocean Conservancy pressure corporations into adopting sustainability goals that include climate mitigation strategies.
"Senior executives of these few, but large companies, are in a unique position to exercise global leadership in sustainability," Virdin added.
In 2015, Österblom and his colleagues published a paper that analogized transnational corporations to keystone species, according to the article by the Duke Nicholas Institute. They noted both have a major impact on how ecosystems function and disproportionate power to determine how other species in the ecosystem operate.
"Just knowing who they are is the first step in getting them involved in what needs to be done," Österblom noted in Reuters.
But depending on corporations to adopt sustainable practices may not be enough to reach international sustainability goals.
"In 2018, Chevron announced it would invest $100 million that year in lowering emissions through its new Future Energy Fund," Michael O'Leary and Warren Valdmanis wrote on Vox on holding companies accountable to their climate commitments. That same year, Chevron invested $20 billion in oil and gas.
"For those who put their faith in corporate social responsibility (CSR) as a panacea for our ailing society, we have the unfortunate reality: This kind of allocation of efforts is not uncommon. Superficial public commitments on issues like sustainability and diversity are much easier for companies than substantive action," they added.
Oceans will play an increasingly critical role in the global economy, the researchers note. Whether pressuring the ocean's major actors to adopt sustainable practices will translate into tangible corporate responsibility will reveal itself sooner or later.
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Wisdom the mōlī, or Laysan albatross, is the oldest wild bird known to science at the age of at least 70. She is also, as of February 1, a new mother.
<div id="dadb2" class="rm-shortcode" data-rm-shortcode-id="aa2ad8cb566c9b4b6d2df2693669f6f9"><blockquote class="twitter-tweet twitter-custom-tweet" data-twitter-tweet-id="1357796504740761602" data-partner="rebelmouse"><div style="margin:1em 0">🚨Cute baby alert! Wisdom's chick has hatched!!! 🐣😍 Wisdom, a mōlī (Laysan albatross) and world’s oldest known, ban… https://t.co/Nco050ztBA</div> — USFWS Pacific Region (@USFWS Pacific Region)<a href="https://twitter.com/USFWSPacific/statuses/1357796504740761602">1612558888.0</a></blockquote></div>
The Science Behind Frozen Wind Turbines – and How to Keep Them Spinning Through the Winter
By Hui Hu
Winter is supposed to be the best season for wind power – the winds are stronger, and since air density increases as the temperature drops, more force is pushing on the blades. But winter also comes with a problem: freezing weather.
Comparing rime ice and glaze ice shows how each changes the texture of the blade. Gao, Liu and Hu, 2021, CC BY-ND
Ice buildup changes air flow around the turbine blade, which can slow it down. The top photos show ice forming after 10 minutes at different temperatures in the Wind Research Tunnel. The lower measurements show airflow separation as ice accumulates. Icing Research Tunnel of Iowa State University, CC BY-ND
How ice builds up on the tips of turbine blades. Gao, Liu and Hu, 2021, CC BY-ND
While traditional investment in the ocean technology sector has been tentative, growth in Israeli maritime innovations has been exponential in the last few years, and environmental concern has come to the forefront.
theDOCK aims to innovate the Israeli maritime sector. Pexels
<p>The UN hopes that new investments in ocean science and technology will help turn the tide for the oceans. As such, this year kicked off the <a href="https://www.oceandecade.org/" target="_blank" rel="noopener noreferrer">United Nations Decade of Ocean Science for Sustainable Development (2021-2030)</a> to galvanize massive support for the blue economy.</p><p>According to the World Bank, the blue economy is the "sustainable use of ocean resources for economic growth, improved livelihoods, and jobs while preserving the health of ocean ecosystem," <a href="https://www.sciencedirect.com/science/article/pii/S0160412019338255#b0245" target="_blank" rel="noopener noreferrer">Science Direct</a> reported. It represents this new sector for investments and innovations that work in tandem with the oceans rather than in exploitation of them.</p><p>As recently as Aug. 2020, <a href="https://www.reutersevents.com/sustainability/esg-investors-slow-make-waves-25tn-ocean-economy" target="_blank" rel="noopener noreferrer">Reuters</a> noted that ESG Investors, those looking to invest in opportunities that have a positive impact in environmental, social and governance (ESG) issues, have been interested in "blue finance" but slow to invest.</p><p>"It is a hugely under-invested economic opportunity that is crucial to the way we have to address living on one planet," Simon Dent, director of blue investments at Mirova Natural Capital, told Reuters.</p><p>Even with slow investment, the blue economy is still expected to expand at twice the rate of the mainstream economy by 2030, Reuters reported. It already contributes $2.5tn a year in economic output, the report noted.</p><p>Current, upward <a href="https://www.ecowatch.com/-innovation-blue-economy-2646147405.html" target="_self">shifts in blue economy investments are being driven by innovation</a>, a trend the UN hopes will continue globally for the benefit of all oceans and people.</p><p>In Israel, this push has successfully translated into investment in and innovation of global ports, shipping, logistics and offshore sectors. The "Startup Nation," as Israel is often called, has seen its maritime tech ecosystem grow "significantly" in recent years and expects that growth to "accelerate dramatically," <a href="https://itrade.gov.il/belgium-english/how-israel-is-becoming-a-port-of-call-for-maritime-innovation/" target="_blank" rel="noopener noreferrer">iTrade</a> reported.</p><p>Driving this wave of momentum has been rising Israeli venture capital hub <a href="https://www.thedockinnovation.com/" target="_blank" rel="noopener noreferrer">theDOCK</a>. Founded by Israeli Navy veterans in 2017, theDOCK works with early-stage companies in the maritime space to bring their solutions to market. The hub's pioneering efforts ignited Israel's maritime technology sector, and now, with their new fund, theDOCK is motivating these high-tech solutions to also address ESG criteria.</p><p>"While ESG has always been on theDOCK's agenda, this theme has become even more of a priority," Nir Gartzman, theDOCK's managing partner, told EcoWatch. "80 percent of the startups in our portfolio (for theDOCK's Navigator II fund) will have a primary or secondary contribution to environmental, social and governance (ESG) criteria."</p><p>In a company presentation, theDOCK called contribution to the ESG agenda a "hot discussion topic" for traditional players in the space and their boards, many of whom are looking to adopt new technologies with a positive impact on the planet. The focus is on reducing carbon emissions and protecting the environment, the presentation outlines. As such, theDOCK also explicitly screens candidate investments by ESG criteria as well.</p><p>Within the maritime space, environmental innovations could include measures like increased fuel and energy efficiency, better monitoring of potential pollution sources, improved waste and air emissions management and processing of marine debris/trash into reusable materials, theDOCK's presentation noted.</p>theDOCK team includes (left to right) Michal Hendel-Sufa, Head of Alliances, Noa Schuman, CMO, Nir Gartzman, Co-Founder & Managing Partner, and Hannan Carmeli, Co-Founder & Managing Partner. Dudu Koren
<p>theDOCK's own portfolio includes companies like Orca AI, which uses an intelligent collision avoidance system to reduce the probability of oil or fuel spills, AiDock, which eliminates the use of paper by automating the customs clearance process, and DockTech, which uses depth "crowdsourcing" data to map riverbeds in real-time and optimize cargo loading, thereby reducing trips and fuel usage while also avoiding groundings.</p><p>"Oceans are a big opportunity primarily because they are just that – big!" theDOCK's Chief Marketing Officer Noa Schuman summarized. "As such, the magnitude of their criticality to the global ecosystem, the magnitude of pollution risk and the steps needed to overcome those challenges – are all huge."</p><p>There is hope that this wave of interest and investment in environmentally-positive maritime technologies will accelerate the blue economy and ESG investing even further, in Israel and beyond.</p>- 14 Countries Commit to Ocean Sustainability Initiative - EcoWatch ›
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