The 11th Annual World Ocean Summit and Expo, organized by The Economist Impact, occurred in Lisbon, Portugal, from March 11th to 13th, 2024.
This blue global Summit gathers yearly a wide array of stakeholders, ranging from governmental officials, businesses, and academia to members of civil society, to discuss the imperative of transitioning towards a sustainable ocean economy. A key focal point of the summit was to be a catalyst for inspiring concrete actions among companies to adopt sustainable practices.
From the topics explored during the 2024 Ocean Summit there were three particularly relevant for companies: blue food, shipping, and pollution.
Embracing the spirit of the Ocean Summit, let's dive into how companies can garner these three topics, shift the negative impact of their operations on the planet, and transform them into business opportunities by demonstrating good practices.
1. Blue Food
This month of March 2024 we woke up with the staggering statistic that ninety-seven percent of fish species listed by the Convention on Migratory Species are currently under threat of extinction. Aquaculture is among the significant contributors to ocean oxygen depletion, harm to marine life, and disease contamination.
From Threats to Solutions: Cermaq's Fight Against Sea Lice
Cermaq is a company that specializes in salmon and trout farming. Due to the high stocking densities in salmon farms, sea lice can proliferate to levels not observed in natural environments. This poses a threat to farmed salmon, but also, as wild salmon pass near these farms, they become susceptible to lice infestation. The consequences of sea lice infestation can potentially result in diminished health and increased mortality. Traditional methods of sea lice control, such as mechanical delousing, can stress the fish and have limited effectiveness in managing infestation levels.
To address this challenge, in 2023, Cermaq deployed a laser delousing technology across its sea sites to mitigate sea lice infestation while minimizing stress on the fish. By incorporating “lice lasers” as a preventive strategy in its operations, Cermaq was able to enhance farmed and wild fish welfare, guaranteeing the stability of its fish stock, and preserving wild biodiversity.
Cermaq not only demonstrates its commitment to environmental stewardship but also showcases the potential for profitability through sustainable practices by enhancing its production. The company sets a precedent for responsible aquaculture management that balances economic interests with ecological sustainability.
2. Shipping
Currently, over 90% of global trade is conducted via maritime routes, amounting to an annual commercial activity exceeding USD 2.5 trillion. This economic activity can inadvertently affect oceanic habitats through emissions, chemical leaks, and ecosystem disruption.
Sailing Towards a Greener Future: Damen Shipyards' Sustainable Shipping Solutions
Damen Shipyards is a leading ship design and construction company. In 2017, the company introduced an innovative fully containerized, mobile ballast water treatment (BWT) unit, offering ship owners a cost-effective alternative for treatment.
Given the necessity to mitigate the transmission of invasive species affecting marine ecosystems, ships are mandated to treat their ballast water. However, installing BWT systems onboard is typically challenging and expensive. By providing a mobile solution, Damen Shipyards not only circumvents significant retrofit investments but also ensures that ballast water treatment is only required at the point of discharge, making it safer for the environment. This innovation consolidated the company as a pioneer in the shipping industry and collected a number of awards.
By actively innovating in projects aimed at marine sustainability, Damen Shipyards advances sustainability, increasing its market competitiveness.
3. Pollution
Lost and discarded fishing gear, particularly nets, makes up 10% of the marine waste of the world.
From Sea to Carpet: Interface's Fishing Net Recycling Program
Interface is an Atlanta-based company and the leader in modular carpet design, production, and sales. In 2012 Interface created the Net-Works program, which collects discarded fishing nets from impoverished fishing communities, recycling them into nylon yarn used in carpet manufacturing. The project has reached 35 communities and collected over 142 metric tons of waste nets.
From a financial perspective, Net-Works contributes to Interface by reducing energy use in its supply chain through the recycling of waste nets, generating substantial financial savings for the company and its nylon supplier, Aquafil. By purchasing the ECONYL yarn of Aquafil, Interface leverages its market power to encourage the production of more sustainable materials and manufacturing processes.
Interface has innovatively created a new business model that fosters environmental stewardship while meeting market demands for eco-friendly products by repurposing discarded fishing nets into nylon yarn for carpet manufacturing. This new approach not only reduces costs through the use of recycled materials but also opens up new market opportunities for sustainable goods, positioning Interface as a leader in sustainable business practices.
These case studies exemplify how companies can turn blue challenges into business opportunities by embracing sustainable practices. By prioritizing innovation and stewardship, companies can drive positive change while securing long-term profitability in a rapidly evolving global landscape.
Just like our little friend Dory once said, we just have to keep swimming!
Have a great and impactful week!
Miguel Guerreiro
Researcher at the Center for Responsible Business & Leadership