Principle Power commits to a healthy ocean by signing onto the UN Global Compact Sustainable Ocean Principles

Principle Power joins 150 companies, with a combined market capitalization of 1 trillion euros, to take action for a healthier ocean at the UN Ocean Conference 

28 June 2022

At the Sustainable Blue Economy Investment Forum in Cascais, Portugal, a special UN Ocean Conference event, Principle Power joined 150 major companies in signaling their commitment to a healthy ocean by signing onto the UN Global Compact Sustainable Ocean Principles

In addition to the Ten Principles of the UN Global Compact, the Sustainable Ocean Principles provide a framework for responsible business practices across ocean sectors and geographies. Companies signing on to the Sustainable Ocean Principles commit to assess their impact on the ocean and integrate ocean sustainability into their overall strategy. 

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.

“Today’s commitment by 150 blue economy companies showcases the private sector’s willingness to support SDG 14. Healthy and productive oceans rely on all actors to do their part. I am encouraged by these companies and their commitment to integrate ocean health into their corporate strategies,” said Sanda Ojiambo, Assistant Secretary-General and CEO of the United Nations Global Compact.

As a company, we care deeply about the ocean and are seeking ways to coexist and collaborate with other stakeholders to build a responsible blue economy. We do this by providing sustainable solutions and services to deploy floating offshore wind at scale and with minimal environmental impact through safeguarding biodiversity and promoting the sustainable use of our oceans. We believe that responsibly sited floating offshore wind technology offers a transformational energy resource that can be delivered at the scale necessary to address the biggest environmental challenges of our time. Towards this end, we are active in commercial, academic, and government forums, and have made a voluntary commitment to SDG 14.

Julián Arrillaga Costa
Chief Executive Officer, Principle Power

Principle Power is a leading global technology and services provider for the floating offshore wind energy market. The WindFloat®, the company’s globally patented and proven floating platform technology, enables offshore wind turbines to be sited in any water depth or seabed condition, unlocking offshore wind potential worldwide and allowing projects to harvest the best wind resources. Principle Power acts as a trusted partner to developers, independent power producers, utilities, and EPCs, supporting its customers throughout the entire lifecycle of their projects. With 105 MW of cumulative capacity in operation or under advanced development and a multi-GW commercial pipeline globally, Principle Power is the market leader in floating offshore wind technology.

Principle Power joins some of the largest blue economy companies, including Mediterranean Shipping Company, Ørsted, SAP SE, and Thai Union, as one of the 150 signatories of the UN Global Compact Sustainable Ocean Principles, spanning 30 industries, 35 countries and six continents, with a combined market capitalization of 1 trillion euros. 

Sustainable Development Goal 14 (Life below water) still has the lowest level of financial investment of any of the 17 SDGs. There is a need for increased public, private, and blended financing to foster a sustainable blue economy. 

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

The full of list of signatories on the Sustainable Ocean Principles can be found here.