Ocean conservation: an opportunity to develop new solutions that generate value

World Oceans Day was a chance to spread awareness about the importance of protecting marine ecosystems and coastlines around the world. The issue concerns not only the prosperity of ocean environments but also the lives those who live on land.

More than 40 percent of the world’s population depends on the biodiversity of the oceans, which absorb more than 30 percent of the CO2 in the atmosphere. The future of many businesses is economically linked to the health of the seas. Ocean-related business is estimated at more than $5 trillion. More importantly, the total value of the natural resources in the oceans, seas and coastal zones has been estimated at around $24 trillion. This is a priceless asset that we cannot afford to put at risk.

Unfortunately, some data tells us that so far, little has been done. For example, we know that the surface temperature of the oceans rose by nearly 0.88°C between 2011 and 2020, the acidity level has risen by about 30 percent, and about 17 million tons of plastic ended up in oceans in 2021. Now more than ever, it is clear that we must act, and quickly, to find new solutions that combine sustainability, the environment and productivity. 

Businesses can also play a leading role. The "Global Report Business for Ocean Sustainability" research conducted by One Ocean Foundation in partnership with SDA Bocconi Sustainability Lab, McKinsey and the Spanish National Research Council studied the behaviors of more than 2,400 companies in 20 countries. Analyzing the UN's 17 Sustainable Development Goals, it shows that the industrial community neglects, more than others, the goals related to ocean protection.

The research also shows that the more a company is focused on this issue, the more actions they have implemented to accelerate change, from policies to protect the seas to the implementation of low-impact products.

“The more companies learn about ocean protection, the more they see this challenge as an opportunity to develop new solutions that can generate value," noted Francesco Perrini, Associate Dean for Sustainability at SDA Bocconi, at the Blue Economy Summit 2023.

The report also identified a number of areas that can drive innovation and development in the industrial and financial community, such as preventing pollutant spills, promoting greener fuels, harnessing the sea as a renewable energy source and repository for carbon dioxide storage, and improving digital technologies for monitoring ocean health.

In conclusion, to rise to the challenge of ocean conservation, businesses and the financial community must get involved. Change starts with full awareness, comes from forward-thinking responses from both strategic and organizational perspectives, and leads to the creation of new opportunities that can protect the planet and generate socioeconomic well-being.

SDA Bocconi School of Management