The World Economic Forum is launching an initiative on ocean management ahead of the G20 summit

The World Economic Forum has partnered with the Indonesian government to launch Ocean 20 (O20), an initiative aimed at “ensuring the long-term sustainability of the ocean economy”. This comes just ahead of the G20 summit, a meeting of 19 of the world’s largest economies and the European Union, due to take place in Bali tomorrow.

Gemma Parkes, Ocean Communications Lead at the World Economic Forum, said: “With the G20 representing 45% of the world’s coasts, 80% of global carbon emissions and 75% of global trade, we are restoring the value of the oceans and ensuring long-term sustainability of the ocean economy represents a critical opportunity to address many of the priorities set out in the G20 agenda, including boosting economic growth, jobs and innovation.”

Later today and throughout the summit, world leaders are expected to meet with private organizations and local communities to formalize O20’s key objectives. Topics to be discussed include the restoration of coastal ecosystems, Marine pollution and the sustainability of the blue economy.

Klaus Schwab, Founder and Executive Chairman of the World Economic Forum, said: “For a truly thriving ocean that serves and protects people in all communities, and that strongly protects us from the worst effects of the climate crisis, we need all stakeholders to come together, to address the greatest challenges facing the oceans today.”

He added: “Through Ocean 20, we are helping to advance an agenda that brings G20 governments, businesses and other stakeholders together to advocate and take action for a healthy ocean.”

Indonesia is hosting this year’s G20 summit. Its President, Joko Widodo, understands the importance of maintaining the global ocean economy and says: “Indonesia is proud to have launched Ocean20. It is part of our commitment to protecting the oceans and building a sustainable ocean economy.”

She continued: “We invite all G20 leaders to actively contribute to this critical effort, including by providing the necessary means and resources. Let’s work together to preserve a healthy planet and oceans for generations to come.”

According to the Organization for Economic Co-operation and Development (OECD), with 90% of trade transported by sea, maritime shipping is at the heart of global logistics. Because of this, decisions about the future of this trade are being closely watched by many logistics players.

It is hoped that discussions between G20 leaders in the coming days will turn ambition into commitment and eventually action to protect the ocean economy.

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