Companies should be doing more to protect the world's oceans, including combatting plastic waste pollution, Norway's sovereign wealth fund, the world's biggest, said on Wednesday.

"The ocean is a vital part of the biosphere and an important part of the global economy," said Yngve Slyngstad, the head of the fund valued at 8.66 trillion kroner (890 billion euros, $1.03 trillion).

"We expect companies to manage the challenges and opportunities related to sustainable use of the oceans," he added.

A heavyweight on the global finance scene, the Government Pension Fund Global published a document outlining what it expects from the 9,000 companies in which it holds stakes.

Among other things, it urged them to integrate environmental ideas into their business strategies, suggesting for example that plastics producers plan a transition to a "circular economy" frugal in raw materials, and that fisheries companies incorporate forecasts on future stocks in their planning.

The recommendations apply to companies active at sea -- shipping, fisheries, fish farms -- as well as others on land whose activities may affect the oceans, such as distribution and plastics industries and agriculture, the fund said.

The fund has in the past laid out its expectations on other issues, including better efforts in water management, anti-corruption, human rights and tax transparency, judging that bad practices in these fields can ultimately hurt companies' profitability.

On Wednesday, the fund also published a document reviewing its support of the United Nations sustainable development goals.

"Our most important contribution is to strengthen governance, improve performance and promote sustainable business practices," Slyngstad said.

In addition to its expectations based purely on financial considerations, the fund also follows ethical guidelines that bar it from investing in, among other things, companies that commit serious human rights violations, manufacture nuclear or "particularly inhumane" weapons, or those in the coal and tobacco industries.

Related Links
All About Oil and Gas News at OilGasDaily.com

Tweet

Thanks for being here; We need your help. The Space Media Network continues to grow but revenues have never been harder to maintain. With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords. Our news coverage takes time and effort to publish 365 days a year. If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceMediaNetwork Contributor $5 Billed Once credit card or paypal		SpaceMediaNetwork Monthly Supporter $5 Billed Monthly paypal only

Iraq oil exports hit 2018 peak in August
Baghdad (AFP) Sept 1, 2018
Iraq's oil exports for August hit their highest monthly figure this year, the oil ministry said Saturday, with nearly 112 million barrels of crude bringing $7.7 billion to the war-torn country's ailing economy. "In August, exports of crude reached 111.6 million barrels and revenues were $7.7 billion," on an average price of $69.59 per barrel, it said in a statement. In August last year Iraq earned $4.6 billion from the sale of 99.7 million barrels of crude oil. Iraq's sole source of foreign ... read more