The Lifeline of Global Trade: Preserving and Protecting our Oceans

As I reflect on World Ocean’s Day, I’m reminded that the benefits of global trade could not be delivered at the current scale or frequency without the help of our oceans. To me, it’s clear: Our oceans are the lifeblood of an increasingly interconnected world.

It’s quite simple. Oceans carry in excess of 80% of the global trade volume, are a naturally regenerative source of food, and are a powerful tool in the regulation of the planet’s climate.

According to the World Economic Forum , the “Ocean Economy” is estimated to be about 3-5% of global GDP, with assets worth US$24 trillion. It also helps transport key raw materials to countries around the world, including nearly one billion tonnes of iron ore and 350 million tonnes of grain annually. These raw materials allow countries, developed and developing, to grow commercial operations, build urban centres and provide essential housing.

But this ecosystem – and our global trading system, by consequence – are under threat. The frequency and intensity of extreme weather events (EWEs) due to climate change are increasing, while increasing ocean acidification and the loss of habitats are having detrimental impacts on biodiversity and socio-economy. From the three-week closure of Itajai, Brazil, due to flooding in 2017, to the period of drought along the Rhine in 2018, which prevented the passage of shipping traffic, the impact on oceans and trade is deeply concerning.

While we need to be having conversations around globalisation and supply chain capacity to protect trade, ocean health – and climate change by extension – need to be considered as priorities. Without urgent action to protect our oceans and increase our resilience against climate change-related events, we face:

1. Heightened capacity constraints and supply-chain bottlenecks due to frequent port closures from flooding or ‘overtopping’, causing congestion and delays that drive up the cost of trade.
2. Lack of market access, and the rerouting of supply chains away from port-reliant economies. In particular, cutting off a significant proportion of communities in the Global South with evolving infrastructure.
3. Lower international trading opportunities for oceans-based products and services.
4. Significant loss in GDP, for economies and communities in key oceans sectors – from tourism, to fishing and more.

Here’s three ways we can ensure the continued flow of trade by protecting our oceans:

Enhance Port Resilience against Extreme Weather Events

The capacity of ports, as well as the efficient operation of interior and coastal waterways, are threatened by Extreme Weather Events (EWEs), so the preparedness of ports and terminals around the world must be improved. The DP World Sustainable Development Finance Framework aims to increase port resilience and bring best practice mitigation strategies to coastal communities in developing countries. Additionally, operational terminals, executives, managers and technical leaders play an important role in combatting the adverse effects of climate change through planning, modification of infrastructure and retrofitting.

Implement Policies and Practices to Minimise Impact On the Ocean

If the acidification of the ocean continues its ability to act as the world’s largest carbon sink will deteriorate, as will the abundance of sub aqua organisms, impacting food systems, ocean-based commerce and supply chains. We will invest to cut CO2 emissions from our operations by nearly 700,000 tonnes as part of our commitment to the Green Shipping Challenge. Furthermore, the long-term strategic partnership we have entered with A.P. Moller – Maersk will lead to the implementation of new processes to improve quayside productivity, leading to faster gate turnaround times and reduced bunker fuel consumption.

Pursue Purpose Driven Partnerships

Our work to protect and restore Mangroves in Ecuador and in the Jebel Ali Wildlife Sanctuary, recognises that mangroves form the foundation of highly productive and biologically rich ecosystems. As custodians of the seas around Türkiye, DP World Yar?mca, alongside Istanbul University and the Marine Life Conservation Society (DYKD), have launched the Yellow Coral Conservation Project, aiming to reverse the damage to Yellow Coral. Through our partnership with WaterAid , DP World will advocate for the private sector to address water and sanitation challenges globally to ensure access to water and sanitation for all.

As a leading facilitator of global trade, we understand the critical role oceans play in the global economy and the communities that depend on them. We are committed to promoting sustainable ocean practices and preserving ocean health for future generations. By embracing solutions and taking collective action, we can protect the ocean while sustaining global trade. This will help create a more resilient and prosperous future for our economies and the health of the planet, with a healthy ocean to change what’s possible – for everyone.