The United Nations Global Compact will launch the UN Global Compact Sustainable Ocean Principles when the UN General Assembly convenes in September. These Principles are expected to serve as a framework for responsible business practices in ocean-based industries across sectors and geographies.

The Principles will provide sector-specific guidance for different ocean-based industries including examples of how the Principles can be implemented. The Principles and Guidance documents will be used as a "market mechanism / standard" by companies in contracts as well as banks and insurances.

Lloyds' Register with support from the Business Network for Offshore Wind will lead the Marine Renewable Energy Sector Working Group. The goal is to develop a sector-specific Guidance Document to be published in September and updated every two years.

The Network hosted the first meeting of the Working Group in conjunction with IPF earlier this month. Future meetings will be conducted virtually and held every three weeks. The Working Group encourages participation from other interested companies and organizations.

For more information please contact Ross Tyler, the Network's EVP and Co-Founder, at ross@offshorewindus.org.

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