Eco Wave Power joins 150 companies, with a combined market capitalization of 1 trillion euros, to take action for a healthier ocean at the UN Ocean Conference
Cascais, Portugal, 28 June 2022 — At the Sustainable Blue Economy Investment Forum in Cascais, Portugal, a special UN Ocean Conference event, Eco Wave Power Global AB (publ) (Nasdaq Capital Market: WAVE) (“Eco Wave Power” or the “Company”) joined 150 major companies in signaling their commitment to a healthy ocean by signing onto the UN Global Compact Sustainable Ocean Principles.
In addition to the Ten Principles of the UN Global Compact, the Sustainable Ocean Principles provide a framework for responsible business practices across ocean sectors and geographies. Companies signing on to the Sustainable Ocean Principles commit to assess their impact on the ocean and integrate ocean sustainability into their overall strategy.
The world depends on a healthy, productive and resilient ocean for food security, climate mitigation and economic livelihoods. Climate change, overfishing, pollution, and unsustainable and inequitable development are damaging the health of our ocean and seas.
“Today’s commitment by 150 blue economy companies showcases the private sector’s willingness to support SDG 14. Healthy and productive oceans rely on all actors to do their part. I am encouraged by these companies and their commitment to integrate ocean health into their corporate strategies,” said Sanda Ojiambo, Assistant Secretary-General and CEO of the United Nations Global Compact.
“The ocean is the source of all life on the planet, and our ability to mitigate the effects of climate change starts with the ocean,” said Inna Braverman, founder and CEO of Eco Wave Power. “We are proud to stand strong with this coalition for a healthy and resilient ocean and contribute to it by working towards the commercialization of Eco Wave Power’s pioneering wave energy technology.”
Eco Wave Power joins some of the largest blue economy companies, including Mediterranean Shipping Company, Ørsted, SAP SE, and Thai Union, as one of the 150 signatories of the UN Global Compact Sustainable Ocean Principles, spanning 30 industries, 35 countries and six continents, with a combined market capitalization of 1 trillion euros.
Sustainable Development Goal 14 (Life below water) still has the lowest level of financial investment of any of the 17 SDGs 1 . There is a need for increased public, private, and blended financing to foster a sustainable blue economy.
The UN Global Compact announced it will join a coalition of global stakeholders to develop a universal guidance for Blue Bonds – a commitment to provide the global market consistency and transparency in financing the sustainable blue economy. The Global Guidance for Bonds Financing the Blue Economy aims to provide market participants with clear criteria, practices and examples for blue bond lending and issuances.
The full list of signatories on the Sustainable Ocean Principles can be found here.
About Eco Wave Power Global AB (publ)
Eco Wave Power is a leading onshore wave energy technology company that developed a patented, smart and cost-efficient technology for turning ocean and sea waves into green electricity. Eco Wave Power’s mission is to assist in the fight against climate change by enabling commercial power production from the ocean and sea waves.
Eco Wave Power is recognized as a “Pioneering Technology” by the Israeli Ministry of Energy and was labelled as an “Efficient Solution” by the Solar Impulse Foundation. Eco Wave Power received funding from the European Union Regional Development Fund, Innovate UK and the European Commission’s Horizon 2020 framework program. The Company has also received the “Global Climate Action Award” from the United Nations.
Eco Wave Power’s American Depository Shares (WAVE) are traded on the Nasdaq Capital Market. More info: www.ecowavepower.com
Information on, or accessible through, the websites mentioned above does not form part of this press release.
For more information, please contact:
Inna Braverman, CEO
For additional investor/media inquiries, please contact:
Matt Chesler, CFA
Jacob Scott, Vectis Strategies
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 and other Federal securities laws. Words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates” and similar expressions or variations of such words are intended to identify forward-looking statements. For example, Eco Wave Power is using forward-looking statements when it discusses that it is working towards the commercialization of its pioneering wave energy technology. These forward-looking statements and their implications are based on the current expectations of the management of Eco Wave and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Except as otherwise required by law, Eco Wave undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. More detailed information about the risks and uncertainties affecting Eco Wave is contained under the heading “Risk Factors” in Eco Wave Power’s Annual Report on Form 20-F for the fiscal year ended December 31, 2021 filed with Securities and Exchange Commissions (the “SEC”), which is available on the on the SEC’s website, www.sec.gov.