Lloyd’s Register Foundation, the United Nations Global Compact and the Accenture Development Partnership recently conducted a series of interviews with stakeholders across the ocean economy to explore the role of safety data in a rapidly expanding ocean economy.
Nineteen ocean economy experts across seven industries were consulted to share their perspective the barriers and opportunities to address ocean health and safety, and the tools and solutions needed improve investment decisions and operational safety across the ocean economy. The ocean economy is expected to double by 2030, yet, it is estimated that $8.4 trillion is at risk in the ocean economy over the next 15 years in a business-as-usual scenario, which exposes 66% of companies worldwide.
Feedback indicated that a lack of reliable data is a key barrier to monitoring safety, especially in relation to SMEs in the supply chain network. Several participants expressed a desire for better visibility of broader ESG performance, particularly around social and safety performance which would enhance decision-making and de-risk the value chain.
In response, Lloyd’s Register Foundation and the Accenture Development Partnership have created a new open-source data platform prototype which aggregates safety data indices available today into one comprehensive platform. Hosted on HUB Ocean, a non-profit which aims to unleash the power of data, technology and collaboration, the prototype currently shows risk levels related to piracy, illicit trade, corruption levels, disaster risk reduction as well as human and natural hazards.
The prototype also reveals existing data gaps relating to accidents, fatalities and illegal labour practices, particularly in the high seas, polar regions and across Asia Pacific, Sub-Saharan Africa and Latin America.
Next steps
The Foundation and Accenture is now inviting organisations to register their interest in joining a future workshop to discuss the value in unlocking private sector datasets to further enhance this platform. Click below to register.
