Corio joins UN Global Compact sustainability initiative
Global offshore wind developer Corio Generation has joined the largest voluntary corporate sustainability initiative in the world, the United Nations Global Compact.
By signing up to the United Nations initiative, Corio has committed to align its corporate business practices with ten core principles supporting environmental protection, human rights, labour and anti-corruption. As a participant of the Global Compact, Corio expects to engage in joint collaborative projects which advance the United Nations’ Sustainable Development Goals.
Jonathan Cole, Chief Executive Officer at Corio Generation said: “As a renewable energy developer with one of the world’s largest offshore wind pipelines, we are proud to join the UN Global Compact, comprising an international coalition of organisations committed to responsible business.
“As we build the next generation of offshore wind farms, we are determined to accelerate the green energy transition and be an exemplar to industry by embedding sustainable and ethical practices in our strategy, culture and daily operations,” he added.
With over 21,000 participating companies and 4,000 non-business signatories across 160 countries, the UN Global Compact comprises a global network dedicated to advancing responsible and sustainable business practices.
Karen Bolam, Head of Sustainability at Corio Generation said: “At Corio’s heart is the belief and aspiration that we can help build a more sustainable future for current and future generations. Our strategy aligns extremely well with the Sustainable Development Goals and the need to maximise our positive environmental and social impact as a business.”
“One of our strengths is that we can take a localised approach to the energy transition, by working closely with the communities we serve. This involves expanding local supply chains, driving job creation, fostering new skills, and ultimately ensuring economic and environmental benefits are felt at a community level.”
Steve Kenzie, Executive Director, UN Global Compact Network UK said: “The core of the United Nations Global Compact’s mission is to support companies doing business responsibly by aligning their strategies and operations with ten universal principles on human rights, labour, environment, and anti-corruption. We also support business taking actions to advance the Sustainable Development Goals. We are delighted and encouraged by Corio’s endorsement of our initiative.”
Corio Generation, a portfolio company of Macquarie Asset Management’s Green Investment Group, was launched in April 2022. Already it is one of the world’s leading offshore wind developers, having doubled its portfolio of projects in Europe, Asia-Pacific and the Americas to over 30 gigawatts. The UK-headquartered company was named Offshore Wind Developer of the Year in the 2023 Wind Investment Awards.
About the UN Global Compact
The Ten Principles of the United Nations Global Compact are derived from: the Universal Declaration of Human Rights, the International Labour Organization’s Declaration on Fundamental Principles and Rights at Work, the Rio Declaration on Environment and Development, and the United Nations Convention Against Corruption.
Human Rights
· Principle 1: Businesses should support and respect the protection of internationally proclaimed human rights; and
· Principle 2: make sure that they are not complicit in human rights abuses.
Labour
· Principle 3: Businesses should uphold the freedom of association and the effective recognition of the right to collective bargaining;
· Principle 4: the elimination of all forms of forced and compulsory labour;
· Principle 5: the effective abolition of child labour; and
· Principle 6: the elimination of discrimination in respect of employment and occupation.
Environment
· Principle 7: Businesses should support a precautionary approach to environmental challenges;
· Principle 8: undertake initiatives to promote greater environmental responsibility; and
· Principle 9: encourage the development and diffusion of environmentally friendly technologies.
Anti-Corruption
· Principle 10: Businesses should work against corruption in all its forms, including extortion and bribery.