Countries must develop a ‘Global Blue Deal’ to protect the ocean: UNCTAD
That is according to the UN Trade and Development body UNCTAD’s Business and Environment Review 2023published on Monday, which analyzes the world’s $3-6 billion ocean economy, and evaluates how human activity and various global crises have had a significant impact sectors such as fishing, fishing, shipping and coastal tourism.
Report, presented in 3rd UN Trade Forum in Geneva, calls for global trade and investment “Blue Deal” to use the ocean sustainably – home to 80 per cent of all life.
“The ocean economy offers many opportunities. We should strike the right balance between benefiting from the ocean and protecting its resources” said UNCTAD Deputy Secretary General Pedro Manuel Moreno.
Great opportunity
The report highlights two sectors that are particularly promising for sustainable development – aquaculture and plastic substitutes.
The global market for marine waste has more than tripled in two years, increasing from $4.5 billion in 2000, to $16.5 billion by 2020.
Water does not need fresh water or fertilizer to grow, UNCTAD points out. It can be Farms in many countries produce food, cosmetics and biofuels, and provide an alternative to plastic. Around 11 million tonnes of plastics flow into the ocean each year.
There are many other sustainable materials that can be used to make eco-friendly versions of straws, food wraps and other plastic products that we consume every day, UNCTAD said. Common materials include bamboo, coconut husks, banana seeds and agricultural waste.
Them The world will trade about $388 billion in plastic substitutes in 2020 – just one third of the amount sold are plastics made from fossil fuels.
The report calls for governments and businesses to increase funding for research and development of emerging sustainable sectors in the ocean economy.
He urged companies to invest in developing countries to support their technology, skills and production capabilities, so both could benefit on sustainable fiber development.
Differentiate exports
Investing in emerging ocean sectors can help developing countries diversify their exports. The total export value of marine-based goods, such as seafood and port equipment, and services including shipping and coastal tourism is estimated at $1.3 trillion in 2020.
The COVID-19 crisis revealed the strength and resilience of some sectors and the extreme weakness of others.
Governments, the report said, should include the goal of promoting a diverse and sustainable ocean economy in crisis recovery strategies and climate mitigation and adaptation efforts.
Surfers for Climate raises awareness about the climate crisis in Australia.
Protect stocks, biodiversity
An estimated $35 billion of government subsidies go to fisheries around the world.
A significant portion – about $20 billion a year – could contribute to overfishing by increasing the capacity of the fishing industry through, for example, fuel subsidies or financial incentives to buy larger vessels.
Including 34 per cent of the world’s fish stocks below biologically sustainable levelsThe report urged countries to quickly ratify the World Trade Organization (WTO) Agreement on Fisheries Subsidiesreceived on 17 June last year.
The agreement, which is a great action in addressing harmful contributions, prohibits support for illegal, unreported and unregulated fishing, prohibits support for overfishing, and ends subsidies for fishing in unregulated waters. It will enter into force when two-thirds of the 164 WTO members submit their “accession instruments”.
Likewise, the report calls for governments to accept and ratify the Marine Beyond National Jurisdiction treaty of 4 March this year.
Better know like those High Seas Diversity AgreementThe agreement will create tools for the fair and equitable sharing of benefits from marine genetic resources and establish internationally protected areas in our oceans.
Four sustainable solutions
It is estimated that the investment of $2.8 trillion today in four sustainable fiber solutions – conservation and restoration of mangroves, decarbonization of exports, sustainable ocean-based food production and offshore wind production – will yield net benefits of $15.5 trillion by 2050.
Without the global Blue Economy, such benefits and the goals of Sustainable Development Goal (SDG) 14, on life under water, would be very difficult to reach.
“Now is the time to set a new path by investing more in building a sustainable ocean economy,” said Mr. Moreno.
