et al. The panellists asked UNCTAD to play a leading role in supporting a sustainable ocean economy, focusing on these key priorities: 1. The time to invest is now. For instance, initiatives such as the Principles for Investment in Sustainable Wild-Caught Fisheries and the Ocean Disclosure Project can be further developed and applied to other ocean economic sectors. A healthy ocean that supports a sustainable ocean economy requires adequate financing vehicles . Blue bonds and debt-for-nature swaps hold promise for catalyzing the transition to a sustainable ocean economy. Yet, it is threatened by anthropogenic pressures and climate change. Can handheld DNA testing technology stand up to seafood fraud? Found inside – Page 180A sustainable blue economy offers the country the opportunity to preserve and ... and private investments to finance the sustainable fisheries transition ... Found insideThe global community has spoken loud and clear: more resources must be mobilised to end extreme poverty and mitigate the effects of climate change. The blue economy: Growth, opportunity and a sustainable ocean economy. The ocean, which regulates climate and supports vital ecosystem services, is crucial to our Earth system and livelihoods. Fig. Barriers and options for action in support of sustainable ocean finance. Yet, it is threatened by anthropogenic pressures and climate change. 'Financing a sustainable ocean economy' by Rashid Sumaila et al. Choudhary P, G VS, Khade M, Savant S, Musale A, G RKK, Chelliah MS, Dasgupta S. J Environ Manage. This topical book examines ocean governance and calls for close co-operation between science and policy. We further categorize two other barriers to financing an SOE as finance and investment, and insurance and risk mitigation. However, the current finance gap is large; we identify key barriers to financing a sustainable ocean economy and suggest how to mitigate . Found inside – Page 62finance. The world is facing a rapid and unprecedented terrestrial and marine ... Blended finance is growing as an approach to finance sustainable economic ... Creating an enabling environment for ocean finance. Improvement initiatives for pangasius, shrimp and tilapia are among the Dutch sustainable trade organization’s priorities. All relevant studies show that enabling the required financial flows into sustainable coastal and offshore projects, will turn the tide on the destruction of life in the Ocean, thereby giving our children and grandchildren the environmental . Kesintisiz HD TV İzle ile kolay izleme rahatlığı sunmaktadır. Kanal sahiplerinin isteği üzerine yayınlar ve logoları sitemizden kaldırılır. At the local level, this could involve making improvements in risk modelling, and at national or international levels, policy and regulatory frameworks could be reshaped to incentivize responsible and sustainable maritime industry practices. 2013;14:77–88. Fig. Despite this, the sector is drastically underinvested, with just 1% of the ocean economy's total value invested in sustainable projects to date. GAA individual and corporate members receive complimentary access to a series of GOAL virtual events beginning in April. The Ocean Economy in 2030 (OECD Publishing, 2016). The principles provide a guiding framework for financing a sustainable ocean economy. In order to attract large-scale investments, it is critical to find ways to de-risk the enabling environment associated with ocean-based sustainable development projects and activities. At the same time, a large proportion of the costs from ocean-based economic activities are borne by women, youth and marginalized communities. FOIA Develop and deploy parametric insurance instruments (a type of insurance coverage that pays out an agreed upon sum based on the expected loss arising from a trigger event) in support of ocean health. the Sustainable Blue Economy Finance Principles have been created. Healthy Ocean Action Plan We are leading the study for ADB and its developing member countries on how to select and finance a sustainable Blue Economy. The International Ocean Institute - Canada has compiled more than 80 insightful essays on the future of ocean governance and capacity development, based largely on themes of its Training Program at Dalhousie University in Canada, to honor ... 2020 Nov;4(11):1451-1458. doi: 10.1038/s41559-020-1259-6. For developing countries, debt conversion or restructuring programs allow debt owed to creditors to be restructured and converted into agreed upon initiatives that address, for instance, marine conservation and climate change. The European Commission and the . Finally, the Ocean Finance pillar addresses the need for capital investments toward the transformation to a sustainable ocean economy. This paper examines how the next generation of financing mechanisms can support the ocean transition in an inclusive manner and how catalytic funds can be mobilized to finance that transition. IDH Vietnam Manager Flavio Corsin speaks passionately about the importance of controlling disease and getting all stakeholders to put competition aside and pull on the same end of the rope. What investment there is comes from philanthropy and development aid. The most significant action will be to influence future mainstream finance. 2 March 2017: Organized by the Economist under the theme, 'Financing the Sustainable Ocean Economy,' the World Ocean Summit 2017 brought together policy-makers, business leaders, scientists and ocean advocates for a dialogue on financing the blue economy, mobilizing sustainable investments in the ocean, integrating ocean uses and creating a holistic governance system. However, the current finance gap is large; we identify key barriers to financing a sustainable ocean economy and suggest how to mitigate . The $132 million Sustainable Ocean Fund provides growth capital to scalable businesses that build resilience in coastal ecosystems and create sustainable economic growth and livelihoods. This site needs JavaScript to work properly. Infrastructure—electricity, telecommunications, roads, water, and sanitation—are central to people’s lives. In particular, current policies and regulations that strengthen the sustainable management of natural capital and that facilitate and incentivize social enterprise and new forms of capital are insufficient for attracting the needed quantity and quality investment to the ocean economy. Finally, insurers are also major institutional investors, and in this role, they can elect to support only those clients or projects that contribute to an SOE and divest from those that do not. Yet, it is threatened by anthropogenic pressures and climate change. A sustainable ocean energy mix including floating wind, thermal, wave and tidal energy could generate a quarter of the EU's electricity in 2050. This encompasses local, national and international level financial instruments that are provided by, and/or accessed by individuals, public and private companies, governments and other non-governmental/inter-governmental institutions. Based on insights from over 300 empirical studies, this book explores the possibilities in the field of renewable energy finance, carbon trading, and sustainable investing. Key barriers to the flow of finance to the ocean economy and opportunities for action to remove them. From an economic point of view, the ocean is of monumental importance. This includes all ocean-based industries, like seafood production, shipping and renewable energy, and ecosystem goods and services, such as climate regulation and coastal protection. The International Monetary Fund estimates that 6.3 percent of global GDP ($4.7 trillion) was provided as fossil fuel subsidies in 2015 to both ocean and land-based businesses, and $35 billion in subsidies is allocated to global marine fisheries each year, of which $22 billion is allotted to harmful subsidies that lead to overcapacity and overfishing. Characterization of major ocean finance capital types. Key elements of financing a Sustainable Ocean Economy, SOE, include generating, investing, aligning, and accounting for financial capital. Financing a sustainable global ocean economy may require a Paris Agreement type effort, according to a new report from an international team of researchers led by the University of British Columbia. 8600 Rockville Pike 4. More consistent and comprehensive monitoring and reporting on finance for an SOE, especially financial flows for biodiversity across both the public and private sectors is needed. For a sustainable ocean economy, ocean finance must be adequate and directed toward sustainable use and governance of the ocean and its resources. This paper sets out a new framing of the challenges and opportunities for scaling up financing and investment for a sustainable ocean economy. This article – adapted and summarized from the original publication [Sumaila, U.R. These challenges include human capacity constraints, data challenges and higher risk of operation. Unable to load your collection due to an error, Unable to load your delegates due to an error. Key elements of financing a Sustainable Ocean Economy (SOE; the development of the ocean economy in a way that balances the needs of people, planet and prosperity) include generating, investing, aligning and accounting for financial capital. For the ocean economy to be sustainable, ocean finance has to be directed toward sustainable use and governance of the ocean and its resources. WORLD OCEAN SUMMIT 2017 FINANCING THE SUSTAINABLE OCEAN ECONOMY February 22nd-24th 2017 Sofitel Bali Nusa Dua Beach Resort, Bali, Indonesia The transition from a conventional economy in the ocean to a sustainable ocean economy could be a tremendous economic and investment opportunity, if done right. Please enable it to take advantage of the complete set of features! 4 March 2021. It supports the implementation of the Sustainable Blue Economy Finance Principles, which are a keystone in the market for financing a sustainable blue economy. We discuss three key barriers that are currently preventing the flow of adequate ocean finance. (eds.) Javascript is currently disabled in your web browser. The ocean is a cornerstone of the global economy and has been predicted to provide economic growth opportunities over the coming decade amassing to $3 trillion annually in gross value added by 2030. The Guidance is a follow-up to the Rising Tide report which was launched in February, which mapped the ocean finance space and provided an entry point for financial institutions. Pension funds, sovereign wealth funds, and large passive investors need to be partners in the effort to achieve an SOE. A greater share of green finance must be directed to creating more sustainable oceans. This inequity is exemplified by the provision of subsidies to the fossil fuel sector, wherein subsidies to big business only serve to increase inequality, which ultimately leads to unfair distribution of ocean economic values and benefits to small-scale actors. The blue economy can be defined as "the sustainable use of ocean resources to promote economic growth, social inclusion and the preservation or improvement of livelihoods, while at the same time, ensuring environmental sustainability of the oceans and coastal areas 4." It includes traditional economic activities such as fishing, shipping . Countries could capture these revenues using a combination of domestic taxes, levies, fines, fees, and other mechanisms that monetize ocean benefits and ocean impacts, such as payments for ecosystem services. The report, published today — on World Ocean Day — identifies major barriers to financing such a sustainable ocean economy. Enabling conditions for an equitable and sustainable blue economy. They can use their clout as significant investors in many extractive sectors. The Blue Economy is sustainable use of ocean resources for economic growth, improved livelihoods and jobs, while preserving the health of marine and coastal ecosystem. Found insideThis new OECD report on the ocean economy emphasises the growing importance of science and technologies in improving the sustainable economic development of our seas and ocean. A handful of bankers and investment managers are leading the way, but success will require a collective effort from across the financial industry. The debtors are then obligated to execute the initiatives. Intense exploitation of our oceans and seas is degrading marine biodiversity and ecosystems at an alarming rate. It demonstrates the role insurance can play in accelerating the transition and how ocean-related subsidies contribute to or detract from the sustainable ocean economy, recommending approaches to be . Would you like email updates of new search results? Speakers include Aisla Jones of The Co-op, Gert le Roux of Woolworths South Africa, Piers Hart of WWF, Libby Woodhatch of MarinTrust, Jorge Diaz of Skretting, Chris Haacke of Corbion, Clément Ray of InnovaFeed, Enno Fricke of Alfred Wegener Institute, Rowan Yearsley of Marifeed and James Fox Davies of Three-Sixty Aquaculture. Consequently, there is underfunding of ocean governance and the health that underlies the ocean’s economic outputs. The sustainable blue economy finance principles. A healthy ocean that supports a sustainable ocean economy requires adequate financing vehicles that generate, invest, align, and account for financial capital to achieve sustained ocean health and governance. Maritime countries are generating large economic outputs from the ocean economy, but the cost of ocean management is currently not being borne by those exploiting it, including direct harvesters and consumers. A healthy ocean that supports a sustainable ocean economy requires adequate financing vehicles that generate, invest, align, and account for financial capital to achieve sustained ocean health and governance. Privacy, Help Online ahead of print. Overcoming the higher risk profile associated with the ocean sector will require addressing a number of challenging enabling conditions in order to attract investments and new forms of finance. Found inside – Page 97Financing the blue economy. A Caribbean Development Opportunity. Retrieved August 13, 2018 from, http://issuu.com/caribank/docs/financing_the_blue_economy- ... Research & Engagement Themes. Sustainable Ocean Fund. 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