THE United Nations Conference on Trade and Development (UNCTAD) has issued a report emphasising the crucial need for a global 'Blue Deal' to safeguard and invest in the world's oceans, reports Ventura, California's gCaptain.
The report asserts that the ocean economy is worth an estimated $3-6 trillion and is a critical source of livelihood for around three billion people who rely on the ocean for their food and income.
However, the report says that the ocean is under threat from climate change, pollution, and overfishing, endangering opportunities for developing countries to build resilient economies.
unctad suggests that a 'Blue Deal' would stimulate more investment in emerging sustainable sectors such as seaweed farming and alternative plastics.
The report also recommends using eco-friendly materials like bamboo, coconut husks, and agricultural waste to produce everyday plastic products.
Investing in these emerging ocean sectors could aid developing countries in diversifying their ocean exports, worth an estimated $1.3 trillion globally, and creating more innovative and sustainable economies.
Covid exposed the vulnerability of some sectors, such as coastal tourism, and the report urges governments to promote a diverse and sustainable ocean economy in their crisis recovery strategies and climate adaptation and mitigation efforts.
Urgent action is also needed to protect fish stocks and marine biodiversity, with the report calling on countries to ratify the World Trade Organisation's Agreement on Fisheries Subsidies and the Marine Biodiversity Beyond National Jurisdiction agreement, which will prohibit support for overfishing and create equitable tools for sharing benefits from marine genetic resources.
The report highlights that Sustainable Development Goal 14, dedicated to life below water, is the least funded of all the goals, with only 1.6 per cent of total Official Development Assistance directed to the ocean economy from 2013 to 2018. To achieve SDG 14 by 2030, an estimated US$175 billion per year is required.
'The ocean economy offers many opportunities. We must strike the right balance between benefitting from the ocean and protecting its resources,' said UNCTAD deputy secretary-general Pedro Manuel Moreno.
'Now is the time to set a new course by investing more in building a sustainable ocean economy,' he said.
SeaNews Turkey
The report asserts that the ocean economy is worth an estimated $3-6 trillion and is a critical source of livelihood for around three billion people who rely on the ocean for their food and income.
However, the report says that the ocean is under threat from climate change, pollution, and overfishing, endangering opportunities for developing countries to build resilient economies.
unctad suggests that a 'Blue Deal' would stimulate more investment in emerging sustainable sectors such as seaweed farming and alternative plastics.
The report also recommends using eco-friendly materials like bamboo, coconut husks, and agricultural waste to produce everyday plastic products.
Investing in these emerging ocean sectors could aid developing countries in diversifying their ocean exports, worth an estimated $1.3 trillion globally, and creating more innovative and sustainable economies.
Covid exposed the vulnerability of some sectors, such as coastal tourism, and the report urges governments to promote a diverse and sustainable ocean economy in their crisis recovery strategies and climate adaptation and mitigation efforts.
Urgent action is also needed to protect fish stocks and marine biodiversity, with the report calling on countries to ratify the World Trade Organisation's Agreement on Fisheries Subsidies and the Marine Biodiversity Beyond National Jurisdiction agreement, which will prohibit support for overfishing and create equitable tools for sharing benefits from marine genetic resources.
The report highlights that Sustainable Development Goal 14, dedicated to life below water, is the least funded of all the goals, with only 1.6 per cent of total Official Development Assistance directed to the ocean economy from 2013 to 2018. To achieve SDG 14 by 2030, an estimated US$175 billion per year is required.
'The ocean economy offers many opportunities. We must strike the right balance between benefitting from the ocean and protecting its resources,' said UNCTAD deputy secretary-general Pedro Manuel Moreno.
'Now is the time to set a new course by investing more in building a sustainable ocean economy,' he said.
SeaNews Turkey
