UNCTAD: Countries must forge ‘Global Blue Deal’ to protect the ocean
Oceans can offer developing countries a wealth of opportunities to create more resilient and innovative economies. However, climate change, pollution, and overfishing are threatening the livelihoods and food security of three billion people.
The UN Trade and Development Body UNCTAD published its Trade and Environment Review 2023 on Monday. It analyses the $3-6 billion ocean-based economy and evaluates the impact of human activity and global crises in sectors such as fishing, seafood shipping and coastal tourism.
The report presented at the UN Trade Forum 3rd in Geneva calls for an international trade and investment “Blue Deal”, to sustainably utilize the ocean, home to 80% of all life.
The ocean economy presents many opportunities. UNCTAD’s Deputy Secretary General Pedro Manuel Moreno stated that we must find the balance between using the ocean to its fullest and protecting it.
Opportunity knocks
Two sectors are highlighted in the report as being particularly promising for sustainable development: seaweed farming and plastic substitutes.
In the last 20 years, the global seaweed market has grown from $4.5 billion to $16.5 billion.
UNCTAD states that seaweed does not require fresh water or fertilizer for growth. Many developing countries can grow it for food, cosmetics, biofuels and other uses. Each year, 11 million tonnes plastics enter the ocean.
UNCTAD said that there are many other materials that can be used to create eco-friendly alternatives for the plastic straws, food wrappers and other products we use every day. Bamboo, coconut husks and banana plants are all abundant materials.
In 2020, the world will trade about $388 billion worth of plastic substitutes – only one third as much as plastics made using fossil fuels.
The report urges governments and business to increase funding for research and development in emerging sustainable sectors of the ocean economy.
The report urges companies investing in developing countries, to boost their technological, skill and production capacities so that both can benefit from sustainable marine development.
Diversify your exports
Investing into emerging ocean sectors can help developing countries diversify their exports. Global exports of goods and services based on the ocean, including seafood, port equipment and tourism, were estimated to be $1.3 trillion by 2020.
The COVID-19 Crisis revealed the resilience and potential of certain sectors, and the extreme vulnerability in others.
The report recommends that governments should incorporate the goal of promoting an ocean economy with a diversity and sustainability in their strategies for crisis recovery and efforts to mitigate and adapt to climate change.
Protect biodiversity and stocks
Government subsidies for fishing amount to $35 billion.
About $20 billion per year could be used to increase the capacity of the fishing industry, such as through fuel subsidies and financial incentives for buying bigger boats.
The report states that 34% of the global fish stock is below the biologically sustainable level. It urges all countries to ratify immediately the World Trade Organization (WTO) Agreement on Fisheries Subsidies adopted on June 17, last year.
The agreement is a major step towards addressing harmful subventions. It prohibits support of illegal, unreported, and unregulated fisheries, as well as support for overfished stock fishing. Subsidies for high seas fishing are also eliminated. The agreement will come into effect when two-thirds of WTO members have deposited their “instruments for acceptance”.
The report also calls on governments to adopt and approve the Marine Biodiversity Beyond National Jurisdiction Agreement of 4 March, this year.
The High Seas Biodiversity Treaty is a treaty that will establish international protected areas and create tools to ensure a fair and equitable distribution of the benefits from marine genetic resource.
Four Sustainable Solutions
An estimated $2.8 trillion investment today in four sustainable solutions for the ocean – conservation and restoration mangroves; decarbonization of international shipping; sustainable ocean-based foods production and offshore wind power production – will yield net benefits of $15.5 billion by 2050.
Without a global Blue Deal such benefits, and the Sustainable Development Goal (SDG), 14, on life under water, will be harder to achieve.
“Now is the right time to change course and invest more in creating a sustainable ocean-based economy,” said Mr. Moreno.
Prachi, an accomplished Chief-Editor at The Sustainable Brands Journal, has 15+ years of experience in Europe, the Middle East, and India, managing 90+ global sustainable brands. She’s a prolific writer in sustainability, contributing to various publications. Prachi’s unwavering passion and expertise make her a recognized authority, driving positive change and inspiring a sustainable future.
