In a recent UNCTAD(United Nations Conference on Trade and Development ) Trade and Environment Review for 2023, the ocean’s potential for developing countries has been emphasized, signalling a call to action for sustainable use of marine resources amid rising challenges. The ocean, estimated to be worth $3-6 trillion, presents vast opportunities for innovation and economic resilience in developing nations.
Climate change, pollution, and overfishing, however, pose significant threats to the livelihoods of approximately 3 billion people relying on the ocean for sustenance and income. The report, unveiled at the 3rd UN Trade Forum, proposes a comprehensive global initiative termed the “Blue Deal” to navigate these challenges and safeguard the ocean’s resources, which support 80% of all life.
Deputy Secretary-General of UNCTAD, Pedro Manuel Moreno, emphasizes the importance of striking a balance between exploiting the ocean’s benefits and protecting its resources. The proposed “Blue Deal” aims to attract investment into emerging sustainable sectors, with a spotlight on seaweed farming and plastics substitutes.
The global seaweed market has tripled over two decades, reaching $16.5 billion in 2020, offering an eco-friendly alternative to plastics. The report encourages governments and businesses to invest in research and development for sustainable ocean sectors, such as utilizing abundant materials like bamboo, coconut husks, and agricultural waste.
Recognizing the economic potential, the report urges companies to invest in developing countries, enhancing technology, skills, and productive capacities. This, in turn, could help diversify ocean exports for developing nations, building economic resilience.
However, the COVID-19 crisis revealed vulnerabilities in ocean-based services, with a 59% collapse in 2020. The report underscores the need for diversification to protect coastal communities reliant on sectors like tourism.
Government subsidies to fishing activities globally, amounting to $35 billion, are scrutinized in the report. Approximately $20 billion annually may contribute to overfishing, emphasizing the need for countries to ratify the WTO’s Agreement on Fisheries Subsidies, addressing harmful practices.
Additionally, the report calls for the adoption of the “High Seas Biodiversity Treaty,” promoting fair sharing of benefits from marine genetic resources and establishing internationally protected ocean areas.
Despite the urgency, the report highlights the underfunding of Sustainable Development Goal 14 (SDG 14) dedicated to life below water. From 2013 to 2018, only 1.6% of Official Development Assistance was directed towards the ocean economy, falling significantly short of the estimated $175 billion annually required to achieve SDG 14 by 2030.
Investing $2.8 trillion in sustainable ocean solutions today could yield net benefits of $15.5 trillion by 2050, the report suggests. Without a global “Blue Deal,” achieving SDG 14 targets becomes increasingly challenging.
Now, the call is for collective action to invest in building a sustainable ocean economy, steering towards a brighter and more resilient future.