Why a sustainable blue recovery is needed

The world’s seventh-largest economy based on GDP doesn’t belong to a single country and isn’t even on land, yet it’s valued at around $3 trillion annually and supports the livelihoods of more than 3 billion people. It’s the ocean.

Worryingly, the ocean, and the blue economy it supports are not only in severe decline, the current mode of operating is no longer sustainable. We all rely on the ocean, which covers two-thirds of our planet, to regulate our climate, provide us with food, medicine, energy, and even the very air we breathe. Put simply, without a healthy ocean, there is no life on Earth.

But the natural assets that the blue economy depends on are fast eroding under the pressure of human activities.

For example, 34% of all fish stocks are exploited at unsustainable biological levels or overexploited, while 60% are maximally sustainably fished or managed.

This means that we have reached a celling, as 94% of all wild stocks are already being fully utilized, with about one-third exploited in an unsustainable manner.

Further, the ocean is becoming acidic due to increasing levels of carbon dioxide being absorbed by it. Rising water temperatures have killed up to half of the world’s coral reefs, and by 2050 there could be more plastic than fish in the ocean. Most of the more than 3 billion people who rely on the ocean for their livelihoods live in developing countries. About 90% of all fishers live in these countries too.

Also, 80% of the world’s goods are transported via maritime routes. And between 30% and 50% of the GDP of most small island developing states (SIDS) depends on ocean-based tourism.

We are at a crossroads in history. We can’t afford to continue mismanaging this important global resource whose health is intimately tied to ours. Investing in biodiversity, conservation and sustainable practices is key for a peaceful and prosperous future.

A regenerative and equitable blue economy that is sustainable must be a vital part of the world’s social and economic recovery from the COVID-19 pandemic. It will help cushion us against future global crises by enhancing the resilience of ecosystems and thus livelihoods. Thankfully, implementing a blue economic approach is possible under the guidance of the UN’s Sustainable Development Goals (SDGs).

UNCTAD has identified the pillars of such an approach: economic growth, conservation and sustainable use of the ocean, inclusive social development, science and innovation, as well as sound ocean governance.

Governments around the world can set a new course. We know the overwhelming cost-benefit of nature-based solutions. It’s possible to combine production from the ocean while protecting its economic, social and environmental value for the future.

Coastal countries must prioritise ocean, marine and coastal resources and ecosystems in their strategies for trade, the environment, and climate change as well as in their actions to promote sustainable development.

Countries such as Seychelles are walking the talk. It has declared 30% of its waters protected areas, well beyond the 10% target set by SDG14, restricting activities in the protected area to balance economic needs with environmental protection.

Other nations rising to the challenge are Vanuatu, which is producing and consuming renewable energy from wind turbines and coconut oil, as well as Fiji, which banned single-use plastic this year to stem the pollution of its waters.

SIDS and coastal communities are vital to preserving the ocean and will need global support to conserve and develop a blue economy that benefits not only local populations but humanity as a whole.

Longer-term, countries around the world need to expand ocean and sustainable blue economy literacy, especially among vulnerable populations and increase understanding of gender considerations.

We need more individual and collective action if we are to build a sustainable blue economy that leads to prosperity for all.

Original source: UNCTAD
Published on 22 July 2020