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A Resilient Ocean to boost Blue Economy

The virtual Resilient Ocean Hub reaches for companies, private individuals, foundations, associations, institutions and regions to create mutually beneficial opportunities through the exchange of experience, information and competence within the Blue Economy sector.

In the platform we showcase and promote best practices while connecting project developers with other members of the ocean community to tackle inter-related challenges and instigate discussions.​ 

 

Together with our members we aim to define a common vision on how to achieve zero pollution objectives for the marine environment. Including sharing financing tools for boosting ocean resilience innovation and jobs.

Background

01.

Our planet is experiencing an increase in the intensity and frequency of some climate and weather extremes due to global warming. Human-dominated marine ecosystems are experiencing accelerating loss of populations and species, with largely unknown consequences. Numerous peer-reviewed articles, including the IPCC Special Report, have shown how the consequences of climate change, like biodiversity loss, affects marine ecosystem services across temporal and spatial scales.

These risks depend on the magnitude and rate of warming, geographic location, levels of development and vulnerability, and on the choices and implementation of adaptation and mitigation options. Overcoming these challenges, therefore, requires a blend of historical knowledge, sustained commitment, and synthesis of expertise to promote successful outcomes for not only a single habitat but also an entire ecosystem such as the Ocean.

02.

The release of the IPCC Special Report on global warming of 1.5 degrees C in 2018 urged us all to take rapid action on reducing greenhouse gas (GHG) emissions or face catastrophic changes in the climate. The IPCC Special Report on the Ocean and Cyrosphere in a Changing Climate reinforced this message, focusing on the devastating impacts of climate change on the global ocean.

The ocean while it is in great danger it is also a powerful source of solutions.  Given political will, appropriate policy and investment in technology, the ocean could save us from the impacts of climate change.

03.

In response to this global urgency on 25 September 2015, the 193 countries of the UN General Assembly adopted the 2030 Development Agenda titled "Transforming our world: the 2030 Agenda for Sustainable Development", which outlines the 17 Sustainable Development Goals. In 2020 Global leaders from 93 countries have pledget to halt biodiversity loss.

These global agendas recognise that when we protect the carbon in coastal systems, we protect healthy coastal environments that provide many ecosystem services benefits to people. For instance, coastal wetlands and peatland host biodiverse ecosystems, enhance water quality by filtering it, reduce flooding, protect coasts against storm surges, are nursery habitats for commercial fisheries and provide attractive settings for outdoor activities.

In addition to restoring and protecting the marine environment, countries have the opportunity to put in place ocean-based solutions to mitigate the effects of climate change to achieve near-term sustainable development goals. 

04.

To materialise ocean-based solutions public and private finance tools are essential. By building sustainable blue finance practices into their decision-making processes, and engaging with their clients on the topic, the financial sector has a unique opportunity to steer ocean industries towards sustainability.

The Sustainable Blue Economy Finance Principles are the foundational keystone to invest in the ocean economy. Launched in 2018, they are the world’s first global guiding framework for banks, insurers and investors to finance a sustainable blue economy. They promote the implementation of SDG 14 (Life Below Water), and set out ocean-specific standards, allowing the financial industry to mainstream the sustainability of ocean-based sectors.

The principles were developed by the European Commission, WWF, the World Resources Institute (WRI) and the European Investment Bank (EIB) and are hosted by UNEP FI as part of the Sustainable Blue Economy Finance Initiative.

05.

There is a need to change existing practices to ensure that they are compatible with an ocean economy that is sustainable. Meaningful private sector engagement is therefore not only fundamental to managing our oceans sustainably, but also critical to ensure a sustainable and inclusive blue economy.

A Sustainable Blue Economy ensures “long-term, sustainable use of ocean resources in ways that preserve the health and resilience of marine ecosystems and improve livelihoods and jobs, balancing protection and prosperity”. - Blue Paper 14 on Integrated Ocean Management.

List of funding opportunities to boost Blue Economy:

The success of sustainable businesses is at the heart of our mission, to contribute to a fair and just world.