SPECIAL FEATURE
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Harnessing Marine Natural Capital Marine ecosystems like mangroves, seagrass meadows, and coral reefs are invaluable natural assets that act as carbon sinks and biodiversity hotspots. Restoring and protecting these ecosystems can significantly contribute to mitigating climate change and enhancing biodiversity. The emerging blue- carbon markets offer economic incentives for the conservation and restoration of these ecosystems, providing a financial rationale for their preservation.
Blue Finance Transitioning investment from activities harmful to the ocean, such as overfishing, towards sustainable endeavors like zero-carbon shipping and marine conservation is crucial. Despite historically low investment levels in ocean sustainability, interest among institutional investors is surging. Guidance for investors and innovative financing mechanisms, such as blue bonds and impact investing, are helping to channel capital towards sustainable ocean economy opportunities.
Working in harmony with the sea For Small Island Developing States (SIDS), the ocean is not only a major economic asset and a critical source of food, but a key component of cultural identity. With the impacts of climate change the sustainability of the ocean is also an issue of life and death. Not surprisingly, an increasing number of SIDS are incorporating blue economy strategies in their development plans and are using those frameworks to give rise to new financial mechanisms supporting investments in the blue space. For example, many Latin American and Caribbean SIDS have started to create policies and regulatory environments to facilitate blue carbon initiatives. In 2022, the Bahamas adopted a Climate Change and Carbon Markets Initiatives Bill and Belize announced that it would develop a regulatory framework for blue carbon projects. Guyana and Suriname have each developed mangrove management strategies.
Source: UNDP
What is the “Blue Economy”? The term “Blue Economy” gained prominence following the United Nations Conference on Sustainable Development (Rio+20) in 2012. At its core, the Blue Economy refers to the sustainable use of ocean resources for economic growth, improved livelihoods, and jobs while preserving the health of ocean ecosystems. It encompasses a wide range of sectors, including marine renewable energy, fisheries, maritime transport, tourism, and waste management. The primary goal is to realize the economic potential of the ocean’s resources in a way that safeguards biodiversity and promotes resilience to climate change.
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