Africa: Reflections on the closing of the conference on the sustainable blue economy

Financing a sustainable blue economy

While the 10,000 delegates from more than 150 countries who attended the first high-level conference on the "blue sustainable economy" are an indication, the interest in the subject seems to be on the rise. But will this indicator be synonymous with good or bad for a sustainable blue economy, widely understood as meaning an inclusive green economy1 for the ocean?

Man has always pursued and achieved economic progress by exploiting the frontiers2, passing to the other frontier once it has been exploited. However, to be "sustainable", the blue economy needs a very different model from our dominant economic model: a "take-do-dispose" economy that converts public wealth into private profits, leaving a destruction trail: distributive inequality, environmental externalities and depleted resources for future generations.

Thus, the main challenge for policy makers and business leaders returning home from Nairobi is to provide a clear direction to prevent the ocean from being treated as the new frontier of conventional capitalism since we have already exploited all previous ones. These leaders will have to agree on the goal of this emerging economy so that the world can hope to achieve the United Nations Sustainable Development Goal No. 14, which instructs us to "sustainably preserve and use the oceans, the seas and marine resources for sustainable development ".

All sectors of the blue economy are familiar (sea fishing, tourism, transport, marine energy and mining of the seabed) and little known (sequestration of "blue carbon" by the restoration of mangroves and seagrasses, among the largest carbon stocks). Restoring, protecting and maintaining the diversity, productivity and resilience of marine ecosystems will require clean technologies, renewable energies and circular flows of materials.

But most of all, since much of the ocean is global or national commons, it will need regulations, international agreements, and funding principles that can not be "copied" from those of our model. status quo". United Nations Member States, including Regional Fisheries Management Organizations, the International Seabed Authority and other important oceans jurisdictions, need to make significant and coordinated efforts to re-examine their rules and performance in the context of of the new objective of this economy: SDG14.

The current economic approach to the use of ocean and coastal resources is clearly not working. WWF's Living Planet Report, released last month, shows that we are removing natural capital, including the ocean, at rates that are clearly unsustainable. The recent IPCC report, Global Warming of 1.50C, emphasizes that, as usual, we will displace our biospheric focus from its climate-safe workspace.

In parallel with the talks held in Nairobi, thousands of high-level representatives are completing their important meeting in Egypt, under the auspices of the United Nations Convention on Biological Diversity (CBD), to find ways to better protect the planet's biodiversity. At the CBD meeting, WWF and others called for a global "New Deal for Nature and People"; a roadmap for change that recognizes the intrinsic links between the health of nature, the well-being of people and the future of our planet. Decisive global action is needed as urgently in the blue economy as it is in the rest of the planet, to reverse the devastating loss of oceans and land in ecosystems and biodiversity.

The "Our Ocean" conference held a few weeks ago in Indonesia marked the launch of the first global framework in the world to fund this approach: principles for financing the blue sustainable economy. These principles explicitly target the SDGs, and in particular the Ocean Objective, the SDG14. The principles of financing the sustainable blue economy will be part of a sustainable blue economy financing initiative under the auspices of UN Environment, which joins the European Commission, WWF, WRI and the EIB as a partner founder. This is a compelling demonstration of the momentum that is emerging to underscore the fact that good investment, both public and private, will be essential to restoring the health of our oceans.

The stakes are high. Here in Africa – the most appropriate framework for the Blue Sustainable Conference – 38 of its 54 states are coastal and more than 90% of Africa's imports and exports are by sea3. At this very moment, human dependence on ocean resources such as coral reefs and mangroves is increasing rapidly in fast-growing regions such as the western Indian Ocean. The decline of these ecosystems is also accelerating. Add climate change, and it is clear that the ecological and humanitarian crisis is preparing. We can not simply stumble in this direction. This conference in Nairobi has made it clear that the idea of ​​a sustainable blue economy is gaining ground, championed by major institutions such as the UN for the environment, the World Bank, the European Commission and the United Nations. other. It is clear that the approach of the sustainable blue economy will also be important to achieve the African Union Agenda 2063.

In the future, WWF released the first pan-Arctic Blue Economy Analysis of the region, in parallel with the conference, which brings both Arctic-specific messages and universal messages. One of its key messages is that investors and policymakers need to take a precautionary approach to the economic opportunities that actors see for the Arctic's "new ocean", which is opening up because of climate change; a troubling indicator of our trajectory, in itself. With potential investments estimated at USD 1 trillion to exploit this rapidly changing region, this prospect is discouraging.

However, the Arctic offers the opportunity to apply what we have learned from the blue economies of other regions and to develop it from the start. By integrating sustainability into regulations and financing guidelines before the start of large-scale development, we can help prevent the most negative impacts – and avoid the multiple costs of fixed assets – in one of the most challenging ecosystems. most vulnerable in the world.

If we want to leave a healthy ocean for future generations, as well as the fisheries services and ecosystems we all rely on, we must find a way to develop, protect and sustainably restore our ocean and ensure that It is filled with life, not drifting plastic. degraded habitats. The way forward is to commit to the sustainable development of the blue economy and we look forward to working with many of the leading public and private sector partners on this critical journey ahead.

1) ^{Four Key Features of an Inclusive Green Economy to Achieve Sustainable Development Goals ("Towards a Green Economy," UNEP, 2011, and "Diverting Leads for an Inclusive Green Economy: Summary for Leaders") , UNEP, 2015) are improving human well-being, increasing social equity, reducing environmental risks and reducing ecological shortages.}

2) ^{Edward B. Barbier, "Shortage and Borders: Developing Economies Through the Exploitation of Natural Resources," Cambridge University Press, 2011}

3) ^{https://oecd-development-matters.org/2016/06/07/africas-blue-economy-an-opportunity-not-to-be-missed/}

Pavan Sukhdev is the president of WWF International