Why the blue economy is at a tipping point
A sustainable and equitable ocean economy is within reach but risk of the opposite still looms, according to three reports
WE CURRENTLY STAND AT THE TIPPING POINT of a “blue economy” – an ocean economy that is truly sustainable and equitable. We have the potential for significant acceleration and growth – but only if the right frameworks are used to support this.
This is the key finding in a series of reports published by the SRC and the Global Resilience Partnership and commissioned by the Ocean Risk and Resilience Action Alliance (ORRAA).
The trio of reports, which constitute some of the most comprehensive research into levels of ocean-related investment and finance ever undertaken, point to the potential negative risks of unbalanced, inequitable and unsustainable investment decisions when it comes to our oceans.
If we do not correct our course of action, there is a clear danger of such investments actually increasing levels of inequality and causing further harm to our seas and oceans, as well as to the communities that depend on them.
Blue acceleration
Albert Norström, SRC researcher and project lead for the reports, says:
“These three reports collectively describe how we find ourselves in a new phase of humanity’s use of the ocean – dubbed the ‘blue acceleration’ – which is rapidly transforming the ocean and producing major economic, social and ecological consequences.”
Understanding the “complex ocean risks” that developing, small island states and the least developed coastal countries face is key to unlocking the potential for more equitable benefit.
This includes recognising that factors such as climate change vulnerability do exist, on top of external sociopolitical factors that threaten to divide the communities at risk.
The reports found that considerations of gender equality were largely absent in initiatives and policy-making decisions, with women tending to be underrepresented in this process.
Financial commitments
To address this and secure a fairer, more sustainable ocean economy, the reports suggest urgent and collective action involving local communities, governments and public and private finance.
During COP26, the prime minister of Canada, Justin Trudeau, confirmed a CA$9 million commitment to ORRAA to support the Alliance’s ongoing work in developing small island states and coastal countries.
Furthermore, Google announced a US$2 million commitment to ORRAA, on behalf of the Gordon and Betty Moore Foundation, for its work with partners to develop an innovative risk assessment system.
Read more about the reports here