UNCTAD urges for a global ‘Blue Deal’

UNITED NATIONS: United Nations Trade and Development (UNCTAD) has recently published a report titled ‘Trade and Environment Review 2023’ which analyses the world’s three to six trillion ocean economy and assesses human activity and global crises that have impacted sectors like shipping, coastal tourism, fishing, and seafood.

The report, which was presented at the third UN Trade Forum, highlights the urgent need for a global “Blue Deal” to boost investment, trade, and innovation by sustainably using the ocean’s resources and also by protecting its assets which are home to 80 per cent of all life. The report was built on the suggestions and recommendations made at the 2^nd UN Ocean Conference and the 4^th UN Oceans Forum, both of which took place in 2022.

Pedro Manuel Moreno, Deputy-General, UNCTAD, said, “The ocean economy offers many opportunities. We must strike the right balance between benefitting from the ocean and protecting its resources.”

The report particularly stated two sectors for sustainable development- seaweed farming and plastics substitutes. Investing in emerging ocean sectors could help developing countries capitalize on sustainable marine development.

The report also stated that an estimated investment of 2.8 trillion in the conservation and restoration of mangroves, decarbonization of international shipping, sustainable ocean-based food production, and offshore wind production would help in yielding a net benefit of 15.5 trillion by 2050, which are also sustainable ocean solutions.

“Now is the time to set a new course by investing more in building a sustainable ocean economy,” Moreno said.