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UNCTAD: Countries must forge ‘Global Blue Deal’ to protect the ocean

The ocean can provide vast opportunities for developing countries to build more innovative and resilient economies, but climate change, pollution and overfishing threaten the livelihoods of some three billion people who rely on it for food and income.The report, UNCTAD’s Trade and Environment Review 2023, presented at the 3rd UN Trade Forum in Geneva, calls for a global trade and investment “Blue Deal” to sustainably use the ocean - home to 80 per cent of all life.

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All About It

Oceans can provide a wealth of opportunities for developing nations to develop economies that are more innovative and resilient. Notwithstanding, environmental change, contamination, and overfishing are undermining the occupations and food security of three billion individuals.

The UN Exchange and Advancement Body UNCTAD distributed its Exchange and Climate Survey 2023 on Monday. It evaluates the impact of human activity and global crises on sectors like fishing, seafood shipping, and coastal tourism, as well as the $3-6 billion ocean-based economy.

The report introduced at the UN Exchange Gathering third in Geneva requires a global exchange and venture "Blue Arrangement", to economically use the sea, home to 80% of all life.

The sea economy presents numerous open doors. Pedro Manuel Moreno, the Deputy Secretary General of UNCTAD, stated that we must strike a balance between exploiting the ocean to its fullest extent and protecting it.

Opportunities abound in two areas that the report highlights as particularly promising for sustainable development: farming seaweed and alternatives to plastic

The global market for seaweed has increased from $4.5 billion to $16.5 billion over the past two decades.

UNCTAD states that kelp doesn't need new water or compost for development. It can be grown for food, cosmetics, biofuels, and other uses in many developing nations. Every year, 11 million tons plastics enter the sea.

According to UNCTAD, there are a lot of other materials that can be used to make eco-friendly alternatives for things like food wrappers, plastic straws, and other items we use every day. There is a lot of bamboo, coconut husks, and banana plants.

Plastic substitutes will be traded for approximately $388 billion in 2020, which is only one third of the value of fossil fuel-based plastics.

The report calls on businesses and governments to provide more funding for research and development in the ocean economy's emerging sustainable sectors.

Companies that invest in developing nations are urged by the report to improve their technological, skilled, and production capabilities so that both countries can benefit from sustainable marine development.

Diversify your exports By investing in new ocean industries, developing nations can increase their export diversification. By 2020, it was anticipated that seafood, port equipment, and tourism would all be part of the $1.3 trillion global exports of goods and services based on the ocean.

The COVID-19 Crisis demonstrated the extreme vulnerability of some sectors and the resilience and potential of others.

The report suggests that governments incorporate the objective of promoting a diverse and sustainable ocean economy into their crisis recovery plans and efforts to mitigate and adapt to climate change.

Conserve stocks and biodiversity with $35 billion in government subsidies for fishing.

The fishing industry's capacity could be increased by about $20 billion annually through things like fuel subsidies and financial incentives for purchasing larger boats.

The report expresses that 34% of the worldwide fish stock is underneath the organically economical level. It asks all nations to sanction quickly the World Exchange Association (WTO) Settlement on Fisheries Sponsorships embraced on June 17, last year.

The agreement is a significant step toward eliminating harmful subsidies. It disallows backing of unlawful, unreported, and unregulated fisheries, as well as help for overfished stock fishing. High seas fishing subsidies are also eliminated. When two-thirds of WTO members deposit their "instruments for acceptance," the agreement will take effect.

Additionally, governments are urged to adopt and approve the Marine Biodiversity Beyond National Jurisdiction Agreement of this year, which was signed on March 4.

The High Oceans Biodiversity Settlement is a deal that will lay out global safeguarded regions and make devices to guarantee a fair and evenhanded dispersion of the advantages from marine hereditary asset.

Four Feasible Arrangements

An expected $2.8 trillion speculation today in four manageable answers for the sea - preservation and reclamation mangroves; decarbonization of worldwide delivery; By 2050, sustainable ocean-based food production and offshore wind power generation will generate $15.5 billion in net benefits.

These advantages and the Sustainable Development Goal (SDG) 14 on life under water will be harder to achieve without a global Blue Deal.

Mr. Moreno stated, "Now is the right time to change course and invest more in the creation of a sustainable ocean-based economy."

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