The UNCTAD Trade and Environment Review 2023 investigates how to advance the global ocean economy towards a sustainable future, as reported by Safety4Sea.
A report highlights the urgent need for a global Blue Deal to protect the ocean and promote sustainable use of its resources. With an estimated value of $3 trillion to $6 trillion, the ocean economy holds immense potential for developing countries to enhance their resilience. However, the report also reveals threats such as climate change, pollution, and overfishing that endanger marine resources. Alarming statistics show that 11 million tons of plastic enter the ocean annually, and 34% of fish stocks globally have reached unsustainable levels.
Global Blue Deal urgently needed
The report emphasizes that the Sustainable Development Goal focused on life below water (SDG 14) is the most underfunded among all the goals. To address this, the proposal suggests implementing a global Blue Deal that involves investing in the protection of marine resources and the development of a resilient ocean economy that benefits everyone. By investing an estimated $2.8 trillion in four sustainable solutions, such as mangrove conservation, decarbonization of shipping, sustainable ocean-based food production, and offshore wind energy, significant benefits of $15.5 trillion could be achieved by 2050. Additionally, the Blue Deal would drive investment in new sustainable
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