The United Nations Conference on Trade and Development (UNCTAD) has emphasized the urgent need for countries to come together and establish a
In its recent Trade and Environment Review 2023, UNCTAD analyzed the ocean economy, worth $3-6 billion, and highlighted the significant impacts of human activities and global crises on sectors such as fishing, seafood, shipping, and coastal tourism. The report, presented at the 3rd UN Trade Forum in Geneva, emphasizes the importance of sustainable utilization of the ocean, which is home to 80 percent of all life. UNCTAD Deputy Secretary-General Pedro Manuel Moreno stated that while the ocean economy presents numerous opportunities, it is crucial to strike a balance between exploiting its resources and protecting them.
The report identifies two sectors, seaweed farming, and plastics substitutes, as particularly promising for sustainable development. The global market for seaweed has seen remarkable growth, tripling in value from $4.5 billion in 2000 to $16.5 billion in 2020. Notably, seaweed cultivation requires no fresh water or fertilizers and can be undertaken in developing countries for various purposes such as food, cosmetics, and biofuels. Additionally, seaweed offers a viable alternative to plastic, as approximately 11 million tonnes of plastic enter the ocean each year. UNCTAD highlights the abundance of other sustainable materials that can be utilized to create eco-friendly alternatives to plastic products like straws and food wrapping. Examples of such materials include bamboo, coconut husks, banana plants, and agricultural waste. While the global trade of plastic substitutes reached $388 billion in 2020, it still represents only one-third of the trade in plastics made from fossil fuels.
To foster the development of emerging sustainable sectors in the ocean economy, the report calls on governments and businesses to increase funding for research and development. It also urges companies to invest in developing countries, enhancing their technological capabilities and productive capacities, and enabling them to benefit from sustainable marine development. Furthermore, investment in emerging ocean sectors can help developing countries diversify their ocean exports. In 2020, the global export value of ocean-based goods (such as seafood and port equipment) and services (including shipping and coastal tourism) was estimated at $1.3 trillion. The COVID-19 pandemic underscored the potential and resilience of certain sectors while exposing the extreme vulnerability of others.
The report stresses the importance of incorporating the promotion of a diverse and sustainable ocean economy into crisis recovery strategies, as well as climate mitigation and adaptation efforts. Governments should prioritize these goals to ensure the long-term protection and sustainable use of ocean resources. In conclusion, UNCTAD's Trade and Environment Review 2023 underscores the need for a "Global Blue Deal" to safeguard the world's oceans. By striking a balance between utilizing and protecting ocean resources, investing in sustainable sectors, and promoting international collaboration, countries can forge a path towards a more sustainable future.
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Technology is a useful servant, but a dangerous master, it was rightly said. Electronic devices have grown into an inevitable part of our daily lives.
