Second, governments and donors must ensure that investments in the blue economy are shared more equitably around the world.
Africa, Asia, the Pacific and Latin America are home to rich marine ecosystems that support the livelihoods and food security of millions, yet these regions receive only a small portion of Blue Economy investments: of the investments targeted to them, these regions received just $750 million, or about 12% of total Blue Economy funding.
Rather, countries and regions in the Global South need to proportionately increase their investments in the blue economy, as they are highly dependent on the ocean economy but are also among the most exposed to climate disasters that affect ocean health.
For example, blue food systems are essential to addressing rising poverty and food insecurity in South Asia, yet the region’s blue economy efforts account for just 0.1% of global blue economy investment – a clear imbalance that must be urgently addressed through more equitable financing flows.
Finally, governments and funders need to rebalance their investments across more sectors to help build a more diverse, equitable and impactful blue economy.
Currently, of the $6 billion invested in the blue economy in recent years, just over half has gone into ocean-based renewable energy initiatives.
This has resulted in minimal support for other important areas such as marine conservation, sustainable fisheries and aquaculture (collectively known as seafood), and climate adaptation. For example, the seafood sector received $585 million, conservation received just $89 million, and renewable energy received $3.1 billion.
To ensure that the Blue Economy benefits everyone around the world, it is essential to increase funding for a range of initiatives, including community-led conservation projects, sustainable fisheries management and efforts to build the resilience of vulnerable coastal communities to climate change.
The Blue Economy is increasingly being recognised for its potential to support sustainable livelihoods, biodiversity and food security – but delivering on this promise requires fair and equitable investments that leave no one behind.
Events such as the upcoming International Institute for Fisheries Economics and Trade (IIFET) Conference in Penang, Malaysia, provide important opportunities to recalibrate and realise the promise of a resilient Blue Economy, including by reaffirming our commitment to Blue Economy principles and collectively identifying strategies to increase transparency, equity and investment across the sector.
Doing this will ensure shared prosperity for people and planet in every corner of the ocean.
This article was originally published on Dialogue Earth under a Creative Commons license.
