27 Sept 2019 - 'Blue finance' aims to help raise funding for the responsible use of oceans.
The world's oceans are set to become an increasingly vital resource for helping the planet cope with soaring population growth, but officials are only beginning to craft regulatory frameworks that would ensure "blue financing" goes where it's needed most.
From food production and marine biotechnology research to seabed mining and renewable energy production, investors are expecting a wave of initiatives in the waters that cover 70 percent of the Earth's surface.
But the ventures will also require stepped up efforts to keep oceans clean and viable—eight million tonnes of plastic are entering each year, according to the World Bank, and over-fishing has already severely depleted some stocks.
"Much of what has to be done in the blue economy is regulation," said Sean Kidney, co-founder of the Climate Bonds Initiative.
Without coordinated action among governments, he warned, "in 30 years time we may not be catching fish but jellyfish."
Kidney's nonprofit aims to steer the massive amounts of funds raised by debt issuance toward low-carbon and other climate-friendly projects.
That could mobilise millions for offshore wave or wind energy ventures as pressure mounts on governments to tackle greenhouse gases and smog.
The money could also finance coastal renewal projects that will become more urgent as cities grow, and as more retirees and as well as tourists flock to pristine beaches and resorts.
"Because what we have done in the last 100 years is fundamentally destroy the coastal system," Kidney said.
CONTINUE READING: https://phys.org/news/2019-09-blue-oceans-sustainable-path.html