The focus of climate action has been on activities on land. But the single largest natural asset that humans have is the oceans. At the COP28, several conversations have been held to support businesses in the blue economy, but entrepreneurs say these have barely scratched the surface. Radhika Bajaj has more from Dubai.
As sea levels rise and the very composition of ocean water changes, the blue economy is emerging as an important frontier of climate action. Broadly it is defined as the sustainable use of ocean resources to benefit economies, livelihoods and ocean ecosystem health. Oceans provide over 30 million jobs and supply a vital source of protein to over three billion people. UN’s Sustainable Development Goal’s include seven targets for a sustainable ocean economy by 2030, but progress has been limited.
NICHOLAS KEE, Co-Founder, Kee Farms: “The blue economy has not been explored before and so when we have unexplored regions or thematic spaces or industries, its hard to get things started. Within the climate change space, the way how its set up is that majority of the resources even though limited is already segmented to land related activities.”
Those who are exploring the space are working at the grassroots level to solve both local and global problems. Whether it is turning sea water into pure water without harming the planet or teaching local communities to run sea farms or regenerate coral reef, activities that create revenue while restoring the ocean. But often work in the blue economy is research and capital intensive, not aligned with the concept of quick return on investor money.
RADHIKA BAJAJ, Dubai: “From ocean acidification to bleached coral reefs and rising temperatures of sea waters, the earth’s oceans are undergoing severe climate effects. While the blue economy is often spoken out, young entrepreneurs say there is a lack of awareness in investors about harnessing the power of the ocean to not just reverse climate effects but also generate revenue.”
At COP28, entrepreneurs say they’re highlighting the importance of the blue economy and the immense potential it holds. While the millions promised in the loss and damage fund have been encouraging, it eventually is about delivery.
LOUISE BLEACH, Vice President of Business Development, Desolenator: “It can be very headline driven. All people see is the trillions of dollars committed, but ultimately how does that money, how do those financial flows work. How does that money reach the people executing on the ground. What is the flow, how do you access that. So all of these very important questions have yet to be answered.”
By some estimates, the blue economy is estimated to double in size to $3 trillion by 2030. And it can possibly deliver 21% of the greenhouse gas emission reductions needed to limit temperature rise to 1.5°C by 2050. But for that to happen, the capital inflow in the space needs to be more than just a drop in the ocean.