• 15 mins Brazil Could Invite More Bids For Unsold Pre-Salt Oil Blocks
  • 1 hour OPEC/Non-OPEC Seek Consensus On Deal Before Nov Summit
  • 2 hours London Stock Exchange Boss Defends Push To Win Aramco IPO
  • 3 hours Rosneft Signs $400M Deal With Kurdistan
  • 6 hours Kinder Morgan Warns About Trans Mountain Delays
  • 12 hours India, China, U.S., Complain Of Venezuelan Crude Oil Quality Issues
  • 17 hours Kurdish Kirkuk-Ceyhan Crude Oil Flows Plunge To 225,000 Bpd
  • 21 hours Russia, Saudis Team Up To Boost Fracking Tech
  • 1 day Conflicting News Spurs Doubt On Aramco IPO
  • 1 day Exxon Starts Production At New Refinery In Texas
  • 1 day Iraq Asks BP To Redevelop Kirkuk Oil Fields
  • 2 days Oil Prices Rise After U.S. API Reports Strong Crude Inventory Draw
  • 2 days Oil Gains Spur Growth In Canada’s Oil Cities
  • 2 days China To Take 5% Of Rosneft’s Output In New Deal
  • 2 days UAE Oil Giant Seeks Partnership For Possible IPO
  • 2 days Planting Trees Could Cut Emissions As Much As Quitting Oil
  • 2 days VW Fails To Secure Critical Commodity For EVs
  • 2 days Enbridge Pipeline Expansion Finally Approved
  • 2 days Iraqi Forces Seize Control Of North Oil Co Fields In Kirkuk
  • 2 days OPEC Oil Deal Compliance Falls To 86%
  • 3 days U.S. Oil Production To Increase in November As Rig Count Falls
  • 3 days Gazprom Neft Unhappy With OPEC-Russia Production Cut Deal
  • 3 days Disputed Venezuelan Vote Could Lead To More Sanctions, Clashes
  • 3 days EU Urges U.S. Congress To Protect Iran Nuclear Deal
  • 3 days Oil Rig Explosion In Louisiana Leaves 7 Injured, 1 Still Missing
  • 3 days Aramco Says No Plans To Shelve IPO
  • 6 days Trump Passes Iran Nuclear Deal Back to Congress
  • 6 days Texas Shutters More Coal-Fired Plants
  • 6 days Oil Trading Firm Expects Unprecedented U.S. Crude Exports
  • 6 days UK’s FCA Met With Aramco Prior To Proposing Listing Rule Change
  • 6 days Chevron Quits Australian Deepwater Oil Exploration
  • 7 days Europe Braces For End Of Iran Nuclear Deal
  • 7 days Renewable Energy Startup Powering Native American Protest Camp
  • 7 days Husky Energy Set To Restart Pipeline
  • 7 days Russia, Morocco Sign String Of Energy And Military Deals
  • 7 days Norway Looks To Cut Some Of Its Generous Tax Breaks For EVs
  • 7 days China Set To Continue Crude Oil Buying Spree, IEA Says
  • 7 days India Needs Help To Boost Oil Production
  • 7 days Shell Buys One Of Europe’s Largest EV Charging Networks
  • 7 days Oil Throwback: BP Is Bringing Back The Amoco Brand
Alt Text

3 Stocks To Play Today’s Hottest Market

Big automakers have jumped on…

Alt Text

5 Players To Watch In The FinTech Revolution

Artificial Intelligence and Blockchain tech…

Alt Text

Oil Markets Brace For Another Hurricane

Oil prices drew back this…

Mark Nicholls

Mark Nicholls

Mark is a writer for Environmental Finance. Environmental Finance is the leading global publication covering the ever-increasing impact of environmental issues on the lending, insurance,…

More Info

The Blue-Green Economy and the Role of the Ocean in Sustainable Development

The Blue-Green Economy and the Role of the Ocean in Sustainable Development

A global market in carbon captured within the world’s oceans – ‘blue carbon’ – should be established to help protect the marine environment, according to a major UN report.

Published on Tuesday by four UN agencies, led by the United Nations Educational, Scientific and Cultural Organization (UNESCO), the report is intended to inform discussions at the Rio +20 summit next June.

It examines the environmental challenges facing the world’s oceans, and argues that the wellbeing of human societies and economies is closely linked to the health of the marine environment. It also calls for a move to a ‘Blue-Green economy’, where the economic value provided by marine ecosystems is recognized and rewarded.

“The role of the ocean in sustainable development is one of our core messages for Rio,” said Irina Bokova, UNESCO director-general, speaking at a side event at the UNESCO general conference on Tuesday. “The ocean must have its place in the agreement that States will reach next year … [but] importance of the ocean is not reflected in the political weight it has on the agenda for sustainable development.”

The oceans have a key role in regulating climate and providing protein, and they contain 90% of the world’s biomass. However, they are vulnerable to acidification caused by greenhouse gas emissions, nutrient pollution from fertiliser run-off, and over-fishing, among other threats.

The report calls for larger areas of the world’s oceans to become protected – up from just 1% at present – and improved institutional and legal frameworks to protect the marine environment. It also calls for economic instruments to promote “nutrient efficiency and recovery”, and increased efforts to promote “responsible aquaculture”.

The report also suggests work be undertaken “with existing international carbon markets to define and implement a blue carbon market for protecting marine and coastal carbon sinks, and set targets for habitat protection in the context of blue carbon.”

It also proposes that “global acceptance of ocean and coastal habitats as a new form of tradable carbon market” be promoted “via a global blue carbon fund”.

Such a market would be a “means of creating direct economic gain through habitat protection”.

The report does not suggest over what timescale such a market would be created, nor who should be responsible for establishing it. However, the report states that: “There is ...  a strong case for the UN system to provide leadership through the fostering of enhanced dialogue, coordination and cooperative action among UN agencies, funds and programmes, possibly leading to a proposal on a reformed mechanism for ocean coordination to be put forward at Rio.”

“Rio+20, presents a unique opportunity to place the ocean at the heart of the global agenda for sustainable development,” Bokova added.

The other agencies involved in producing the report are the UN Development Programme, the Food and Agriculture Organization and the International Maritime Organization.

By. Mark Nicholls

Source: Environmental Finance




Back to homepage


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News