Financing a sustainable ocean economy

Sumaila, U. Rashid; Walsh, Melissa; Hoareau, Kelly; Cox, Anthony D.; Teh, Louise; Abdallah, Patrízia Raggi; Akpalu, Wisdom; Anna, Zuzy; Benzaken, Dominique; Crona, Beatrice; Fitzgerald, Timothy P.; Heaps, Louise; Issifu, Ibrahim; Karousakis, Katia; Lange, Glenn Marie; Leland, Amanda; Miller, Dana; Sack, Karen; Shahnaz, Durreen; Thiele, Torsten; Vestergaard, Niels; Yagi, Nobuyuki; Zhang, Junjie

doi:10.1038/s41467-021-23168-y

Cited by 114 publications

(88 citation statements)

References 34 publications

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“…Financial or economic mechanisms are powerful drivers of conservation, and routinely influence the management and conservation of marine ecosystems around the world (Innes et al 2015 ; Rydén et al 2020 ; Sumaila et al 2021 ). Typically, however, global economic systems are characterised by processes that prioritise profit and exploitation of resources over the long-term conservation of biodiversity and associated ecosystem services (e.g.…”

Section: Resultsmentioning

confidence: 99%

Safeguarding marine life: conservation of biodiversity and ecosystems

Ward

Melbourne‐Thomas

Pecl

et al. 2022

Rev Fish Biol Fisheries

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Marine ecosystems and their associated biodiversity sustain life on Earth and hold intrinsic value. Critical marine ecosystem services include maintenance of global oxygen and carbon cycles, production of food and energy, and sustenance of human wellbeing. However marine ecosystems are swiftly being degraded due to the unsustainable use of marine environments and a rapidly changing climate. The fundamental challenge for the future is therefore to safeguard marine ecosystem biodiversity, function, and adaptive capacity whilst continuing to provide vital resources for the global population. Here, we use foresighting/hindcasting to consider two plausible futures towards 2030: a business-as-usual trajectory (i.e. continuation of current trends), and a more sustainable but technically achievable future in line with the UN Sustainable Development Goals. We identify key drivers that differentiate these alternative futures and use these to develop an action pathway towards the desirable, more sustainable future. Key to achieving the more sustainable future will be establishing integrative (i.e. across jurisdictions and sectors), adaptive management that supports equitable and sustainable stewardship of marine environments. Conserving marine ecosystems will require recalibrating our social, financial, and industrial relationships with the marine environment. While a sustainable future requires long-term planning and commitment beyond 2030, immediate action is needed to avoid tipping points and avert trajectories of ecosystem decline. By acting now to optimise management and protection of marine ecosystems, building upon existing technologies, and conserving the remaining biodiversity, we can create the best opportunity for a sustainable future in 2030 and beyond.

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Section: Resultsmentioning

confidence: 99%

Safeguarding marine life: conservation of biodiversity and ecosystems

Ward

Melbourne‐Thomas

Pecl

et al. 2022

Rev Fish Biol Fisheries

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“…Instead, blue carbon project developers could seek to increase potential project viability in terms of credit sales by prioritizing reduced uncertainty (ANR rehabilitation strategies) over slow and variable NR alone. Here, a combination of perceived risk reduction (i.e., lower discounting) alongside faster rates of mangrove greenbelt regeneration may attract substantial interest from other relevant industry investors to drive up credit pricing and realized ROI (see Beeston et al, 2020;Sumaila et al, 2021). This reduction of credit-buyers' perceived risk with ANR rehabilitation efforts may also be combined with less costly conservation actions (i.e., avoided deforestation/degradation) to maximize both pricing and carbon sequestration in larger-scale blue carbon project planning (see Mikoko Pamoja, 2020;Conservation International, 2021; The Blue Natural Capital Financing Facility, 2021).…”

Section: Discussionmentioning

confidence: 99%

Potential for Return on Investment in Rehabilitation-Oriented Blue Carbon Projects: Accounting Methodologies and Project Strategies

Duncan

Primavera

Hill

et al. 2022

Front. For. Glob. Change

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Opportunities to boost climate change mitigation and adaptation (CCMA) and sustainable conservation financing may lie in enhancing blue carbon sequestration, particularly in developing nations where coastal ecosystems are extensive and international carbon markets offer comparatively attractive payments for environmental stewardship. While blue carbon is receiving increased global attention, few credit-generating projects are operational, due to low credit-buyer incentives with uncertainty in creditable emissions reductions and high project costs. Little empirical guidance exists for practitioners to quantify return-on-investment (ROI) and viability of potential projects, particularly for rehabilitation where multiple implementation options exist with diverse associated costs. We map and model drivers of mangrove natural regeneration (NR) using remote sensing (high-resolution satellite imagery segmentation and time-series modeling), and subsequent carbon sequestration using field- and literature-derived data, across abandoned aquaculture ponds in the Philippines. Using project-specific cost data, we then assess ROI for a hypothetical rehabilitation-focused mangrove blue carbon project at a 9.68 ha abandoned pond over a 10-year timeframe, under varied rehabilitation scenarios [NR vs. assisted natural regeneration (ANR) with planting], potential emissions reduction accreditation methodologies, carbon prices and discount rates. NR was faster in lower-lying ponds with lower tidal exposure (greater pond dike retention). Forecasted carbon sequestration was 3.7- to 5.2-fold and areal “greenbelt” regeneration 2.5- to 3.4-fold greater in our case study under ANR than NR. Variability in modeled sequestration rates drove high uncertainty and credit deductions in NR strategies. ROI with biomass-only accreditation was low and negative under NR and ANR, respectively. ROI was greater under ANR with inclusion of biomass and autochthonous soil carbon; however, neither strategy was highly profitable at current voluntary market carbon prices. ANR was the only scenario that fulfilled coastal protection greenbelt potential, with full mangrove cover within 10 years. Our findings highlight the benefits of ANR and soils inclusion in rehabilitation-oriented blue carbon projects, to maximize carbon sequestration and greenbelt enhancement (thus enhance pricing with potential bundled credits), and minimize forecasting uncertainty and credit-buyers’ perceived risk. An ANR rehabilitation strategy in low-lying, sea-facing abandoned ponds with low biophysical intervention costs may represent large blue carbon CCMA opportunities in regions with high aquaculture abandonment.

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“…As only an estimated 1% of the contribution of economic impact is devoted to protecting the ocean currently (Sumaila et al, 2021), there is an urgent need to increase the public funding of adaptation, resilience, and biodiversity targets, as well as the overall support for the uptake of nature-based solutions in infrastructure finance (Thiele et al, 2020). The present funding gap is not only a result of a lack of understanding of the ecosystem service values of the ocean (Austen et al, 2019) or the poor financing of ocean services themselves (Sumaila et al, 2021), but there is also need to improve our understanding and appreciation of values and benefits other than in strictly monetary terms when considering priorities and weighing up trade-offs (Allison et al, 2020). The reward for action should not simply be measured in terms of financial benefit but also in less tangible and more important services, such as global resilience, human well-being, and sustainability.…”

Section: Drive Ocean Recovery and Restoration Through Enhanced Global Cooperation And Momentummentioning

confidence: 99%

The forgotten ocean: Why COP26 must call for vastly greater ambition and urgency to address ocean change

Laffoley

Baxter

Amon

et al. 2021

Aquatic Conservation

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1. Of all the interconnected threats facing the planet, the top two are the climate and the biodiversity crises. Neither problem will be solved if we ignore the ocean. To turn the tide in favour of humanity and a habitable planet, we need to recognize and better value the fundamental role that the ocean plays in the earth system, and prioritize the urgent action needed to heal and protect the ocean at the 'Earthscape' levelthe planetary scale at which processes to support life operate.2. The countries gathering at COP26 have unparalleled political capacity and leadership to make this happen. COP26 could be the turning point, but there must be commitment to united action for the ocean, as well as planning to meet those commitments, based on science-led solutions that address the interconnectivity of the ocean, climate, and biodiversity.

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Financing a sustainable ocean economy

Cited by 114 publications

References 34 publications

Safeguarding marine life: conservation of biodiversity and ecosystems

Safeguarding marine life: conservation of biodiversity and ecosystems

Potential for Return on Investment in Rehabilitation-Oriented Blue Carbon Projects: Accounting Methodologies and Project Strategies

The forgotten ocean: Why COP26 must call for vastly greater ambition and urgency to address ocean change

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