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Oceans panel presses coastal states to invest in 'blue recovery' by Fiona Harvey July 14,2020   |  Source: The Guardian

Investing in the marine environment offers many coastal states the possibility of a “blue recovery” from the coronavirus crisis, according to a report setting out substantial economic benefits from ocean conservation.

Ending overfishing and allowing stocks to recover while ensuring fish farms operate on a sustainable basis would generate benefits of about $6.7tn (£5.3tn) over the next 30 years, according to an assessment of ocean economics by the High Level Panel for a Sustainable Ocean Economy.

This would require reforming perverse subsidies that encourage overfishing, and better regulation of fish farming, but the returns on such investment would repay the outlay 10 times over, the report says.

Mangrove restoration on tropical coastlines offers a quick way to generate jobs in seeding and planting, and returns of about $3 for every $1 spent, in the form of more productive fisheries as well as storm protection.

The costs of offshore wind energy generation have plummeted in recent years, making clean energy generation at sea a viable prospect for many countries for the first time. The UK has long been a pioneer in the field, but many other countries have been slow to take it up.

The report found that the technology has matured so quickly that investors can

 

© 2020 Guardian News & Media Limited or its affiliated companies. All rights reserved

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