The world oceans play a crucial role in the environmental sustainability that today faces many challenges due to pollution; Thus, stakeholders begin setting regulatory frameworks that will make sure that ‘blue financing’ efforts continue keeping the oceans clean and protected.
Sean Kidney, co-founder of the Climate Bonds Initiative quoted to AFP that it is important to regulate blue economy, adding that if the governments won’t cooperate, in the next 30 years people will be catching jellyfish instead of fish in the sea.
Mr Kidney aims to acquire the amounts of funds gathered by debt issuance toward low-carbon and other climate-friendly projects. In that way, millions of offshore wave or wind energy ventures will be able to push governments to deal with GHG emissions and smog.
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He highlighted that the last 100 years people have been destroying the marine environment with their actions, either with plastic debris and marine pollution, or by causing oil spills.
Moreover, as more than three billion people depend their livelihood on marine and coastal resources, regulating the oceans means regulating the global climate in general. The oceans supply people with water and oxygen while also is home to a variety of biodiversity; All these factors highlight why a careful management of this vital global resource is key to ensure a sustainable future.
In 2018, in a first-of-its-kind initiative, the Seychelles issued a blue bond in October 2018; US$15m were directed exclusively towards sustainable ocean activities. Activities financed by the blue bond will be added to other ocean sustainability initiatives in the Seychelles.
