Subscribe to our Mailing Lists (It's free!)
Sunday, March 26, 2023
SAFETY4SEA
  • Home
  • Safety
    • All
    • Accidents
    • Alerts
    • Loss Prevention
    • Maritime Health
    • Regulation
    • Safety
    • Seafarers
    • Security
    safety alert

    USCG: Adherence to instructions for inflatable boats is crucial

    MPA Singapore to step down the remaining COVID-19 measures

    MPA Singapore to step down the remaining COVID-19 measures

    maritime law

    MNWB: UK’s new law will boost seafarer welfare

    Ship dislodged in Edinburgh dockyard injuring 35 people

    Ship dislodged in Edinburgh dockyard injuring 35 people

  • SEAFiT
    • All
    • Intellectual
    • Mental
    • Physical
    • Social
    • Spiritual
    Why sleep and mental health go hand-in-hand

    Why sleep and mental health go hand-in-hand

    Life coaching tips: How to maintain a good work-life balance

    Life coaching tips: How to maintain a good work-life balance

    Wabi sabi

    Wabi Sabi: Imperfection makes perfection at work

    sexual abuse

    Sexual abuse at sea: Where we stand

  • Green
    • All
    • Arctic
    • Ballast
    • Emissions
    • Fuels
    • Green Shipping
    • Pollution
    • Ship Recycling
    • Technology
    Anglo-French alliance signs MoU for green corridor on Dover Strait

    Anglo-French alliance signs MoU for green corridor on Dover Strait

    Maersk signs MoU on methanol bunkering with Shanghai Port

    Maersk signs MoU on methanol bunkering with Shanghai Port

    CapLab decarbonization center established at Molo Giano

    CapLab decarbonization center established at Molo Giano

    EIA LNG

    EIA: Europe was the main destination for U.S. LNG exports in 2022

  • Smart
    • All
    • Connectivity
    • Cyber Security
    • E-navigation
    • Energy Efficiency
    • Maritime Software
    • Smart
    Ports of Stockholm

    Ports of Stockholm to focus on the safety aspects of autonomous ships

    NAPA: Simulation software aids in predicting CII

    NAPA: Simulation software aids in predicting CII

    Canada, UK join forces for R&D digital project on decarbonization

    Canada, UK join forces for R&D digital project on decarbonization

    technology

    How a joined-up approach to technology drives people performance

  • Risk
    • All
    • CIC
    • Detentions
    • Fines
    • PSC Case Studies
    • PSC Focus
    • Vetting
    australia sea mines

    AMSA imposes 90-day ban on Dutch vessel

    Singapore

    Eco Spark arrested in Singapore

    Liberia

    Liberia: key guidance for machinery space deficiencies

    orange county oil spill fines

    Taiwan’s Wan Hai Lines to pay $950,000 in civil penalties

  • Others
    • All
    • Diversity in shipping
    • Maritime Knowledge
    • Offshore
    • Ports
    • Reports
    • Shipping
    • Sustainability
    • Videos
    MPA Singapore to step down the remaining COVID-19 measures

    MPA Singapore to step down the remaining COVID-19 measures

    Ports of Stockholm

    Ports of Stockholm to focus on the safety aspects of autonomous ships

    SAFETY4SEA, Europort once again join forces to present a set of 15 prestigious awards

    SAFETY4SEA, Europort once again join forces to present a set of 15 prestigious awards

    IMO wishes for further extension of the Black Sea Grain Initiative

    IMO wishes for further extension of the Black Sea Grain Initiative

  • Columns
    WSC: Minimising accidents is at the top of liner shipping’s agenda

    WSC: Minimising accidents is at the top of liner shipping’s agenda

    technology

    How a joined-up approach to technology drives people performance

    SCMA: Maritime arbitration is expected to rise in prominence

    SCMA: Maritime arbitration is expected to rise in prominence

    Trending Tags

    • Career Paths
    • Industry Voices
    • Maripedia
    • Maritime History
    • Resilience
    • Seafarers Stories
    • SeaSense
  • Events
  • Plus
No Result
View All Result
  • Home
  • Safety
    • All
    • Accidents
    • Alerts
    • Loss Prevention
    • Maritime Health
    • Regulation
    • Safety
    • Seafarers
    • Security
    safety alert

    USCG: Adherence to instructions for inflatable boats is crucial

    MPA Singapore to step down the remaining COVID-19 measures

    MPA Singapore to step down the remaining COVID-19 measures

    maritime law

    MNWB: UK’s new law will boost seafarer welfare

    Ship dislodged in Edinburgh dockyard injuring 35 people

    Ship dislodged in Edinburgh dockyard injuring 35 people

  • SEAFiT
    • All
    • Intellectual
    • Mental
    • Physical
    • Social
    • Spiritual
    Why sleep and mental health go hand-in-hand

    Why sleep and mental health go hand-in-hand

    Life coaching tips: How to maintain a good work-life balance

    Life coaching tips: How to maintain a good work-life balance

    Wabi sabi

    Wabi Sabi: Imperfection makes perfection at work

    sexual abuse

    Sexual abuse at sea: Where we stand

  • Green
    • All
    • Arctic
    • Ballast
    • Emissions
    • Fuels
    • Green Shipping
    • Pollution
    • Ship Recycling
    • Technology
    Anglo-French alliance signs MoU for green corridor on Dover Strait

    Anglo-French alliance signs MoU for green corridor on Dover Strait

    Maersk signs MoU on methanol bunkering with Shanghai Port

    Maersk signs MoU on methanol bunkering with Shanghai Port

    CapLab decarbonization center established at Molo Giano

    CapLab decarbonization center established at Molo Giano

    EIA LNG

    EIA: Europe was the main destination for U.S. LNG exports in 2022

  • Smart
    • All
    • Connectivity
    • Cyber Security
    • E-navigation
    • Energy Efficiency
    • Maritime Software
    • Smart
    Ports of Stockholm

    Ports of Stockholm to focus on the safety aspects of autonomous ships

    NAPA: Simulation software aids in predicting CII

    NAPA: Simulation software aids in predicting CII

    Canada, UK join forces for R&D digital project on decarbonization

    Canada, UK join forces for R&D digital project on decarbonization

    technology

    How a joined-up approach to technology drives people performance

  • Risk
    • All
    • CIC
    • Detentions
    • Fines
    • PSC Case Studies
    • PSC Focus
    • Vetting
    australia sea mines

    AMSA imposes 90-day ban on Dutch vessel

    Singapore

    Eco Spark arrested in Singapore

    Liberia

    Liberia: key guidance for machinery space deficiencies

    orange county oil spill fines

    Taiwan’s Wan Hai Lines to pay $950,000 in civil penalties

  • Others
    • All
    • Diversity in shipping
    • Maritime Knowledge
    • Offshore
    • Ports
    • Reports
    • Shipping
    • Sustainability
    • Videos
    MPA Singapore to step down the remaining COVID-19 measures

    MPA Singapore to step down the remaining COVID-19 measures

    Ports of Stockholm

    Ports of Stockholm to focus on the safety aspects of autonomous ships

    SAFETY4SEA, Europort once again join forces to present a set of 15 prestigious awards

    SAFETY4SEA, Europort once again join forces to present a set of 15 prestigious awards

    IMO wishes for further extension of the Black Sea Grain Initiative

    IMO wishes for further extension of the Black Sea Grain Initiative

  • Columns
    WSC: Minimising accidents is at the top of liner shipping’s agenda

    WSC: Minimising accidents is at the top of liner shipping’s agenda

    technology

    How a joined-up approach to technology drives people performance

    SCMA: Maritime arbitration is expected to rise in prominence

    SCMA: Maritime arbitration is expected to rise in prominence

    Trending Tags

    • Career Paths
    • Industry Voices
    • Maripedia
    • Maritime History
    • Resilience
    • Seafarers Stories
    • SeaSense
  • Events
  • Plus
No Result
View All Result
SAFETY4SEA

Saving the oceans with blue economy: Key initiatives

by The Editorial Team
February 2, 2023
in Sustainability
Watch: Where does plastic in the Great Pacific Garbage Patch really come from?
FacebookTwitterEmailLinkedin

With an annual economic value estimated at USD$2.5 trillion, ocean-linked sectors (the ones that depend upon and impact ocean health) are equivalent to the world’s 7th largest economy. Despite being one of the planet’s greatest assets, oceans are at risk. What is the role of ocean finance in ensuring sustainable oceans for future generations?

Oceans play a critical role in regulating global climate, supplying oxygen to the atmosphere, hosting various species of marine life and providing food for millions of people. Absorbing CO2 from the atmosphere, the oceans are also vital for reducing global warming, while they are vital for the very existence of shipping.

At the same time, oceans are in crisis, with sea level rise, pollution, overfishing, rising levels of acidification and biodiversity loss being only a few of the risks to jeopardize their health. And despite this, investment in “blue economy” initiatives is still at a low level. The UN SDG 14 (Life Below Water) has attracted less than 1% of climate finance, the least of all the sustainable development goals, according to Reuters.

What is blue economy?

RelatedNews

Maersk signs MoU on methanol bunkering with Shanghai Port

ECSA welcomes FuelEU Maritime Regulation

According to the official definition by the World Bank, the blue economy is an economic sector based on the sustainable use of ocean resources for economic growth, improved livelihoods, and ocean ecosystem health.

The blue economy focuses on the utilization of the ocean’s resources in a responsible and sustainable manner, while recognizing the economic, social, and environmental importance of the marine environment.

The term includes all the economic activities related to oceans, seas and coasts, such as fishing, aquaculture, maritime transport and logistics, coastal tourism, and renewable energy, as well as maritime law and policy, finance and investment, and marine technology.

Blue economy initiatives: Where we stand

-Sea Change Impact Financing Facility (SCIFF)

Launched by the Ocean Risk and Resilience Action Alliance (ORRAA), the Sea Change Impact Financing Facility is a multi-stakeholder alliance on ocean finance that brings insurers, banks, governments, academia and civil society together, in a bid to drive at least USD$1 billion of private investment into coastal and ocean ecosystems by 2030. The primary goal of SCIFF is to ensure that coastal communities can adapt to climate change and benefit from a sustainable ocean economy.

-The blue carbon principles

Blue carbon – the carbon captured and sequestered by marine ecosystems – is experiencing rising demand. Launched on the sidelines of COP27, the “High-Quality Blue Carbon Principles and Guidance” is a first-of-a-kind blue carbon framework to guide the development and purchasing of high-quality blue carbon projects and credits. The five principles are:

  • Safeguard nature
  • Empower people
  • Employ the best information and carbon accounting principles
  • Operate contextually and locally
  • Mobilize high integrity capital

-The Green Shipping Corridors

Established by the United Nations Environment Programme (UNEP) in 2018, the Green Shipping Corridors are specific trade routes between major port hubs that have been established to reduce environmental impacts from shipping activities. These corridors often include measures such as speed reduction, efficient navigation, fuel-saving technologies, route optimization and improved waste management.

A more recent initiative during COP 26 in late 2021 committed to establish at least six corridors by 2025 and a progress report released on the occasion of COP 27 last November showed more than 20 initiatives underway. Also at COP 27, the Zero-Emission Shipping Mission launched the Green Shipping Corridor Hub – an interactive platform and toolkit to support the development of green shipping corridors.

Eight of the biggest container shipping companies, accounting for 85% of container shipping volume are engaged in green shipping corridors, Jesse Fahnestock, project director, decarbonization, at the Global Maritime Forum, told Reuters.

-The Sustainable Blue Economy Finance Initiative

Meanwhile, new research and platforms on sustainable oceans finance are being developed. The UNEP Finance Initiative has launched the Sustainable Blue Economy Finance Initiative, an UN-convened global community focused on the intersection between private finance and ocean health, supporting the implementation of the Sustainable Blue Economy Finance Principles. UNEP works across the financial community to provide guidance and frameworks to ensure that investment, underwriting and lending activities are aligned to the UN SDG 14.

Blue economy: The way forward for shipping

In the EU alone, shipping carries 77% of external trade and 35% of intra-EU trade. Therefore, it is an important pillar of the Blue Economy, although it does exert pressure on the environment (shipping accounts for emissions of 1 billion tonnes of CO2 or 3% of global GHG emissions every year).

A recent report by the EU showed that an absence of climate action could cause rising sea levels that would lead to a direct loss of more than €200 billion per year by 2080 in the EU, mostly due to damage to buildings in coastal areas. A transition to a sustainable economy is no longer a matter of if, but a matter of when.

With sustainability loans and bonds becoming more and more a reality (see the European Investment Bank which provides loans to companies looking to invest in green shipping projects) and the Green Shipping Corridors initiative being a great example of a unified approach towards the challenge of decarbonization, the industry’s efforts towards a greener future seem commendable.

Tags: ESGgreen practiceshealthy oceansmarine environmentoceanssustainability

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

safety alert

USCG: Adherence to instructions for inflatable boats is crucial

March 24, 2023
MPA Singapore to step down the remaining COVID-19 measures

MPA Singapore to step down the remaining COVID-19 measures

March 24, 2023

SEAFiT Poll

What is the biggest obstacle for the social life onboard?

Stay tuned for the results!

MARITIME EVENTS

Explore

  • Safety
  • Green
  • Smart
  • Risk
  • Others
  • Events
  • Plus

Useful Links

  • About
  • Disclaimer
  • Editorial Policies
  • Advertising
  • Contact

RISK4SEA Facts

Did you know which port has the largest Detention Rate in Paris MoU for Bulk Carriers in 2020? Antwerpen, Belgium, had a Detention Rate of 22% in 32 inspections.

Learn more risk4sea.com

© 2021 SAFETY4SEA

No Result
View All Result
  • Safety
    • Alerts
    • Accidents
    • Loss Prevention
    • Maritime Health
    • Regulation
    • Safety
    • Seafarers
    • Security
  • Green
    • Arctic
    • Ballast
    • Emissions
    • Fuels
    • Green Shipping
    • Pollution
    • Ship Recycling
    • Technology
  • Smart
    • Connectivity
    • Cyber Security
    • E-navigation
    • Energy Efficiency
    • Maritime Software
    • Smart
  • Risk
    • CIC
    • Detentions
    • Fines
    • PSC Focus
    • Vetting
  • Others
    • Diversity in shipping
    • Maritime Knowledge
    • Offshore
    • Ports
    • Reports
    • Shipping
    • Sustainability
    • Videos
  • Columns
    • Opinions
    • Career Paths
    • Industry Voices
    • Maripedia
    • Maritime History
    • Seafarers Stories
    • SeaSense
  • Events
  • Plus

© 2021 SAFETY4SEA

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Disclaimer.