Financing a sustainable ocean economy

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Abstract

The ocean, which regulates climate and supports vital ecosystem services, is crucial to our Earth system and livelihoods. Yet, it is threatened by anthropogenic pressures and climate change. A healthy ocean that supports a sustainable ocean economy requires adequate financing vehicles that generate, invest, align, and account for financial capital to achieve sustained ocean health and governance. However, the current finance gap is large; we identify key barriers to financing a sustainable ocean economy and suggest how to mitigate them, to incentivize the kind of public and private investments needed for topnotch science and management in support of a sustainable ocean economy.

Abstract

The ocean supports many livelihoods, but this is currently not sustainable with pressures on the climate and ecosystems. Here, in this perspective, the authors outline the barriers and solutions for financing a sustainable ocean economy.

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Most cited references 33

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Multiple stressors of ocean ecosystems in the 21st century: projections with CMIP5 models

L. Bopp, L. Resplandy, J. C. Orr … (2013)

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Sea-level rise and its impact on coastal zones.

Anny Cazenave, Robert Nicholls (2010)

Global sea levels have risen through the 20th century. These rises will almost certainly accelerate through the 21st century and beyond because of global warming, but their magnitude remains uncertain. Key uncertainties include the possible role of the Greenland and West Antarctic ice sheets and the amplitude of regional changes in sea level. In many areas, nonclimatic components of relative sea-level change (mainly subsidence) can also be locally appreciable. Although the impacts of sea-level rise are potentially large, the application and success of adaptation are large uncertainties that require more assessment and consideration.

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What was natural in the coastal oceans?

V Jackson (2001)

Humans transformed Western Atlantic coastal marine ecosystems before modern ecological investigations began. Paleoecological, archeological, and historical reconstructions demonstrate incredible losses of large vertebrates and oysters from the entire Atlantic coast. Untold millions of large fishes, sharks, sea turtles, and manatees were removed from the Caribbean in the 17th to 19th centuries. Recent collapses of reef corals and seagrasses are due ultimately to losses of these large consumers as much as to more recent changes in climate, eutrophication, or outbreaks of disease. Overfishing in the 19th century reduced vast beds of oysters in Chesapeake Bay and other estuaries to a few percent of pristine abundances and promoted eutrophication. Mechanized harvesting of bottom fishes like cod set off a series of trophic cascades that eliminated kelp forests and then brought them back again as fishers fished their way down food webs to small invertebrates. Lastly, but most pervasively, mechanized harvesting of the entire continental shelf decimated large, long-lived fishes and destroyed three-dimensional habitats built up by sessile corals, bryozoans, and sponges. The universal pattern of losses demonstrates that no coastal ecosystem is pristine and few wild fisheries are sustainable along the entire Western Atlantic coast. Reconstructions of ecosystems lost only a century or two ago demonstrate attainable goals of establishing large and effective marine reserves if society is willing to pay the costs. Historical reconstructions provide a new scientific framework for manipulative experiments at the ecosystem scale to explore the feasibility and benefits of protection of our living coastal resources.

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Author and article information

Contributors

U. Rashid Sumaila:

ORCID: http://orcid.org/0000-0002-1851-1621

r.sumaila@oceans.ubc.ca

Journal

Journal ID (nlm-ta): Nat Commun

Journal ID (iso-abbrev): Nat Commun

Title: Nature Communications

Publisher: Nature Publishing Group UK (London )

ISSN (Electronic): 2041-1723

Publication date (Electronic): 8 June 2021

Publication date PMC-release: 8 June 2021

Publication date Collection: 2021

Volume: 12

Electronic Location Identifier: 3259

Affiliations

[1 ]GRID grid.17091.3e, ISNI 0000 0001 2288 9830, Fisheries Economics Research Unit, , University of British Columbia, ; Vancouver, BC Canada

[2 ]GRID grid.462005.5, ISNI 0000 0001 2163 4182, Marine Conservation Finance Consulting and Ocean Finance Initiative, Asian Development Bank, ; Metro Manila, Philippines

[3 ]GRID grid.449895.d, ISNI 0000 0004 0525 021X, University of Seychelles James Michel Blue Economy Research Institute, , University of Seychelles, ; Anse Royale, Seychelles

[4 ]Organization for Economic Co-operation and Development, Paris, France

[5 ]GRID grid.411598.0, ISNI 0000 0000 8540 6536, Universidade Federal do Rio Grande—FURG, ; Rio Grande, Brazil

[6 ]GRID grid.442268.e, ISNI 0000 0001 2183 7932, Ghana Institute of Management and Public Administration, ; Accra, Ghana

[7 ]GRID grid.11553.33, ISNI 0000 0004 1796 1481, SDGs Center Universitas Padjadjaran, ; Kota Bandung, Indonesia

[8 ]Australian National Centre for Ocean Resources and Security, Wollongong, NSW Australia

[9 ]GRID grid.419331.d, ISNI 0000 0001 0945 0671, The Royal Swedish Academy of Science, ; Stockholm, Sweden

[10 ]GRID grid.427145.1, ISNI 0000 0000 9311 8665, Environmental Defense Fund, ; Washington, DC USA

[11 ]WWF-United Kingdom, Surrey, UK

[12 ]GRID grid.431778.e, ISNI 0000 0004 0482 9086, The World Bank, ; Washington, DC USA

[13 ]Oceana-Europe, London, UK

[14 ]Ocean Unite, Washington, DC USA

[15 ]Impact Investment Exchange (IIX), Singapore, Singapore

[16 ]GRID grid.13063.37, ISNI 0000 0001 0789 5319, London School of Economics, ; London, UK

[17 ]GRID grid.10825.3e, ISNI 0000 0001 0728 0170, University of Southern Denmark, ; Odense, Denmark

[18 ]GRID grid.26999.3d, ISNI 0000 0001 2151 536X, University of Tokyo, ; Tokyo, Japan

[19 ]GRID grid.448631.c, ISNI 0000 0004 5903 2808, Duke Kunshan University, ; Kunshan, China

Author information

U. Rashid Sumaila http://orcid.org/0000-0002-1851-1621

Beatrice Crona http://orcid.org/0000-0003-1617-4067

Timothy Fitzgerald http://orcid.org/0000-0002-1555-9515

Ibrahim Issifu http://orcid.org/0000-0002-0568-0098

Glenn Marie Lange http://orcid.org/0000-0002-7094-8783

Dana Miller http://orcid.org/0000-0001-9153-2501

Niels Vestergaard http://orcid.org/0000-0001-9270-2461

Junjie Zhang http://orcid.org/0000-0002-0716-3828

Article

Publisher ID: 23168

DOI: 10.1038/s41467-021-23168-y

PMC ID: 8187415

PubMed ID: 34103490

SO-VID: 4801fb9b-4e06-410d-927a-47dfda12c023

License:

Open Access This article is licensed under a Creative Commons Attribution 4.0 International License, which permits use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license, and indicate if changes were made. The images or other third party material in this article are included in the article’s Creative Commons license, unless indicated otherwise in a credit line to the material. If material is not included in the article’s Creative Commons license and your intended use is not permitted by statutory regulation or exceeds the permitted use, you will need to obtain permission directly from the copyright holder. To view a copy of this license, visit http://creativecommons.org/licenses/by/4.0/.

History

Date received : 4 October 2019

Date accepted : 9 April 2021

Funding

Funded by: High Level Panel for a Sustainable Ocean Economy

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ScienceOpen disciplines: Uncategorized

Keywords: environmental social sciences,environmental economics

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ScienceOpen disciplines: Uncategorized

Keywords: environmental social sciences, environmental economics

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Financing a sustainable ocean economy

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Climate Change: Open Access

Most cited references 33

Multiple stressors of ocean ecosystems in the 21st century: projections with CMIP5 models

Sea-level rise and its impact on coastal zones.

What was natural in the coastal oceans?

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Cited by 26

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