Financing a sustainable global ocean economy may require a Paris Agreement type effort, according to a new report from an international team of researchers led by the University of British Columbia.

That's because a significant increase in sustainable ocean finance will be required to ensure a sustainable ocean economy that benefits society and businesses in both developing and developed countries.

The report, published today -- on World Ocean Day -- identifies major barriers to financing such a sustainable ocean economy. This includes all ocean-based industries, like seafood production, shipping and renewable energy, and ecosystem goods and services, such as climate regulation and coastal protection.

"The size of the ocean economy was estimated at around USD $1.5 trillion in 2010, and prior to the COVID-19 pandemic, was projected to increase to USD $3 trillion in 2030," said lead author Dr. Rashid Sumaila, a professor at UBC's Institute for the Oceans and Fisheries and the School of Public Policy and Global Affairs and Canada Research Chair in Interdisciplinary Ocean and Fisheries Economics.

"But a sustainable ocean economy requires healthy and resilient marine ecosystems, which are being severely threatened by anthropogenic and climate pressures," said Dr. Sumaila. "There are many opportunities for governments, financial institutions and other players to make financial gains in this type of sustainable economy -- but there are also many barriers that need to be overcome."

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https://www.sciencedaily.com/releases/2021/06/210608203736.htm