$10bn will help to protect the world’s oceans

Governments, businesses, nongovernmental organizations, and philanthropic organizations have agreed to spend billions of dollars to create the oceans more resilient.

At the fifth Our Ocean Conference, global participants pledged the highest amount of funding yet for advancing the cherishing and protection of a larger area of ocean eight times the size of Alaska.

The event, organized by the Indonesian government on the island of Bali, created 287 pledges in bilateral and multilateral agreements between governments, the private sector, philanthropic foundations and civil society organizations. According to Luhut Pandjaitan, Indonesia’s coordinating minister for maritime affairs, the pledges were estimated to cost approximately $10 billion to protect approximately 14 million acres (5 million square miles) of the world’s oceans.

“These numbers are beyond our expectations. We are thankful for your collective contributions and making our ocean healthier and (more) sustainable.” said Luhut Pandjaitan.

said Luhut Pandjaitan.

Some of the key discussion topics during the conference were the harmful impact of IUU (illegal, unreported and unregulated) fishing and climate change on the world’s oceans. According to data from the United Nations Food and Agriculture Organization (FAO), the value of ocean life captured illegally was estimated to be about 26 million tons, or about $23 billion annually.The effect of maritime resources on the world’s economy is valued at well over $24 trillion.

A “mental revolution,” a concept recycled from Indonesian President Joko Widodo’s 2014 election campaign, is rephrased to address the challenges facing the world’s seas and to manage them in a sustainable manner.

“The ocean’s health is very concerning,” he said in his speech on Oct. 29. “We are aware of plastic waste, water pollution, destruction of coral reefs, warming of sea temperature, the rise of sea levels, and so forth.”

He said that maritime piracy, drug trafficking, and slavery would also increase.

Widodo additionally called on the enforcement of international law with respect to territorial disputes between nations in order to enhance global cooperation.

“Overlapping maritime claims that if not resolved through negotiations and based on international law may pose a threat to stability,” he said. “International law must be the guidance in the settlement of maritime claims.”

With more than 90% of global trade by volume, and 40% by value, moving to and from the coast are the main means through which trade is carried out. Similarly, over half of the world’s crude oil is transported through the ocean.

“No single country can resolve the challenges that we face alone, no single country can optimize the benefits of the oceans for the benefit of the entire world alone. Not even the government can solve everything.”Widodo said.

Widodo said.

Source: mongabay.com