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Waves of Change: the Path to a Blue Economy

July 10, 2024 por Priscila Picado - Francisco Javier Urra Leave a Comment


The ocean is the perfect example of interconnection and sustenance for millions of families around the world; it nourishes our lives, connects continents, and offers a refuge for rich biodiversity. In reality, there is only one ocean, composed of several basins, covering 71% of the Earth’s surface, with its waters and biodiversity fully interconnected.

A healthy ocean provides employment and food, sustains economic growth, regulates the climate, and supports the well-being of coastal communities. Fifty percent of the oxygen we breathe comes from the ocean, which is the main regulator of climate and global temperature. Additionally, it is the largest carbon sink, absorbing around a quarter of the annual carbon dioxide emissions.

In Latin America and the Caribbean, more than 27% of the population lives on the coasts, a percentage that rises almost to 100% in the case of island countries. More than 2 million people in the region work directly or indirectly in fishing activities.

Therefore, the IDB Group leads the blue economy in the region, a concept that promotes the conservation and sustainable management of oceans while seeking to boost growth and improve the quality of life for communities that depend on marine resources.

This leadership was reaffirmed during the high-level ocean action event “Immersed in Change,” held on June 7-8 in San José, Costa Rica, as a prelude to the third United Nations Ocean Conference (UNOC) to be held in Nice next year. The event was a platform for exchanging best practices and successful experiences related to ocean governance and health, promoting specific actions to address the deterioration caused by climate change, biodiversity loss, and pollution.

Navigating Change for Latin America and the Caribbean

Much of the ocean-based economy is driven by basic human needs for food, energy, transportation, and recreation. The United Nations Food and Agriculture Organization (FAO) estimates that fishing and aquaculture sustain 58.5 million jobs in the primary sector, including part-time and occasional work. Most are in developing countries and are small-scale artisanal fishers.

In the formal economy, ocean-based industries represent approximately 3.5% to 7% of global GDP, providing at least 31 million full-time direct jobs. This marine economy is growing rapidly and is projected to nearly double by 2030. The informal economy is much more difficult to assess, but it is estimated that more than 60% of the world’s adult workforce operates in the informal sector, at least part-time. In countries with large coastlines, and especially in small island developing states, most of this informal economy is ocean-based.

In this context, the high-level ocean action event “Immersed in Change” discussed the blue economy as a driver for prosperity, the mobilization of resources and blue financial mechanisms, and the sustainability of marine ecosystems.

The IDB Group shared its pioneering work in generating solutions to encourage the conservation and sustainable management of the ocean, through ecosystem service valuation studies, technical assistance projects, and innovative financing instruments such as blue bonds and debt-for-nature swaps.

Additionally, the event discussed the importance of the sustainable use of fishery resources as an alternative to counteract the effects of climate change, conserve threatened marine species, and ensure food security, thereby improving the quality of life for coastal and island communities.

Some of the main conclusions were:

  • The ocean as a shared global resource: this opens doors for multilateralism and public-private partnerships. We must respect and protect the ocean, unite, and act quickly to safeguard it.
  • The power of collaboration: collaboration between sectors can achieve goals and create an ‘ambition loop’ for more intense action.
  • The ocean in the #Agenda2030: embracing a blue economy will generate economic growth and ecosystem health, with the projected value of the ocean economy at $3 trillion by 2030.
  • Multilateral processes for ocean protection: working towards the successful conclusion of multilateral processes linked to ocean protection, such as the entry into force of the High Seas Treaty, the negotiations of the Global Plastics Pollution Treaty, and the expansion of the coalition to implement a precautionary pause on deep-sea mining, is key to having a true impact on ocean and coastal health.
  • Inclusion of stakeholders: the voices of young people, women, and ethnic groups whose livelihoods depend on the sea must be heard for true sustainable development.
  • Mobilizing funds for SDG 14: including innovative and region-specific financial mechanisms is key to developing a sustainable blue economy.
  • Strengthening ocean science knowledge: improving decision-making through the dissemination of knowledge related to ocean sciences is key to data and science-based decision-making.

One of the main milestones of the event was the signing of the Peace Declaration for the Ocean by delegations from 26 nations. This agreement involves increasing transformative actions for the ocean and supporting nature-positive economies, based on science, innovation, and traditional knowledge.

Supporting Nature-Positive Economies

The turning point will be marked by actions that materialize the deployment and access to means of implementation, the exchange of best practices and cutting-edge technologies, new standards of living, successful experiences in ocean governance and health, and a true restoration of harmony with nature.

The IDB Group is committed to advancing nature-positive economies and leading climate action through initiatives aimed at curbing global warming, preserving biodiversity, and strengthening the resilience and adaptation of countries.

Recently, the IDB Group launched a new action plan to accelerate projects that integrate biodiversity and natural capital with the aim of supporting smart economic, social, and climate development.

This unstoppable blue wave is key to achieving Sustainable Development Goal 14: “Conserve and sustainably use the oceans, seas, and marine resources for sustainable development.”

We invite you to learn more about this topic in our video Action for Nature: Promoting the Blue Economy in Latin America and the Caribbean.


Filed Under: Blue Economy

Priscila Picado

Sustainability and climate change consultant for the IDB in Costa Rica. She currently leads the climate agenda of the IDB office in Costa Rica, mainstreaming mitigation, adaptation and implementation of the Paris Agreement in the Bank's portfolio. Previously, she worked as a consultant for the United Nations on transparency, metrics and climate ambition, NDC updates, decarbonization projects, natural resource management and strategy. She was also in charge of the technical and administrative management of regional research and technological innovation projects for several agricultural chains and has worked as a university professor in natural resource management and sustainable strategic transformation. Priscila holds a degree in Agricultural Engineering from EARTH University and a master's degree in Natural Resource Management with emphasis in Environmental Management (UNED), as well as an MBA from INCAE Business School with emphasis in Sustainability and Entrepreneurship.

Francisco Javier Urra

Francisco Javier Urra is the Representative of the Inter-American Development Bank (IDB) in Costa Rica, where he leads the Bank's dialogue and strategic positioning in the country, as well as a portfolio of more than US$2 billion. Previously, he has held several positions at the Bank: Chief of Operations at the Country Office in Costa Rica; Chief of Operations at the Country Office in Barbados; Senior Country Coordinator for Colombia and Peru; Senior Public Management Specialist at the Country Office in Brazil; Public Management Specialist at the Country Office in Peru; Junior Advisor at the Office of the President. Prior to joining the IDB, he worked at the World Bank, UNESCO and UNDP. He holds a Master's degree in Foreign Service and International Development from Georgetown University in Washington, DC; a Master's degree in International Administration from the University of Pantheon - Sorbonne in Paris, France; and a Bachelor's degree in Political Science and Administration from the Complutense University of Madrid.

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This blog is a space to reflect about the challenges, opportunities and the progress made by Latin American and Caribbean countries on the path towards the region’s sustainable development.

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