On July 7th I moderated a World Ocean Summit Insight Hour on how business can be a key driver behind restoring the regenerative capacity of critical ecosystems. I was joined by leading scientists, conservationists and executives to discuss key solutions to restore ocean health and create both socio-economic and ecological value.
Risks to people and the planet
Ocean-based industries such as fishing, aquaculture, renewable energy, shipping and tourism are key contributors to the global economy. However, these industries can also pose risks to the environmental sustainability and biodiversity of the ocean. While many businesses are strongly focused on responsible ocean practices and supply chains, there are many who are not yet taking action. As well as harming the ocean, unsustainable practices and overexploitation of marine resources put these businesses at risk. As rule of law on the seas and policy protections at scale for vulnerable ocean ecosystems can be weak, there is additional risk to people and the planet.
At least it’s encouraging that awareness about the importance and value of nature and biodiversity is increasing. The recently published Dasgupta Review on the economics of biodiversity describes Nature as “our most precious asset”. And the Economist Intelligence Unit recently released a study showing that nature-loss and biodiversity issues are gaining more traction online than ever before—and that an eco-wakening is underway.
Solutions
Solutions exist to restore ocean health and create both socio-economic and ecological value. Industry leaders are already driving change across supply chains, amid growing demand from both investors and governments for a shift to sustainable blue activities. But a lot of work is still required to scale the solutions, with collaboration needed between industry, governments, investors, civil society and scientific organisations.
That’s why it is so important to identify how business can be a key driver behind restoring the regenerative capacity of critical ecosystems. And this is what we talked about in the webinar. I am excited to be joined by four excellent and very experienced panelists:
• David Smith, professor and chief marine scientist, Mars Petcare
• Jennifer Morris, chief executive, The Nature Conservancy
• Rili Djohani, executive director, Coral Triangle Center
• Torsten Thiele, visiting fellow at the London School of Economics and founder of the Global Ocean Trust
Speakers shared a science-based approach to coral restoration and outlined how industry can help to create a market for sustainable seafood. The session highlighted how business can engage with local communities to benefit ocean ecology.
Read the summary article here and watch the full panel discussion:
