November 11, 2024

The overlooked solution that could transform COP29

topic:	Sustainable Development
tags:	#COP29, #Blue economy, #food security, #fishing
located:	Azerbaijan
by:	Essam Yassin Mohammed

Delivering climate justice has been one of the most intractable issues at United Nations climate talks in recent years.

Having missed the target set in 2009 to provide at least $100 billion a year by 2020 to support developing countries to cope with climate extremes, high-income countries are set to agree a New Collective Quantified Goal at COP29. This promises to address gaps in both the quantity and quality of financial support, better reflecting the needs of the worst affected countries.

But the climate talks still overlook one of the most effective ways to optimise the economic, environmental and social returns on new sustainable finance – the blue economy. 

Investment in the blue economy – which includes all sustainable uses of aquatic resources, from fishing and aquaculture to coastal tourism, renewable energy, marine genetic resources and biotechnology – can deliver on the two key aspects of climate justice.

First, investment in the blue economy, especially in small-scale fisheries and aquaculture,  supports people in the coastal areas most vulnerable to the impacts of climate change. Second, blue economy investment fosters continued, sustainable social and economic transformation for these at-risk communities.

Many of the countries facing the worst climate impacts also have the highest dependence on aquatic foods for nutrition and livelihoods. Small island developing states (SIDS), for example, make up two-thirds of the countries suffering the worst relative losses from climate-aggravated natural disasters. In SIDS, fish consumption accounts for up to 90 per cent of animal protein, and capture fisheries contribute up to 10 per cent of national GDP.

Yet, international finance flows to support climate adaptation within the aquatic food sector averaged just USD 200 million (0.3 per cent) per year between 2017 and 2021. A separate analysis of investments into the blue economy for the same period found the majority was concentrated in Europe and Central Asia, prioritising ports, shipping and offshore energy at the expense of investment in aquatic foods and conservation. Small-scale fisheries in the Global South are therefore missing out on vital financing that enables both climate adaptation and sustainable development.

Repurposing blue economy investment with a focus on aquatic food systems, sustainability and equity has significant potential for advancing climate justice and reducing poverty in the hardest hit regions. But where should policymakers and investors begin?

Climate-proofing small-scale fishing is a crucial first step. This has enormous potential to empower vulnerable coastal communities to protect their livelihoods from climate impacts. 

COP29 presents a critical opportunity to drive this agenda forward. In the short-term, by including small-scale fisheries and aquaculture in Nationally Determined Contributions (NDCs), governments can help coastal communities to escape the cycle of destruction and recovery wrought by climate change.

In the long-term, measures to enhance coastal resilience, secure sustainable fish stocks and support livelihood diversification can translate directly into improved food security and continued sustainable growth.

Simultaneously, sustainable fishery management practices can create healthier, more resilient marine ecosystems that act as natural carbon sinks, reducing GHG emissions. Well-managed fisheries help maintain balanced fish populations, supporting the health of seagrass beds and coastal habitats that capture and store carbon.

Additionally, shifting to sustainable practices reduces the need for intensive, fuel-dependent fishing operations, cutting direct emissions and supporting long-term carbon storage in marine environments.

Key to making the NDCs work will be ensuring their targets are not only relevant, workable and achievable for small-scale fisheries and aquaculture, but also directed towards locally-led initiatives giving locals the tools they need to thrive under climate stress.

Tools such as Climate Information Services (CIS) can provide accurate, timely forecasts and advice which enable fish farmers to make informed decisions.

For example, flood warnings can prompt early harvests, while heavy rain forecasts can guide farmers in reinforcing pond structures to prevent washouts. In Bangladesh, research on CIS has indicated the potential economic value of aquacultural CIS is up to $14 million per year.

Finally, ensuring that the Loss and Damage Fund established at COP28 accounts for climate change losses to aquatic food production – equivalent to 15 to 35 per cent in the past 80 years – is essential to ensuring the blue economy is inclusive and equitable.

Continued climate-related compensation will be pivotal to enabling coastal communities to invest in the climate-resilient solutions that can reduce losses, meet the full potential of value chain, and escape the cycle of rebuilding lost assets. Introducing fit-for-purpose drying, processing and preservation technologies, for example, can empower these communities to turn each harvest into sustained economic and nutritional security.

The blue economy is worth an estimated $3-6 trillion per year, supporting more than 150 million direct jobs globally. An engine of improved nutrition, employment and development, particularly in low- and middle-income countries, it also holds the potential to lift millions out of poverty, strengthen food security and contribute to global emissions reductions.

By prioritising ocean-based solutions and small-scale fisheries and aquaculture in Nationally Determined Contributions and the New Collective Quantified Goal at COP29, we can finally begin to deliver on the promise of climate justice.

Putting the needs of coastal and rural communities in the Global South first can empower the people least responsible for climate change - yet most affected by it - to thrive in a more equitable, climate-resilient and food-secure future.

Dr Essam Yassin Mohammed is the Director General of WorldFish.

Image by Mega Caesaria.