It urges companies to invest in developing countries to bolster their technology, skills and productive capacities, so both can capitalize on sustainable marine development. The report calls for governments and businesses to boost funding for the research and development of emerging sustainable sectors in the ocean economy. The world traded about $388 billion in plastics substitutes in 2020 – just one third the amount traded in plastics made from fossil fuels. Abundant materials include bamboo, coconut husks, banana plants and agricultural waste. There are many other sustainable materials that could be used to make eco-friendly versions of the straws, food wrapping and other plastic products we consume daily, said UNCTAD. Around 11 million tonnes of plastics flow into the ocean each year. It can be farmed in many developing countries for food, cosmetics and biofuels, and provides an alternative to plastic. Seaweed doesn’t need fresh water or fertilizer to grow, UNCTAD points out. The global market for seaweed has more than tripled in two decades, increasing from $4.5 billion in 2000, to $16.5 billion by 2020. The report highlights two particularly promising sectors for sustainable development – seaweed farming and plastics substitutes. We must strike the right balance between benefitting from the ocean and protecting its resources,” UNCTAD Deputy Secretary-General Pedro Manuel Moreno said. “The ocean economy offers many opportunities.
The report, presented at the 3rd UN Trade Forum in Geneva, calls for a global trade and investment “Blue Deal” to sustainably use the ocean - home to 80 per cent of all life.
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