Hundreds of stakeholders will gather in Cape Town next month for the Ocean Innovation Africa Summit and exhibition, which will focus on ocean conservation and Africa’s opportunities in the emerging ‘blue economy’.
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The world’s oceans and seas, which are critical to the larger climate change debate, also provide a wealth of new, sustainable business opportunities.
Torsten Thiele, founder of the Global Ocean Trust and summit speaker, believes Africa has a unique opportunity to outperform more developed regions in the blue economy.
The blue economy, defined by the UN as a set of sustainable and socially equitable economic activities related to oceans, seas, and coastal areas, provides enormous opportunities for investors, entrepreneurs and communities.
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‘In Africa, the opportunity is vast,’ Thiele says. ‘Because there is less traditional infrastructure in place, there is room to build a new blue economy, faster. Per dollar invested, the returns to be achieved in a blue economy are larger in Africa than they are in more developed countries.’
Thiele says, ‘Seaweed alone is a great sector, for example. You can eat it, use it to replace plastic, for biofuel, fertiliser, cosmetics and more.’ The World Bank estimates that ten emerging global seaweed markets have a potential growth of up to $11.8 billion by 2030.
Another expert speaker at the summit, Nassim Oulmane, acting director of the UN Economic Commission for Africa’s Technology, Climate Change, and Natural Resource Management Division, believes that blue carbon development and the trade of related credits, particularly in mangrove, seagrass and tidal marsh ecosystems, are among the most promising opportunities for Africa’s blue economy.
He notes: ‘These ecosystems have a remarkable capacity to sequester carbon and greenhouse gases, surpassing even tropical forests in efficiency. The related carbon credits are in high demand across global markets, offering a significant incentive for increased investment in ecosystem conservation.’
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Loreley Picourt, executive director of the Ocean & Climate Platform, will be among the international experts visiting South Africa for the event.
She says, ‘One challenge is balancing blue economy opportunities with sustainable practices. We need to be realistic, respectful and mindful of how we manage the ocean while also taking into account cultural, indigenous and local knowledge and practices. We have an opportunity to reinvent how we govern, to be inclusive, and mindful of how we share the benefits.’
‘We have an opportunity to acknowledge that the ocean connects us all, instead of dividing us. It is not just ecosystems – it’s the blue lung of the planet. In terms of geopolitics, it also brings us together,’ she says.
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Picture: SGR / Unsplash