SUVA/FUNAFUTI, 12 FEBRUARY 2021 (PIFS/OPOC)—The Pacific’s leadership on sustainable management of the world’s biggest ocean continues with a suite of Ocean reports launched in Suva this week.
The collection centerpiece is the Blue Pacific Ocean Report 2021 by the Pacific Ocean Commissioner. Seven other reports focusing on ocean finance are also now available online at the OPOC website.
Attending today’s virtual launch Forum Economic Ministerial Chair, Tuvalu’s Minister for Finance, Economic, Planning and Industry, Seve Paeniu said ocean finance is a means of implementing the overall ocean policies and commitments and aspirations of our Blue Pacific Continent.
“Ocean finance is new but should be a significant part of the public finance machinery like climate finance, disaster finance and more,” he said.
Minister Paeniu emphasised the entire Blue Pacific Ocean is worth hundreds of billions, with the Melanesia ocean alone worth USD$548million.
“With that in mind and further encouraged by these Ocean Finance reports. It should be a serious premise to explore new and innovative financing streams from our Blue Pacific Ocean endowment fund, said Paeniu.
“And start to mobilise and deploy sustainable investments and policies today. That will ensure maximum benefits from our ocean resources, resilience, meet the full cost of our future development and establish more autonomy over the global economies.”
The Ocean Finance Reports cover areas such as taxes and subsidies and their alignment to ocean health objectives, finance models for marine protected areas, innovative insurance mechanisms for protecting ocean assets, ocean bond structures and accessibility, financing models for different types of community managed marine areas – are innovative and thought-provoking.
Dame Meg Taylor, in her launch remarks said the borderless nature of the world’s oceans, demanded the willingness of all nations of the world to work together to protect the biodiversity and ecosystems upon which life on land also depends.
“The Pacific Ocean in it’s totality deserves a focused attention and as the potential, with a reinvigourated development paradigm, to secure our future as one Blue Pacific Continent.”
The Blue Pacific Ocean Report 2021 provides, among other things, the following:
*A holistic overview across the different ocean sectors within our Pacific region.
*Captures a stock-stake on the progress of ocean policy implementation.
*Highlights our progress as a region; and
*Proposes forward-looking strategies to improve ocean governance and sustainable use of our ocean resources.
The Blue Pacific Ocean Report highlights defining challenges and potential prospects for our Blue Pacific Ocean, which require our collective resolve. Impacts of sea level rise on our maritime boundaries, climate change, marine pollution, land-based externalities, geopolitics, and other key challenges.
Other launch guests included regional organisations and OPOC partners including Pacific Islands Forum Fisheries Agency Director General, Dr Manu Tupou Roosen and World Bank Resident Representative to the South Pacific, Lassee Melgaard.
“Through our work we empower member countries in all aspects of sustainable fisheries management. Our collaboration with regional partners is holistic and crucial to all of our efforts on ocean health and sustainability,” said Dr Manu Tupou Roosen.
“We are very excited to see the tangible results of this partnership with FFA, PIFS and OPOC come to fruition in the delivery of this innovative set of tools being launched today,” said Melgaard.
“The World Bank remains committed to continuing these regional partnerships in supporting Pacific Island Countries protect its oceans, generate sustainable economic development opportunities and strengthen community resilience across the region, for the future that Pacific children deserve to inherit,” he said……PACNEWS

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