October 16, 2018

Workshop Explores Value of Blue Natural Capital

News Source: SDG Knowledge Hub

Author(s): Lynn Wagner

4 October 2018: The Lisbon Workshop on Blue Natural Capital (BNC) explored how to mainstream BNC in economic science, corporate accounting, ecosystem management and policy and international processes, and highlighted case studies on valuing BNC and its use in conservation strategies, revenue models, and business cases for a sustainable ocean economy.

The workshop gathered inputs on the state of play on BNC and proposals to promote the conservation and restoration of oceans at the highest political level, aiming at doubling BNC stock by 2050.

Opening the meeting, the CEO of the workshop sponsor Oceano Azul Foundation, Tiago Pitta e Cunha, encouraged participants to consider how the blue natural capital concept can contribute to mainstreaming ocean conservation into economics. The IISD Reporting Services’ summary of the event notes that he “indicated that raising awareness on the value of oceans among leaders, economists and the general public is vital in order to place ocean conservation higher up in the international agenda and to aim for a ‘Paris Agreement for the oceans’.”

Raising awareness on the value of oceans among leaders, economists and the general public is vital to aim for a ‘Paris Agreement for the oceans.’

Among other recommendations were proposals to: build a campaign around the 2050 goal; determine the components to be addressed such as fisheries, water quality, and marine pollution; calculate the global ocean information infrastructure; develop climate change-style commitments and promote an agreed set of targets that could be monitored, reported and verified; and continue a dialogue to support further high-level engagement towards the next UN Conference on Oceans in 2020.

The two-day meeting brought together approximately 30 participants from 3-4 October 2018, at the Lisbon Ocean Aquarium (Oceanário de Lisboa) in Lisbon, Portugal.