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Arab News
3 days ago
- General
- Arab News
The ocean is not just a carbon sink
Governments and civil society organizations from around the world are gathering in Nice, France, this week for the UN Ocean Conference. The third such meeting since 2017, it comes at a time when countries are also finalizing their updated nationally determined contributions (decarbonization plans) as required under the Paris climate agreement. The timing is fitting because changes in our oceans have become a familiar barometer for the severity of the climate crisis. Vibrant, technicolor coral reefs, once bursting with life, are being bleached ghostly pale by warming, acidic waters. Island populations, such as the inhabitants of the largest of Panama's Carti Islands, are being forced to abandon their homes in the face of rising sea levels. And many coastal communities, often some of the poorest in the world, are being ravaged by increasingly severe cyclones. As the ones on the front line, small island developing states are also leading sources of climate innovation. We have become test beds for solutions that can guide action globally. From our perspective, the ocean is not just a symptom of a changing climate, but also a major part of the solution. The High Level Panel for a Sustainable Ocean Economy (of which the Seychelles is a member) estimates that some 35 percent of the emissions reductions needed by 2050 could come from the ocean. Most of this potential lies in industrial sectors — from decarbonized shipping to marine-based renewable energy. But the protection and restoration of certain 'blue carbon ecosystems' — mangroves, seagrasses, saltmarshes — can also measurably contribute to climate-change mitigation efforts. In our own 2021 nationally determined contribution, the Seychelles committed to mapping and subsequently protecting all seagrasses across our exclusive economic zone — an area totaling 1.3 million sq. km — by 2030. Now, I am proud to say that we have already met that goal, protecting more than 99 percent of our seagrass meadows five years ahead of schedule. In doing so, we have set a benchmark for ocean climate leadership. Other countries across the Western Indian Ocean are now undertaking similar work and outlining their own ambitions for the 2025 nationally determined contributions updates. From our perspective, the ocean is not just a symptom of a changing climate, but also a major part of the solution. Wavel Ramkalawan In addition to serving as a measurable source of carbon storage, these ecosystems are some of the most effective and cost-efficient forms of natural infrastructure available for stabilizing shorelines and buffering storms. They provide a vital first line of defense for islanders and coast dwellers, absorbing wave energy, filtering water and preventing erosion. And they also underpin the blue economy on which billions of livelihoods depend. In fact, seagrasses alone provide valuable habitat to more than a fifth of the world's 25 largest fisheries, including many species that are key to local food security and incomes. Healthy coastal ecosystems mean healthier economies, more resilient communities and greater long-term stability. With healthy mangroves and seagrasses, front-line communities are far more resilient and better able to adapt to climate change. Our experience offers important lessons. While the ocean has long been described as the planet's greatest carbon sink, that is a dated construct. The ocean has indeed absorbed most anthropogenic heat and carbon dioxide emissions since the start of industrialization. But its capacity to do so is not unlimited. There is no magic 'plug hole' where heat and carbon simply disappear. Depicting the ocean this way risks obscuring the tangible, place-based role of marine ecosystems in supporting many communities' cultures, diets, identities and survival. For Seychellois, seagrass meadows are far more important as a habitat for the rabbitfish that sustain artisanal fishers, or as a source of food and shelter for the turtles that attract so many tourists, than they are as carbon sinks. Reducing the value of three-quarters of our planet to the singular role of carbon sink overlooks the ocean's vast contributions to food security, cultural identity and economic resilience. This narrow framing reinforces the inequities baked into how we assess, govern and invest in planetary systems. Ultimately, industrial marine sectors and natural ecosystems are underused tools in addressing climate change and other development needs. As world leaders gather in Nice and prepare for the UN's COP30 climate change conference in Belem, Brazil, they can take inspiration from the Seychelles in championing ocean-based climate action. We must not treat the ocean as an afterthought or a technical fix, but rather as a central pillar of the climate agenda. The ocean's role as a carbon sink has bought us precious time, but at a huge cost in terms of its vibrancy and abundance. For the long-term health of people and the planet, preserving ocean health is essential.
Zawya
14-04-2025
- Business
- Zawya
ICIEC co-organises the IsDB Group Private Sector Forum as a side event
Jeddah - The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the Shariah-compliant multilateral insurer and member of the Islamic Development Bank (IsDB) Group, is co-organising the IsDB Group Private Sector Forum as a side event at the 50th Annual Meetings of the Board of Governors of the IsDB on 19-22 May 2025 in Algiers, People's Democratic Republic of Algeria. This Forum will convene policymakers, private-sector leaders, and representatives from leading multilateral institutions to explore practical solutions for enhancing cross-border trade, investment flows, and regional cooperation. The theme of the ICIEC's High Level Panel Discussion (HLPD) is ' Unlocking Trade Potential among Africa, Arab Countries, and Algeria: The Role of Multilateral Development Institutions and Global Cooperation.' The session will highlight Algeria's strategic importance as a gateway between Africa and the Arab world, the significance of Shariah-compliant risk mitigation instruments, the latest initiatives in trade financing, infrastructure, energy, and agriculture and encourage collaboration between Public and Private sector stakeholders to facilitate Trade and Investment. Senior government officials, top-level executives from the IsDB Group, and other distinguished partners will deliver keynote speeches focusing on policies and best practices that foster sustainable and inclusive economic development. To secure your participation at these prestigious events, please register now at: Dr. Khalid Khalafalla, CEO of ICIEC said, ' By gathering prominent experts and leaders, we aim to highlight the role of Shariah-compliant insurance solutions and innovative financing in driving investment, mitigating risks, and accelerating growth. We look forward to productive dialogues that will shape the future of trade and investment across Africa, the Arab world, and beyond.' About The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC): ICIEC commenced operations in 1994 to strengthen economic relations between OIC Member States and promote intra-OIC trade and investments by providing risk mitigation tools and financial solutions. The Corporation is uniquely the only Islamic multilateral insurer in the world. It has led from the front in delivering a comprehensive suite of solutions to companies and parties in its 50 Member States. ICIEC, for the 17th consecutive year, maintained an "Aa3" insurance financial strength credit rating from Moody's, ranking the Corporation among the top of the Credit and Political Risk Insurance (CPRI) Industry. Additionally, ICIEC has been assigned a First-Time 'AA-' long-term Issuer Credit Rating by S&P with Stable Outlook. ICIEC's resilience is underpinned by its sound underwriting, reinsurance, and risk management policies. Cumulatively, ICIEC has insured more than USD 121 billion in trade and investment. ICIEC activities are directed to several sectors - energy, manufacturing, infrastructure, healthcare, and agriculture. For more information; visit: , follow us on: X | Facebook | LinkedIn | YouTube | Instagram Email: ICIEC-Communication@
