Latest news with #blueeconomy
Arab News
5 days ago
- Business
- Arab News
Pakistan plans to build $10.5 million aquaculture park to promote seafood exports
KARACHI: Pakistan is planning to build Rs3 billion ($10.5 million) aquaculture park in the southern port city of Karachi, Maritime Affairs Minister Junaid Anwar Chaudhry announced on Saturday, amid efforts to strengthen the country's blue economy. According to the World Bank, the blue economy is defined as sustainable use of ocean resources for economic growth, improving livelihoods and creating jobs, while preserving the ocean ecosystem health. Pakistan has been pushing to modernize its port infrastructure and expand its role in regional trade by improving cargo handling, digitalizing port operations and encouraging public-private partnerships. Speaking at a meeting to review progress on blue economy, Chaudhry said this new aquaculture park will be built on 120 acres and directed the Qur'angi Fish Harbor Authority to submit its report within 10 days. 'Pakistani coastal waters are very suitable for aquaculture,' he said in a statement shared by the maritime affairs ministry. 'The project will be built under a public-private partnership and the park will boost seafood exports. Pakistan's fish and fish preparation exports reached $465.4 million in the outgoing fiscal year that ended in June, according to official data. The exports were up 13.4 percent from $410.3 million in the previous year. Authorities are currently trying to enhance the potential of Pakistan's fisheries, logistics and marine services while reducing environmental harm. 'Investment in aquaculture and port infrastructure is essential for national development,' Chaudhry told representatives of Gwadar Port, Qur'angi Fish Harbor, Marine Fisheries and Balochistan Chambers of Commerce and Industry at the meeting. 'The same aquaculture model will be implemented in Balochistan as well.' In May, the Pakistani government announced the creation of a new Maritime Chamber of Commerce and Industry (MCCI), saying it would serve as a specialized platform for uniting stakeholders from across the maritime spectrum to pursue greener policies and long-term economic resilience. 'This chamber will not only support investment and innovation in the maritime sector but also prioritize sustainability at ports, promote green technologies and foster carbon reduction strategies,' Chaudhry said at the time.
Asharq Al-Awsat
29-06-2025
- Business
- Asharq Al-Awsat
Saudi Arabia, IFAD Partner to Fight Hunger
Amid a widening global food gap and the mounting impacts of climate change, the International Fund for Agricultural Development (IFAD) has underscored the vital importance of boosting support for agricultural and food-related activities to drive sustainable development in rural areas. The UN agency praised its strong and multifaceted cooperation with Saudi Arabia, highlighting key areas of focus that include food security, rural development, and strengthening resilience to environmental changes. IFAD is also ramping up efforts to promote the 'blue economy' as part of its broader strategy to support sustainable development, particularly in rural and coastal communities, a senior official told Asharq Al-Awsat. Naoufel Telahigue, IFAD's Regional Director for the Near East, North Africa and Europe, said the Rome-based UN agency is working to scale up sustainable use of oceans, seas, and water resources to drive economic growth, improve livelihoods, and safeguard marine ecosystems. 'The blue economy is an emerging development approach that recognizes the economic potential of our marine and aquatic resources—when used sustainably,' he said. According to Telahigue, IFAD has implemented more than 100 projects across 35 countries over the past four decades, with total investments exceeding $3.4 billion, of which the Fund contributed $1.5 billion. These projects have reached over 80 million beneficiaries, including fishers, aquaculture farmers, seafood processors, traders, as well as women, youth, Indigenous peoples and persons with disabilities. Currently, over 75 active IFAD-supported projects target fisheries, aquaculture, and livelihoods in coastal zones. The blue economy spans a range of sectors, including sustainable fishing, aquaculture, coastal tourism, marine renewable energy, maritime transport, and waste management. Telahigue said IFAD is focused on helping rural populations reduce poverty, boost food security, improve nutrition, and build resilience to environmental shocks. Since its establishment in 1978, IFAD has provided more than $25 billion in low-interest loans and grants to fund development projects in low- and middle-income countries. Telahigue pointed to a set of challenges hampering IFAD's mission, including limited funding amid rising global crises, the growing impact of climate change on livelihoods, and poor infrastructure in targeted regions. He also highlighted political instability and armed conflict as key obstacles to project implementation and sustainability. 'The lack of inclusivity and equal access to resources remains a major concern,' he added. To address these issues, Telahigue called for strengthening partnerships, adopting innovative financing solutions, and developing flexible, community-based interventions. He stressed the importance of improving monitoring and evaluation systems to ensure long-term sustainability and maximize impact. Saudi Arabia continues to provide robust and diversified support to the International Fund for Agricultural Development (IFAD), with a focus on rural development, food security and climate change adaptation, a senior official at the UN agency said. As a founding member of IFAD, the Kingdom has contributed more than $485 million since 1977, reflecting its long-standing commitment to poverty reduction and strengthening food systems in developing countries, said Telahigue. He described the opening of IFAD's liaison office in Riyadh in 2019 as a pivotal step toward deepening partnerships with Gulf Cooperation Council (GCC) countries, facilitating knowledge exchange, and rolling out innovative initiatives. Among them is the 'reimbursable technical assistance' program, which supports smallholder farmers in Saudi Arabia's Jazan region with climate-smart production models for crops such as coffee and mango. In 2021, IFAD signed a cooperation agreement with the King Salman Humanitarian Aid and Relief Center to combat hunger and malnutrition in the world's most vulnerable countries by improving sustainable access to food. Telahigue said IFAD's goals align closely with Saudi Arabia's flagship environmental initiatives, including the Saudi Green Initiative and the Middle East Green Initiative, which aim to restore ecosystems and promote environmental sustainability—both on land and across marine and coastal zones.
Zawya
16-06-2025
- Business
- Zawya
Zambia Advances Policy Alignment with Continental Fisheries and Aquaculture Strategy
The Policy Framework and Reform Strategy (PFRS) for Fisheries and Aquaculture in Africa stands as one of the African Union's most transformative instruments for advancing the continent's blue economy. Anchored in the principles of sustainability, food and nutrition security, and inclusive economic growth, the PFRS provides a coherent continental roadmap for policy reform and investment in the fisheries and aquaculture sector. Since its adoption in response to the 2010 call from the Conference of African Ministers on Fisheries and Aquaculture (CAMFA), the strategy has been instrumental in guiding AU Member States, Regional Economic Communities, and Fisheries Bodies to strengthen governance, institutional frameworks, and climate resilience in aquatic food systems. Against this backdrop, a Stakeholder Consultation and Validation Workshop is currently underway in Lusaka, Zambia, from 16th to 19th June 2025, hosted by AU-IBAR in collaboration with the Ministry of Fisheries and Livestock of the Republic of Zambia. The workshop seeks to align national fisheries and aquaculture strategies and agricultural investment plans with the PFRS, while integrating relevant global and regional instruments and addressing climate change adaptation. Opening the event, Mr. Mwila, Acting Permanent Secretary in the Ministry of Fisheries and Livestock (above picture), highlighted Zambia's commitment to advancing the fisheries sector through value chain development and increased fish production. "We aim to grow our annual fish output to 225,000 metric tonnes by 2026 by scaling up fingerling production and enhancing monitoring and surveillance systems," he stated. Mr. Mwila further emphasized that harmonizing legislation and aligning with continental policy through such consultations is vital for Zambia's policy coherence and long-term sustainability. He noted that the workshop represents a key step in the country's domestication process and called on stakeholders to consider the benefits of shared continental and global instruments. Representing the AU-IBAR Director, Mrs. Patricia Lumba reaffirmed the Bureau's commitment to supporting Member States in aligning national frameworks with continental strategies. She reminded participants that Zambia is the 16th country AU-IBAR is supporting in this alignment process. Mrs. Lumba also reflected on the origins and impact of the PFRS, noting that its development was driven by a continent-wide consultative process and grounded in the shared aspiration to transform Africa's aquatic resources into engines of prosperity. 'The PFRS and the Africa Blue Economy Strategy are not just policy tools—they are instruments of transformation for communities, economies, and ecosystems across Africa,' she remarked. Over the four-day workshop, stakeholders—including government officials, regional bodies, researchers, and consultants—are reviewing findings from national consultations on policy coherence with the PFRS. They are also making specific recommendations for the domestication of global instruments, such as those related to biodiversity, food safety, and small-scale fisheries. Discussions are being held in breakout sessions and plenary formats, focusing on improving national agricultural investment plans (NAIPs), ensuring climate-smart approaches, and identifying legal and institutional reforms needed to implement the PFRS effectively. The agenda covers detailed technical sessions, including analysis of Zambia's national frameworks, identification of alignment gaps, and the development of actionable policy recommendations. Participants are also reviewing the integration of climate change adaptation into investment planning and assessing how to mainstream sustainability principles into fisheries governance. As the workshop draws to a close, it is expected to deliver a consolidated communiqué outlining key agreements, next steps, and Zambia's roadmap for alignment. The workshop aims to review and update National Fisheries Policies, compile best practices, identify policy gaps, establish priority actions, and strengthen the capacity of the AU-MS to ratify prioritized global instruments for sustainable fisheries and aquaculture development, while also strengthening NAIPs for investment. The Lusaka workshop underscores AU-IBAR's role in driving a pan-African approach to aquatic resources governance, and the importance of consensus-building among stakeholders in realizing shared aspirations for a resilient, inclusive, and thriving blue economy across Africa. Distributed by APO Group on behalf of The African Union – Interafrican Bureau for Animal Resources (AU-IBAR).
Japan Times
16-06-2025
- Business
- Japan Times
Scaling investment for Africa's sustainable 'blue economy'
Despite carrying 80% of the world's trade, absorbing 30% of its carbon-dioxide emissions and providing food security for almost 3 billion people, the global "blue economy" (oceans and waterways) is suffering from acute underinvestment, and nowhere more so than in Africa. In the face of heightened economic volatility and tightening financial constraints, the transition to a more sustainable blue economy represents a major, largely underappreciated opportunity for the continent. This is not just some abstract idea. Given investors' appetite for sustainable, scalable returns, the opportunity is hiding in plain sight, and governments are waking up to it. Spanning more than 30,000 kilometers of coastline, Africa's blue economy does $300 billion worth of business each year and it is uniquely positioned to benefit from the broader shift to more sustainable models. The African Union projects that the blue economy will increase to $405 billion in 2030, and to as much as $576 billion by 2063. As these sectors expand, employment levels could increase from 49 million jobs in 2019 to 78 million by 2063. Highlighting the sectors with the most potential helps to put these numbers into context. Consider food, where the development of sustainable aquaculture and fishing practices could help meet the growing demand for protein in Africa and beyond. Our calculations suggest that sustainable aquaculture-based fish production could grow eightfold in Africa, reaching approximately 19 million metric tons per year by 2050. The energy sector is similarly promising. According to research from the World Bank, South Africa could reach 900 gigawatts of offshore wind capacity and it is not unique. All told, offshore wind alone could boost Africa's electricity generation forty-fivefold. The sustainable blue economy also has an important role to play in climate adaptation. With sea levels around much of Africa's coastline rising faster than the global level average, marine restoration and conservation can build natural resilience while also delivering benefits to food systems, biodiversity and other sectors such as tourism. But to make the blue economy truly sustainable, Africa and the Middle East will need approximately $70 billion in annual investment from now to 2030. To reach that target, governments should leverage innovative financial mechanisms to bring more capital into the blue economy and advance sustainable, scalable projects. Fortunately, demand for such solutions is growing and over 80% of African countries have already embedded the blue economy into their national development plans or climate strategies. Decision-makers across many markets are beginning to treat the ocean as a strategic asset that needs to be protected and sustainably managed. But while solutions like blue debt instruments hold much potential, many issuers have yet to capitalize on the opportunity presented by the sustainable debt market. Greater use of blue bonds, sustainability-linked loans,and social bonds could channel capital where it is needed most. Similarly, debt conversions for nature — often referred to as 'debt-for-climate swaps,' whereby financing or debt relief is explicitly earmarked for sustainable projects — represent attractive options for sovereign issuers, depending on their financial characteristics. Such transactions can reduce debt-service payments and free up capital to support a country's sustainability goals. For example, last year, Standard Chartered (where I am Chief Sustainability Officer) partnered with the government of the Bahamas, The Nature Conservancy and the Inter-American Development Bank to launch an innovative debt conversion for nature and climate. The project is expected to generate $124 million for marine conservation, demonstrating that this asset class is developing quickly — and with significant potential for scaling. Moreover, efforts to develop sustainable blue economy strategies and practices are increasingly supported by regulatory reforms, marine spatial planning programs and regional cooperation models like the International Union for Conservation of Nature's Great Blue Wall Initiative. These are laying the foundation for a wave of investible projects supported by real assets, local ownership and measurable returns. The momentum will keep building this year. In June, the Blue Economy and Finance Forum and the U.N. Ocean Conference offer opportunities to bring bankable projects to global investors and accelerate the African sustainable blue economy's growth. The risks — ranging from regulatory bottlenecks to insufficient capacity to develop projects — are manageable with the right partnerships. Making Africa's blue economy sustainable is no longer an untested idea. Our own latest research, Harnessing Africa's Blue Economy, shows this is a growing investible market — one that banks, asset managers and governments cannot afford to ignore. Marisa Drew is chief sustainability officer at Standard Chartered. © Project Syndicate, 2025
Associated Press
12-06-2025
- Business
- Associated Press
Monaco: at the Yacht Club, Blumorpho pushes maritime finance forward, 'No time to waste'
MONACO, June 12, 2025 (GLOBE NEWSWIRE) -- The ecological transition of the maritime and port sectors has reached a critical inflection point. In a high-level working session held at the Yacht Club de Monaco, innovation met finance to chart a clear course toward healthier oceans and sustainable infrastructure. The event, led by Blumorpho in partnership with the International Association of Port Cities (AIVP) and supported by the Prince Albert II of Monaco Foundation, brought together port authorities, financial institutions, corporations, and innovators to activate actionable financial mechanisms for the sustainable transformation of coastal urban ecosystems. Part of the momentum building toward the 'Blue Economy Finance Forum' and the UN Ocean Conference (UNOC), the initiative aims to accelerate the deployment of scalable, investable solutions in support of net-zero and biodiversity objectives. Opening the session, Bernard d'Alessandri, General Secretary of the Yacht Club de Monaco, stated: 'On behalf of our President, HSH Prince Albert II, we are pleased to welcome you to the Yacht Club de Monaco to address this key issue. We would like to congratulate the Blumorpho team for their initiative and leadership. On our side, and as part of our collective ambition, 'Monaco, Capital of Advanced Yachting', we are fully committed to advancing sustainable yachting through concrete actions, including the development of the SEA Index®, a tool to assess the carbon footprint of superyachts; and support for pioneering projects through the Monaco Energy Boat Challenge (1–5 July 2025). This commitment is more essential than ever, and we are proud to contribute to the dialogue on how to protect our Ocean.' The day unfolded through expert panels, collaborative workshops, and project showcases, with three core themes emerging: ports as platforms for systemic innovation, strategic capital for climate impact, and concrete, investment-ready projects. Port cities were highlighted as drivers of integrated innovation, connecting clean energy, biodiversity, mobility, and industrial transformation. Financially, new models are gaining traction, from blended finance and blue bonds to private equity and infrastructure debt. Flagship projects from Kribi, Riga, San Diego, Genoa, and Bordeaux showcased pathways that combine decarbonization, aquaculture, digital infrastructure, and inclusive growth. 'The real challenge is not only funding the transition, but designing collaborative and business models that align profitability with long-term climate and societal goals,' explained Géraldine Andrieux, CEO of Blumorpho. Featured case studies included Ineos Energy's integrated approach to carbon capture and storage, and Republic Bank's expanding role in green infrastructure across Caribbean ports and beyond. 'As key players in the globalisation of trade, port cities bear a large share of the responsibility for the climate change. But the richness of their ecosystem means that they are also home to some of the solutions,' said Bruno Delsalle, General Manager of AIVP. The session sets the stage for a shared roadmap to be presented at the AIVP World Conference Cities & Ports 2025, scheduled in New York this November. Tisha Marajh, Group Sustainability Officer at Republic Bank, concluded with a firm call to action: 'We don't have time to waste. We are among the most affected by climate change. Phased investments tailored to attract different kinds of financing can provide a more sustainable path forward. We also need systems to identify small upstream projects, manage ESG risks, and facilitate technology transfer. Sustainable finance is a market opportunity, and we, as financial institutions, are ready to engage, if the right conditions are in place, in Caribbeans and at global scale.' For more information: Press Office LaPresse-[email protected] A photo accompanying this announcement is available at
