Holder of a PhD in economics, Head of Environmental Economics at Centre Scientifique de Monaco and lead author of the IPCC Special Report on the Ocean and Cryosphere in a Changing Climate and the Sixth Assessment Report (2021), Nathalie Hilmi talks about the ocean and blue finance.
Vast amounts of capital are needed to restore ocean health but investment falls short. The blue economy is gaining momentum but is still outpaced by the urgency of the situation. Not forgetting that this financialisation of nature is tied to limitless economic and financial growth – a premise many contest.
Pollution, carbon capture, energy production and biodiversity are all crucial factors in ocean conservation. Science advances our understanding and provides solutions.
Rich in minerals and diamonds, the seabed has become a target for commercial exploitation without any true understanding of the consequences on marine ecosystems. Marine diamond mining has already started and nations such as the Republic of Nauru are eager to harness their mineral resources.
The UN Ocean Conference in Lisbon focused attention on the dire state of the ocean. This vital resource is under constantly growing pressure yet none of the measures taken so far have succeeded in reversing the trend. By declaring an “ocean emergency”, the Conference has sounded the alarm. Will it be heard?
It covers 70% of Earth’s surface and provides vital resources for the well-being and prosperity of millions, yet we treat it like a garbage dump; at best, a larder. As ocean conservancy moves up the agenda, the number of summits pledging action grows.
As the theme chosen by Watches and Culture for this year, sustainability came under the spotlight at the Watch Forum, held in September in Geneva. It will also be addressed through Watches and Culture’s other activities, not least its online Forum which is looking in greater depth at the ocean.