WEF, UCSB partnered to protect world’s USD 2.5 trillion ocean economy

The World Economic Forum (WEF) and Santa Barbara’s Marine Science Institute of the University of California (UCSB) on 20 January 2017 entered into a partnership to protect world’s ocean economy.

The partnership was announced on the sidelines of the 47th annual meeting of the World Economic Forum (WEF). The meeting was held for four days between 17 January and 20 January 2017 in Davos-Klosters, Switzerland.

Highlights of WEF-UCSB partnership

• The partnership seeks to improve the health of the world’s oceans and maritime resources.

• The partnership is a part of the World Economic Forum’s New Vision for Ocean Initiative.

• The vision seeks to bring together public, private and civil society sector stakeholders to achieve goal number 14 of the UN Sustainable Development Goals (UNSDG).

• The objective of the UNSDG Goal 14 is to conserve and sustainably use the oceans, seas and marine resources for sustainable development.

• The partnership would follow the multi-stakeholder model of other successful environmental public-private partnerships brokered by or hosted at the WEF such as the Alliance of Climate Leaders, Global Water Initiative, Circular Economy initiatives and the Tropical Forest Alliance 2020.

• The partnership will be supported by the Benioff Ocean Initiative, which is an applied programme within the Marine Science Institute and the David and Lucile Packard Foundation.

• While the Marine Science Institute uses science to improve ocean health, the David and Lucile Packard Foundation is a fund to advance ocean science, protection and management.

Background

• According to the World Wildlife Fund (WWF), oceans generate goods and services worth an estimated USD 2.5 trillion per year, which is equivalent to the seventh largest economy in the world.

• Oceans also support the livelihoods of around 80 per cent of the world’s population.

• However, the oceans are threatened by the decline in ocean health, lack of adequate measuring and monitoring of ocean activities.