Seven highlights from the world's first ever Blue Economy Conference

Let's start with what is a blue economy? Unsurprisingly, it involves monetizing the oceans... however, in a sustainable manner to improve livelihoods and ocean ecosystem health. It focuses on - amongst other things - maritime transport, fisheries, renewable energy and ocean tourism. The oceans are a great source for growth (and unfortunately, exploitation).

Now, coming to the key highlights from the first ever Blue Economy Conference that took place between 26th and 28th November, 2018 in Nairobi, Kenya:

1. Presence of 18,000+ delegates from 170+ countries. It was co-hosted by Japan, Canada and Kenya.

2. Justin Trudeau announced Canada's suuport to the United Nation's Decade for Ocean Science and announced funding for Friends of Ocean Action Group. He reiterated the commitment to the Canada's Ocean Protection Plan directed towards protecting the coastal regions through investing 1.5 Billion Dollars over a period of five years.

3. Kenya will establish a Blue Economy Bank with an aim to develop this sector.
4. 40 Million Euros are set aside for the development of aquaculture in African countries.
5. Seychelles issued the first every blue bond worth 15 Million Dollars.

6. Sweden pledged 33.3 Million dollars to provide impetus for the transition towards a blue economy.
The strategy is to help achieve SDG - 14: Conserve and sustainably use the oceans, seas and marine resource for sustainable development (although, life below water is much easier to remember).

7. Toyota has pledged investments in renewable energy in Africa and generation of energy from waste in Mombasa.


References -
a. Pscu. (2018, November 28). AU honours Uhuru for world's first Sustainable Blue Economy Conference » Capital News. Retrieved from https://www.capitalfm.co.ke/news/2018/11/au-honours-uhuru-for-worlds-first-sustainable-blue-economy-conference/
b. Wambu, W. (2018, November 28). Pledges to implement key blue economy outcomes. Retrieved from https://www.standardmedia.co.ke/article/2001304413/pledges-to-implement-key-blue-economy-outcomes
c. Statement by the Prime Minister on the Sustainable Blue Economy Conference. (n.d.). Retrieved from https://www.newswire.ca/news-releases/statement-by-the-prime-minister-on-the-sustainable-blue-economy-conference-701468592.html

Why social finance deserves more of your attention

Social finance (not to be confused with socialism) is about making money and not screwing up our planet. The and is what makes it special and critical for our future and also opens up great opportunities for growth.

Here are four (out of the many) reasons for social finance -

1.     High performing businesses

If you are looking to invest in businesses that achieve high returns, take a look at the companies focusing on their ESG (Environmental, Social and Governance) performance. These are outperforming those that aren’t. That in itself is a good enough reason to take notice and also follow suit.

Swiss Re, SBI, BlackRock and many others are using ESG metrics to guide billions of dollars of investments.

2.     Global trend

The global trend is to move towards cleaner technology, sustainable business and overall integration with the community. The days of profit over ethics are slowly but surely changing.

Companies such as Patagonia, Natura and Dassault Systemes are a great example that have capitalized on this trend.

3.     Planet’s critical condition

Let’s face it, the planet is in the Emergency room and is only getting worse. However, it is not the planet that needs saving. The planet will be fine without us, it is us that might not survive the impending doom of climate change.

Businesses are a chief reason why we got here, and they are showing promise to get us out of this predicament if we deploy ourselves and our resources towards it.

4.     Chance to be on the right side of history

This is the ethics argument. We are quite possibly at a Tipping Point in history. Our actions in the next few years/decades will decide not only our fate but also of the next generation and probably humanity in general (so, no pressure). It is a glorious opportunity to undo the harm of the past 100 or so years and change our course.

For the better.