By Jovan Johnson From Jamaica Gleaner

Jamaica’s academic and business representatives say a World Bank study pointing to the multibillion-dollar benefits regional countries can get from sustainable exploitation of the Caribbean Sea highlight weaknesses in government policy over the years as well as a narrowness in tertiary-level studies.

However, Dennis Chung, CEO of the Private Sector Organisation of Jamaica (PSOJ), and Rosalea Hamilton, trade policy consultant and professor at the University of Technology, believe the study provides an opportunity for governments and tertiary institutions to reorganise their policies to give more attention to the sea.

After all, they argue, Jamaica is an island nation similar to the 37 other countries and territories that share the Caribbean Sea.

The ‘blue economy’, according to the study, “involves shifting from the long-standing conventional wisdom of focusing on the costs of protecting our oceans to, instead, recognising the benefits that we derive from its ecosystems.

“The Caribbean Sea’s ecosystems and natural resources form a unique asset for the region’s countries and territories, and that understanding and measuring the economic activity that is tied to this ‘natural capital’ asset is essential for sustainably growing the region’s economies,” read the report, titled Toward a Blue Economy: A Promise for Sustainable Growth in the Caribbean.

“For now,” the report said, “the region’s ocean economy is not well measured or understood, but best estimates suggest that Caribbean waters generated revenues of US$407 billion in 2012, equal to 14 to 27 per cent of the global ocean economy.”

The study said the region’s ocean economy is underpinned by “the three-faceted base of natural capital: living resources such as fish, non-living resources such as minerals, and ecosystems and ecosystem processes such as tourism around coral reefs”.

To maximise the benefits of those, Chung argued the problem affecting territories like Jamaica is lack of

land-based capacities which affect the economic viability of using the region for purposes such as transportation.

“You’re only going to be transporting through this region if it makes economic sense. In many respects, we have not had the infrastructure in place for that, if we think about the logistics hub that we’re trying to do for the longest while in Jamaica, for example. People moving through the region is going to depend a lot on the services offered onshore,” he told The Gleaner.

LOCAL AND REGIONAL GOVERNANCE
“This is one of the opportunities, for example, that CARICOM has. We should be consolidating as a region and see how can we work together to get some of these economic benefits. It all comes down to local and regional governance.”

Hamilton, meanwhile, said the training and technological capacity of the region has to become strong to pursue the ‘blue economy’.

“If we’re going to be exploiting the sea, just like we exploit energy, all of that turns on scientific knowledge and understanding of the phenomenon that we study, and the creative capacity to produce goods and services,” she said.

“It depends on how we position ourselves. If we position ourselves in the way we’ve traditionally positioned

ourselves in some areas where we depend on others for the technology to exploit, then we’ve not shifted that model of development which relies on others for the critical technology, and what we benefit from is jobs – typically low-end jobs.”

It is why, she said, the tertiary institutions in Jamaica have to move swiftly to widen marine and ocean research to influence government policy and action.

“Perhaps we’re not moving as fast as we need to. Tertiary institutions, for a long time, have been fairly stable in their offerings and this idea of being able to create course offerings very quickly to meet the market demand is something for which more adjustments have to be made,” she said.

The World Bank report said transitioning to a blue economy in the Caribbean will require policies that treat the ocean as a unique “development space” shaped by its ecology, even as it warned of threats linked to pollution, overfishing and coastal development.

It said Grenada “stands out” as an example of a Caribbean country running with the ‘blue economy’ development model, which will soon see the establishment of the Blue Growth and Oceans Governance Institute.

IMAGE: Professor Rosalea Hamilton

For more on this story go to: http://jamaica-gleaner.com/article/news/20160916/academic-psoj-say-jamaica-needs-get-it-together-over-world-banks-blue-economy

Related story:
‘Blue economy’ worth US$407B in the Caribbean

By K QUINCY PARKER From Nassau Guardian

Caribbean island states and territories generated gross revenues of about US$53 billion directly from the so-ealled ocean economy in 2012. That figure is equivalent to more than 18 percent of their total GDP that year, and the revenue, according to a new report from the World Bank Group (WBG), was derived mainly from ocean transport, tourism and oil and gas production.

The report is entitled “Toward a Blue Economy: A Promise for Sustainable Growth in the Caribbean” and estimates that Caribbean waters generated

US$407 billion in 2012, which represents more than 17 percent of Caribbean GDP, including mainland countries. The figure is equal to 14 to 27 percent of the global ocean economy, though the sea’s area accounts for just one percent of the global ocean.

Pawan Patil, World Bank Senior Economist and co-author of the report, said, “The Caribbean Sea represents a tremendous economic asset for the region not only in terms of high value natural resources such as fish stocks, oil and gas, but also as a global hotspot for marine diversity and tourism.Maintaining ocean health is synonymous with growing ocean wealth, and finding this balance is how we’ll be able to better invest in the Caribbean blue economy.”

The report speaks to the rise of a new concept or framework for action to reduce the risks: the transition of the current ocean economy to a “blue economy” with “blue growth”; more people making their living from the ocean but in ways that protect its resources and ecological integrity.

“If economic activities are managed in this way, the ocean holds the potential to make a much greater contribution to poverty reduction and shared prosperity, as well as increasing the resilience of low­ elevation communities that face the threats of sea-level rise and other impacts of climate change. In essence, the transition to a blue economy involves shifting from the long-standing conventional wisdom of focusing on the costs of protecting our oceans to instead recognizing the benefits that we derive from its ecosystems, incorporated as part of the measures of sustainable growth,” the report said.

Caribbean

The report examines how the transition to a blue

economy might transform the 37 countries and territories that share the Caribbean Sea. The hypothesis of this report is that the Caribbean Sea’s ecosystems and natural resources form a unique asset for the region’s countries and territories, and that understanding and measuring the economic activity that is tied to this “natural capital” asset is essential for sustainably growing the region’s economies.

Underpinning the region’s ocean economy is a three-faceted base of natural capital: living resources such as fish, non-living resources such as minerals, and ecosystems and ecosystem processes in which living and non-living ocean assets interact as a functioning unit, such as tourism around coral reefs.

The report cited living resources that become catch for the region’s fishing fleets, including the spiny lobster, the queen conch, penaeid shrimps, reef fish, deep slope and bank fish, coastal large pelagic species, such as king mackerel, and offshorelarge pelagic species such as yellowfin tuna.

Among non-living resources the report includes significant reserves of oil and gas in waters under the jurisdiction of Venezuela, Colombia, and Trinidad and Tobago. The report notes that The Bahamas, Barbados.and other countries in the region are exploring for oil.

The report also asserts -in terms of ecosystems and ecosystem processes – that with the highest level of species diversity in the tropical Atlantic, the Caribbean is a global hotspot of marine biodiversity, notably in the MesoAmerican Reef system.

Sophie S.irtaine, World Bank country director for the Caribbean, said, “The report highlights the opportunities offered by the Caribbean blue economy and identifies priority areas for action that can generate blue growth and opportunities for all Caribbean people, while ensuring that oceans and marine
ecosystems are sustainably managed and used.”

Principle

The authors highlight ten principles for investments in a Caribbean blue economy and provide a framework for policymakers to set smart policy and measure economic and environmental benefits. Report recommendations include “eco” labels to promote sustainable fishing practices and aquaculture;offshore winds and other marine renewable energy systems; and environmentally friendly coastal hotels.

Other small island states around the world such as the Seychelles and Mauritius have championed the blue economy and Eastern Caribbean countries have adopted a regional policy and action plan in 2013, which the World Bank is supporting.

Among those key priorities to help countries move toward a blue economy and broaden opportunities for the Caribbean people, while improving ocean health, is strengthening regional and national policies to better coordinate and monitor coastal and ocean management across sectors such as fisheries, tourism, transport, energy and environment. The Eastern Caribbean Regional Ocean Policy is a good first step, the WBG said, but more needs to be done to foster integrated planning for establishing geographical zones of sea uses and protecting ecosystems.

Another priority is implementing smart policies to promote a healthy, resilient and productive marine environment, as well as build resilient infrastructure.

“Maintaining coral reefs and biodiversity is critical for the sustainable development of tourism and fisheries. More climate resilient coastal and port infrastructures are also essential for improving connectivity and competitiveness in small island economies, vulnerable to extreme weather events and natural hazards,” the World Bank said.

Other priorities include promoting investment in blue economy enterprises and raising awareness about the blue economy.

“Start-up finance with better capacity and technology development will be essential to support small blue economy businesses and generate ‘blue jobs’ …[Raising awareness] will not only require creating the awareness and political will needed for the transition toward a blue economy, but also identifying future skill needs, and developing educational and vocational training to meet this demand;’the group said.

The analysis was conducted in collaboration with key partners including The Commonwealth Secretariat, the Organization of Eastern Caribbean States and the Nicholas Institute for Environmental Policy Solutions at Duke University.

The report was released in the lead up to the ‘Our Ocean’ conference hosted by U.S. Secretary of State John Kerry in Washington D.C.this week.

For more on this story go to: http://www.thenassauguardian.com/bahamas-business/40-bahamas-business/67858-blue-economy-worth-us407b-in-the-caribbean