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1、White Paper July 2023We acknowledge the First Nations people of the land and sea where we work and live.We pay our respects to Elders past,present and emerging and celebrate the stories,culture and traditions of Aboriginal and Torres Strait Islander Elders of all communities who also work and live a
2、cross Country.Ocean Business Leaders Summit Partners and SponsorsThis publication is endorsed by the United Nations Decade of Ocean Science for Sustainable Development as a Decade Activity.Use of the United Nations Decade of Ocean Science for Sustainable Development logo by a non-UN entity does not
3、imply the endorsement of the United Nations of such entity,its products or services,or of its planned activities.For more information please access:https:/forum.oceandecade.org/page/disclaimerCopyright:Global Ocean Decade Australia Pty Ltd 2023.Printed on FSC certified,chlorine-free,fully recyclable
4、 paper.Design by Chris Angwin.Material in this publication is copyright and is intended for your general use and information.Your use of copyright material is subject to this copyright notice.Unless otherwise indicated,you may copy,display,download or print the material from this publication for you
5、r own personal use,for non-commercial educational purposes or for non-commercial use within your organisation,provided that you attribute Ocean Decade Australia.All other rights are reserved by the Ocean Decade Australia.Requests and enquiries concerning reproduction and copyright can be addressed i
6、n writing to:infooceandecadeaustralia.orgMessage from Ocean Decade Australia _7About the Ocean Business Leaders Summit _8Executive Summary _12Australias Ocean Economy _14Challenges _16Vision for 2030 _18Guiding Principles for Australias Ocean Economy _20Enablers of Action for a Sustainable Ocean Eco
7、nomy _22Ocean Energy and Offshore Renewables _40Ocean Finance _44Ocean Food _48Ocean Health _52Australia,the Region and the World _56References _60Definitions _6 1Summit Partners and Sponsors _62Ocean Business Leaders Advisory Group _62Volunteers _62About the Authors _Inside back coverContents#forth
8、eocean“Talanoa is a Samoan word for talking,it can also mean in-conversation,or the exchange of words.To break it down Tala means to open and noa means knots.To talanoa is to open,or untie,knots together.And that is what we are doing here,together,today.Brianna Fruean,Climate Activist and Pacific Cl
9、imate Warrior”Ocean Business Leaders Summit|1-2 March 2023|Sydney|Australian National Maritime Museum4 White Paper-Ocean Business Leaders Summit 5“Things that seem brave today,seem like common sense tomorrow.The Hon.Tanya Plibersek,MP,2023,Ocean Business Leaders Summit,Sydney”6 White Paper-Ocean Bus
10、iness Leaders Summit Message from Ocean Decade AustraliaIn 2021,Ocean Decade Australia was established with a vision of achieving a sustainable ocean future for all Australian stakeholders.We do this by connecting people and organisations through knowledge,networking,and learning.Our five core princ
11、iples include:focusing on one client-the ocean;building trust with Australian ocean stakeholders;amplifying efforts;being independent;and adding value to the United Nations Ocean Decade.Since establishment,we have interviewed and consulted many hundreds of people across sectors and industries,in the
12、 process confirming that most of the conversations about the ocean occur in government,research and academic organisations,and through civil society.These were places we were familiar with,but we became increasingly curious by the limited discourse about the ocean,planetary and natural systems that
13、we encountered when consulting with businesses,investment,finance,and industry sectors.When we asked how and where the ocean and planetary systems featured in business and boardroom decision-making,it was not unusual to be assured that climate change was a priority but could we talk about the ocean
14、another time.The noticeable gap in connecting the oceans role in regulating the climate has been a driver for our work and led to the inception of Australias inaugural Ocean Business Leaders Summit.Further consultation with the private sector,particularly with banking and finance,business owners,inv
15、estors and entrepreneurs,revealed the opportunity to make the ocean neighbourhood and its resources visible in a different way,providing the impetus to bring together current and new entrants to the ocean economy,who have not had a natural way to meet and talk about how to share the ocean commons-a
16、public good not well known or understood.The ambition for the Summit was simple and yet deeply challenging with multiple knowledges of the ocean required to illuminate the complexity of ocean processes,and the very different ways in which we use,see and value the ocean.We thank the 70+presenters and
17、 the 257 participants for their active contributions.Most particularly,we thank our Advisory Group and Summit Partners for their direct and tireless support of a Summit that heralds a new era for Australias ocean conversation.Jas ChambersChair,Ocean Decade Australia and Ocean Business Leaders Summit
18、 Dr Lucy BuxtonDirector,Ocean Decade Australia and Director,Ocean Business Leaders Summit 7About the Ocean Business Leaders Summit Summit designTaking our lead from established frameworks and commitments,the inaugural Australian Ocean Business Leaders Summit was established as a gathering of busines
19、s,finance,research,science,community,and government stakeholders to broker dialogue and intellectual discussion about a sustainable ocean economy.It sought to generate collective understanding and identification of high-level actions while simultaneously growing awareness of the ecosystem of stakeho
20、lders,drivers and opportunities amongst the participants.The focus was unashamedly the private sector-businesses who make and do things and shape the way in which funding of activities occurs.Through consultation with business,it became obvious that if we are to change our trajectory systemically,we
21、 needed to get real about where the impacts occur-when we make and do and consume-and how we work together to ameliorate,remove,or decide to live with those impacts.Simply,the ocean deserves the difficult conversations we-as stewards and custodians-must begin and continue to have.This Summit-symboli
22、cally held at the Australian National Maritime Museum-people to meet,hear and see each other in a connected way and begin the challenging conversations required.We realised that our years of consultation would be more valuable if we could bring people together to learn from each other to create the
23、societal step change required.The Summit Agenda referenced existing frameworks including the United Nations Decade of Ocean Science for Sustainable Development,the High Level Panel for a Sustainable Ocean Economy,the United Nations Sustainable Development Goals,and the Taskforce on Nature-related Fi
24、nancial Disclosures.Interactive discussions with the participants led by panel moderators,keynotes and thought leaders traversed ocean knowledge,equity,innovation and governance.Summit participants were allocated to Immersion topics for deeper facilitated conversations,where big ideas and areas for
25、priority were generated.ParticipantsThe Summit brought together 257 participants representing First Nations,industry,business,investment and finance,philanthropy,community,science,engineering,innovation and young people.The Summit also included State and Federal Government representatives,defence an
26、d representation from the Pacific community.8 White Paper-Ocean Business Leaders Summit Purpose of the White PaperThis white paper has been generated as a synthesis of the discussions held at the Summit and its purpose is to help inform development of Australias sustainable ocean plan that aims to d
27、eliver a thriving sustainable ocean economy by 2050.The Vision outlined is for a closer timeframe-2030-a major marker for evaluating efforts and the end of the UN Ocean Decade.As one participant noted,“we have 7 Summers left to 2030”.This paper will be distributed to Summit participants,our broader
28、network and made publicly available,providing an actionable document for Ocean Decade Australia and all ocean stakeholders to use as a working document for future meetings and ongoing discussion.It is intended as a starting point to support an uplift in understanding and diverse perspectives and ide
29、ntifies priorities that can then lead to more detailed work and action.It is acknowledged that wider consultation is needed across Australias ocean stakeholders,and it is our intention to continue to work with our partners to facilitate this.How to read the White PaperThe eight areas of focus above
30、provided the basis for discussion,with the concept of Valuing Nature at the centre.The breadth of participant discussion and feedback generated nine enablers(p.22)that are considered critical to achieving a sustainable ocean economy in Australia.The immersion conversations energy,finance,food and he
31、alth identified a series of priorities and actions which are cross referenced to the enablers,identifiable via the following icons:Valuing NatureOcean KnowledgeOcean EquityOcean Governance and ManagementOcean Innovation and FuturesOcean FoodOcean EnergyOcean HealthOcean FinanceOcean EnergyOcean Fina
32、nceOcean FoodOcean Health 9SpeakersSpeakers,left to right,top to bottom Daryl Karp AM,Director and CEO,Australian National Maritime Museum Dr Patrick Hone,Managing Director,Fisheries Research and Development Corporation Alison Rowe,Managing Director,The Nature Conservancy Australia Dr Fiona Valesini
33、,Director,Oceans Program The Nature Conservancy Drew Clarke AO FTSE,Chair,Australian Energy Market Operator(AEMO)Erin Coldham,Chief Development Officer,Star of the South,Copenhagen Offshore Partners Sam Elsom,Co-founder and CEO,Sea Forest Ltd Dr Emma Carmody,Co-founder and Director Legal and Partner
34、ships,Restore Blue The Hon Tanya Plibersek MP,Minister for the Environment and Water The Hon James Griffin MP,NSW Minister for Environment and Heritage Pete Ceglinski,CEO and Co-founder,SeabinTM Joanne Howarth,Founder and CEO,Planet Protector Packaging Nicole Yazbek-Martin,Head of the Australian Tax
35、onomy Development,Australian Sustainability Finance Institute Karl Watfern,Co-founder and CTO,Hullbot Heidi Tait,CEO and Founder Tangaroa Blue Foundation Zoe Whitton,Managing Director,Pollination Bruce Tomlinson,Investment Director,Minderoo Foundation Dr Beth Fulton,Domain Leader,Integrated Ocean St
36、ewardship CSIRO Rear Admiral Lee Goddard CSC.Former Commander of the Australian Maritime Border Command and the Navys Surface Fleet Raquel Carter,Chief Environmental Scientist,NOPSEMA Cameron Grebe,Head of Environment,Renewables&Decommissioning,NOPSEMA Dr Andrew Forrest,Chairman of Fortescue&Mindero
37、o Foundation Anna Marsden,Managing Director,Great Barrier Reef Foundation Bill Wall,Lead Sustainable Sourcing Manager(Seafood)Coles Jonathan Fievez,CEO,Carnegie Clean Energy Suluafi Brianna Fruean,Climate Activist and Pacific Climate Warrior Danny Nielsen,Country Manager and Senior Vice President AU
38、/NZ,Vestas Professor Gretta Pecl,Professor of marine climate change and IPCC lead Author Elizabeth OLeary,Global Head of Agriculture&Natural Assets,Macquarie Asset Management(MAM)Joe Morrison,Group CEO,Indigenous Land and Sea Corporation(ILSC)Damon Gameau,Director,Writer,Producer and Presenter Emily
39、 Albert,Executive Director and Head of Impact,Alberts Dr Ben Milligan,Secretariat Director,Global Ocean Accounts Partnership,UNSW Emma Jenkin,Partner,Kilara Capital Tony Goldner,Executive Director,Taskforce on Nature-related Financial Disclosures Dr Katie Dafforn,Co-founder,Living Seawalls,Sydney In
40、stitute of Marine Science10 White Paper-Ocean Business Leaders Summit Amy Low,Brand and Marketing Director,Piping Hot Australia David Carter,CEO,Austral Fisheries Misha Schubert,CEO,Science&Technology Australia Professor Chris Turney,Pro Vice-Chancellor of Research,University of Technology Sydney Ky
41、lie Ahern,CEO and Founder,STEM Matters Publisher,The Brilliant Sandy Laurie,Vice President,Roc Partners Dr lan Cresswell,Co-chief Author National State of the Environment Report 2021 Bel Quince,Climate Strategy Executive,NAB Mark Ryan,Managing Director and CEO,Tassal Group Emma Herd,Partner,Climate
42、Change and Sustainability,EY Dr Russell Reichelt AO FTSE,Australian Representative,Ocean Panel,Department of Climate Change,Energy,the Environment and Water and Chair,Marine Estate Management Authority,New South Wales Zali Steggall OAM,MP The Hon Murray Watt,Minister for Agriculture,Fisheries and Fo
43、restry Minister for Emergency Management,Senator for Queensland Sam Bastounas,CEO,Pacific Bio Jos Matas del Pino,Co-founder and COO,OpenSC Dr Stuart Minchin,Director General,The Pacific Community(SPC)Kal Glanznig,Young Changemaker Professor Trevor McDougall,AC,Scientia Professor of Ocean Physics and
44、 2022 recipient of the Prime Ministers Prize for Science Natasha Larcos,Ocean Advocate Lizzie Welborn,Professional Surf Ironwoman,ocean lover Sam Fricker,Youth eco-entrepreneur Tim Johnston,CollaborOCEANS Founder and Artist Bernie Hobbs,Summit Co-host Adam Spencer,Summit Co-hostOcean Business Leader
45、s Advisory Group:Dr Sue Barrell AO FTSE Dr Lucy Buxton,Director,Ocean Decade Australia Jas Chambers,Chair,Ocean Decade Australia Nick Chiarelli,CEO&Co-founder,Ocean Impact Organisation Terence Jeyaretnam-Climate Change and Sustainability Services Partner,Ernst&Young,Australia Greg Johannes,Chair,Blu
46、e Economy Cooperative Research Centre Andra Mller,Founder&CEO of Jewelrock Shane Phillips,CEO,Tribal Warrior Veronica Papacosta,CEO,Seafood Industry Australia Miranda Taylor,CEO,National Energy Resources Australia Louise Watson-Managing Director,Country Head Australia&New Zealand at Natixis Investme
47、nt Managers Dr Tony Worby,Director,Planet Portfolio&Flourishing Oceans,Minderoo Foundation 11Executive SummaryAustralia,with its unique environmental and cultural heritage,has a significant stake in ocean conservation.12 White Paper-Ocean Business Leaders Summit Ocean-based economic sectors contribu
48、te at least$1.5 trillion annually in value-added to the overall economy and this number could reach$3 trillion by 20302 31 million jobs(direct full-time employment-1.fisheries 2.tourism)2 The ocean could sustainably produce 6x more food than it does today3 Ocean-based solutions could deliver 21%of n
49、ecessary emissions reductions by 20503 A sustainable ocean economy can deliver 40 x more renewable energy by 20503 A sustainable ocean economy can create 12 million new jobs by 20303 Australia has the third largest Exclusive Economic Zone(EEZ)in the world,where 80%of the area is classified as offsho
50、re.The EEZ is a sea area for which a coastal state holds sovereign rights to explore and use its natural marine resources across a range of marine activities.4 Over 85%of Australias population lives within 50km of the coast.5The ocean is recognised as a new economic frontier,offering opportunities f
51、or economic growth,employment,and innovation.However,unlike previously untouched areas,the ocean has not been spared from human impact.Stressors including rising sea temperatures,pollution,resource overexploitation,biodiversity loss,sea-level rise,and extreme weather events have only recently been u
52、nderstood and experienced by humans.The ocean plays a crucial role in regulating the planets climate by acting as a heat sink and absorbing carbon dioxide.It also influences global climate patterns through its circulation patterns and currents.Conversely,climate change has profound effects on the oc
53、ean and its inhabitants,including ocean warming,ocean acidification,and changes in currents and circulation.This interconnected relationship between the ocean and climate systems is referred to as the ocean-climate nexus.It highlights the mutual interactions,feedback loops,and interdependencies betw
54、een the two systems.Understanding and addressing this nexus is crucial for effective climate change mitigation and adaptation strategies.Australia,with its unique environmental and cultural heritage,has a significant stake in ocean conservation,particularly as the steward of the World Heritage Site-
55、the Great Barrier Reef-but it is also a nation surrounded by four connected bodies-the Pacific,Southern and Indian Oceans,as well as the Timor,Tasman and Coral Seas1.To sustain the expanding ocean economy,driven by factors such as increasing human population,trade,food security,innovation,and invest
56、ment opportunities,it is crucial to strike a balance with the need to protect ocean health and ensure long-term prosperity for all Australians who rely on the ocean economy for their livelihoods and wellbeing.Australias ocean economy must be sustainable,safeguarding and investing in our social,econo
57、mic and environmental wealth for future generations.Several key areas contribute to this sustainable approach.Coordinated consultation,governance,investment,and impact measurement are necessary to support ocean-based activities and integrate emerging industries into existing regulatory frameworks.Fi
58、shing and aquaculture both play significant roles in contributing to global food security by increasing the availability of nutritious food.Fishing and aquaculture help alleviate the strain on terrestrial ecosystems and land-based agriculture by providing an alternative source of protein.As global p
59、opulations continue to grow,diversifying food production to include seafood can reduce pressure on agricultural lands and contribute to sustainable food systems.The energy sector plays a crucial role in a sustainable ocean plan by providing a clean,renewable,and abundant source of power.As the world
60、 seeks to transition away from fossil fuels and reduce greenhouse gas emissions,ocean energy and offshore renewables offers a promising solution to meet the increasing global energy demand.Developing ocean energy and offshore renewables as part of a comprehensive sustainable ocean plan is a vital st
61、ep towards achieving a low-carbon future and preserving the health and resilience of our oceans for future generations.Finance is a limiting factor in improving the health of the oceans.The current level of investment falls significantly short of the funding needed to achieve the United Nations Sust
62、ainable Development Goals for Life Under Water(SDG 14).While efforts are being made to make the ocean investible and attract financial capital into ocean-positive businesses,there is a need for more focus and investment in Australia and our region.Science,technology,and innovation are expected to pl
63、ay a crucial role in expanding ocean economies while addressing environmental challenges.Remote sensing,big data,autonomous systems,and the adaptation of existing technologies have the potential to transform the productivity and monitoring of ocean businesses.Protecting the oceans health is not only
64、 critical for business and society but for all life on this planet.Coordinated efforts from various sectors,effective regulation and governance,and increased investment are needed to ensure a healthy ocean and a thriving ocean economy.13The ocean economy,or blue economy,has different definitions dep
65、ending on the interests,needs,capacities,perspectives and context of a country.The World Bank6 defines the blue economy as the“sustainable use of ocean resources for economic growth,improved livelihoods,and jobs while preserving the health of the ocean ecosystem”.It recognises the interconnectedness
66、 of ocean health and human well-being,emphasising the need for integrated and collaborative approaches to ensure the sustainable use of ocean resources and preservation of marine ecosystems for future generations.A decline in ocean health poses a significant threat to the global economy,with estimat
67、ions suggesting that by 2050,the financial implications of this decline could exceed$400 billion annually7.The Ocean Business Leaders Summit underscored the breadth of Australias ocean economy,encompassing a wide range of economic sectors and activities that rely on the ocean systems,ecosystems and
68、its resources.Key sectors for Australias ocean economy include fisheries/aquaculture,maritime transportation,offshore renewable energy,tourism and recreation and marine technology and research.Each of these sectors relies on Australias unique coastal and marine ecosystems in a myriad of ways.In addi
69、tion to their role as fundamental life support systems,Australias marine and coastal ecosystems provide various services to communities and the economy8,9,including:1.Provisioning services:fisheries,building materials;2.Supporting services:life-cycle maintenance for both fauna and local,element and
70、nutrient cycling;3.Regulation and maintenance services:carbon sequestration and storage,erosion prevention,waste-water treatment,moderation of extreme events;4.Cultural services:tourism,recreational,aesthetic,and spiritual benefits.While more than 85%of Australians live within 50 kilometres of the s
71、ea,Australias ocean economy extends beyond coastal communities,impacting all Australians and playing a vital role in the nations overall well-being10.While coastal communities,businesses and industries along the land/sea interface have a direct connection to the ocean and its resources,the influence
72、 of the ocean economy has nationwide implications,contributing to economic growth,job creation,and the interconnected supply chains that span the country.In 2020-21,marine industries contributed significantly to the economy by generating$118.5 billion in output,adding$105.3 billion in value to the G
73、DP,and supporting 462,000 full-time equivalent jobs10.In comparison,the economic output of accommodation and food services was$104.2 billion,and$135.6 billion for all electricity,gas,water and waste services in Australia.Australia is a signatory to key global agreements relevant to the ocean economy
74、,including the 2030 Agenda for Sustainable Development,the Convention on Biological Diversity,the Paris Agreement on Climate Change,and most recently the Kunming-Montreal Global Biodiversity Framework.In 2020,as a member of the High Level Panel for a Sustainable Ocean Economy,Australia also committe
75、d to sustainably manage 100%of the ocean area under national jurisdiction,guided by a Sustainable Ocean Plan,by 202511.Australias ocean economy is part of a broader regional economy and the two should not be considered in isolation.The concept of an“ocean neighbourhood”was raised throughout the Summ
76、it and reflects the interdependencies between Australias ocean economy and that of its neighbours.How Australia transitions towards a sustainable ocean economy will directly impact the ocean neighbourhood.If done thoughtfully and inclusively,this will create new opportunities,new partnerships and pr
77、osperity for the Pacific.Australias Ocean Economy14 White Paper-Ocean Business Leaders Summit“The ocean is deep and dark and unknown.Most of us dont think across the horizon,and we definitely dont think down deepThe challenge is how to bring the whole wonder of the ocean alive for everybody.Dr Tony
78、Worby,Director,Planet Portfolio&Flourishing Oceans,Minderoo Foundation”15The ocean faces a range of significant challenges arising from human activities that affect its health and sustainability,temperature,and natural phenomena.Addressing these ocean challenges requires international cooperation,su
79、stainable management practices,and the adoption of innovative solutions.The Summit identified challenges in the Australian context as outlined below.For completeness,we include identified global challenges and recommend further reference to the identified Ocean Decade Challenges12.ChallengesAustrali
80、an challenges identified at the Summit Regulation and jurisdiction:Australia lacks a national regulatory framework to guide the development of sustainable ocean-based industries and protection of coastal and marine ecosystems.This was emphasised as a key limiting factor in developing a competitive o
81、ffshore wind sector in Australia as well as a barrier to scaling sustainable finance to support the establishment of a domestic manufacturing and labour market for this emerging new energy sector.Streamlining processes and establishing clear policies can support this sector to realise its potential
82、in Australia and the region.Infrastructure,technology,and innovation:Australia has yet to prioritise ocean technology and innovation,despite its potential for global leadership.Immediate investment in onshore port infrastructure,and the transmission connections to get power from the coast to the rel
83、evant high-voltage transmission node is needed to facilitate offshore energy projects.Long-term commitment,planning and funding are necessary for environmental-economic transformation.Cross-sector partnership:Building trust and partnerships among ocean users is crucial,addressing potential challenge
84、s with fishers,recreation users,and defence.Future decarbonisation efforts could include ocean food producers incorporating renewable energy and adopting sustainable practices throughout the supply chain.Investment and partnership:Insufficient investment hampers the transition to a sustainable ocean
85、 economy.Projects face challenges attracting funding due to size or risk-return ratios.Blended finance models combining public and private capital can bridge the funding gap and achieve sustainability goals.Scale:Limited understanding and scaling of ocean-based solutions result in limited funding st
86、reams and impact investment effectiveness.Challenges include managing wild fish populations,finding feed alternatives,and addressing bycatch.Sustainable finance:The value of marine and coastal natural capital is not accurately reflected,hindering decision-making.Challenges exist in managing ocean as
87、sets due to their commons nature.Australias ocean estate receives less focus and capital compared to Europe.Ocean literacy:The lack of scientific evidence for decision-making hinders investment and leaves uncertainty.National databases,mapping systems,standards,and policy documents are needed.Streng
88、thening ocean literacy,research,and data application is crucial for industry performance and reporting.16 White Paper-Ocean Business Leaders Summit Global challenges Overfishing and unsustainable fishing practices:Many regions face issues of overfishing,illegal fishing,and destructive fishing practi
89、ces,which deplete fish populations and harm marine ecosystems.Pollution and marine debris:The accumulation of plastic waste,chemical pollutants,and other forms of pollution in the oceans poses a significant threat to marine life and ecosystems.Climate change and ocean acidification:Rising temperatur
90、es,changing ocean currents,and increasing carbon dioxide emissions contribute to coral bleaching,sea-level rise,disruption of marine habitats,and the movement of marine species.Loss of biodiversity and habitat destruction:Destruction of coastal habitats,such as mangroves and coral reefs,as well as t
91、he loss of marine species,lead to a decline in biodiversity and ecological imbalance.Unsustainable coastal development:Poorly planned coastal infrastructure and urbanisation can damage coastal ecosystems,disrupt natural processes,and contribute to erosion.Lack of effective governance and enforcement
92、:Weak regulations,inadequate monitoring,and enforcement mechanisms hinder the implementation of sustainable practices and conservation efforts.Limited scientific knowledge and data gaps:Incomplete understanding of marine ecosystems and limited data on various aspects of the ocean make it challenging
93、 to develop effective management strategies.“As a business operating in the ocean realm,we have a responsibility to care for it.Renewable energy has huge climate benefits and potential for nature-inclusive design.Were excited to be partnering with the science,tech and conservation sectors to drive b
94、etter outcomes.Erin Coldham,Chief Development Officer,Star of the South”17Vision for 2030The Ocean Business Leaders Summit used thought leadership and immersion sessions to develop a vision for how to deliver a thriving sustainable ocean economy for Australia by 2030.Australias business community em
95、phasised the desire for ambition and action,and acknowledged the link between ocean health,human health,the prosperity of local communities,and the need to determine how to best share the ocean neighbourhood.18 White Paper-Ocean Business Leaders Summit“By 2030,Australias ocean economy is sustainable
96、 (able to be maintained),resilient(able to recover quickly),and on the path to decarbonisation by the middle of the century.It is capable of long-term economic viability and productivity.It respectfully elevates the traditional knowledge of our First Nations people,harnesses Australias scientific ex
97、pertise and evidence-based methodologies,and leverages the perspectives of local communities and existing and new industries for the benefit of all Australians.New and established ocean industries enable Australia to deliver on its international commitments and position our nation as a global leader
98、 in achieving a sustainable ocean economy that uses the oceans resources,without using them up,enabling productivity and prosperity for generations of people to come.Through effective and connected governance,strategic investment and innovative partnerships and collaboration,Australia has thoughtful
99、ly gathered the potential of its shared ocean neighbourhood to create diverse and sought-after jobs,generate revenue,improve societal wellbeing,and spur global and regional innovation while protecting its unique biodiversity for future generations.”191Sustainable“There is no private ownership of oce
100、ans.Alison Rowe,Managing Director,The Nature Conservancy Australia”2 Inclusive3CollaborativeConservation,restoration and sustainable use and management of marine ecosystems and biodiversity is fundamental to a achieving a sustainable ocean economy.The sustainable management of ocean resources and ma
101、rine ecosystems for future generations should include safeguarding vulnerable habitats,restoring environments to yield increase flows of ecosystem services,reducing pollution and marine debris,preventing overfishing,and establishing marine protected areas(MPAs)to preserve critical ecosystems.Seven c
102、ore principles emerged throughout the Ocean Business Leaders Summit as foundational to achieving the Vision for 2030 and ensuring Australias ocean economy works for all Australians.Guiding Principles for Australias Ocean EconomyAustralias ocean estate,including its coastal zones and estuaries,is a s
103、hared neighbourhood,without fences.A sustainable ocean economy should consider all users of the neighbourhood,reflecting multiple perspectives,values,goals,knowledges,and priorities.Decision-making should be inclusive and non-discriminatory,allowing all ocean users to take part and have their voices
104、 heard.This includes local communities,First Nations Australians,young Australians and our regional neighbours.Consultation should strive to understand the context and perspectives of under-represented and/or under-engaged stakeholders and provide clear and transparent feedback on their input and co
105、ncerns.Realising the ambitious vision for Australias ocean economy in 2030 will require genuine cross-sectoral partnerships and collaboration across public and private institutions.While sectoral silos may be difficult to transcend on a day-to-day basis,the importance of connectivity and an openness
106、 to sharing and understanding different ways of knowing and valuing the ocean is critical.A collaborative approach seeks to produce an outcome greater than the sum of its parts,moving beyond siloed approaches to shared ocean use and management.Efforts should go beyond the current approach,which is s
107、iloed,time-poor and at times mistrusting,generally a result of limited cross-sector knowledge and dialogue.By prioritising alignment and respectful collaboration as well as shared learning,partnerships can improve efficiency,productivity,costs,profits,competition,impacts and outcomes.Through knowled
108、ge sharing and seeking common objectives we have the best chance of sharing the ocean neighbourhood,together.20 White Paper-Ocean Business Leaders Summit 4Grounded and impactful 5Measurable6Equitable7AdaptiveThe oceans economic and environmental landscape is complex.Goals and target setting must be
109、based on sectoral,temporal and geographical suitability,and they must be practical,allowing for all ocean users to ultimately benefit.Targets and priorities allow for accurate and considered measurement,monitoring and transparent reporting that incentivises contributions,enabling ethical and equitab
110、le decision-making.Impact driven strategy and planning enables participants to understand and evaluate a systems processes,decision-making and results.Effective decision-making and planning must be based on robust evidence and the best available knowledge.The holistic and transparent measurement of
111、changes in Australias ocean economy over time requires collection,analysis and management.It should happen in a manner and format that enables participants to engage and support objectives and ensure accountability.Data should be organised so that it enables informed policy and investment into long-
112、term ocean health and wealth.Efforts should emphasise connecting existing datasets wherever possible,through permissioned data exchanges,minimising cost and maximising efficiency,for participants in a sustainable ocean economy to access the information and tools relevant to achieving their objective
113、s.This helps build trust between stakeholders,encourages consensus around shared desired outcomes,and agreement on strategies to address the growing volatility and uncertainty of todays economic,social and environmental landscape.Progress towards a sustainable ocean economy should be transparently a
114、ccounted for using measures that complement economic production and employment,recognising the importance of social well-being,equity and the status of our natural ocean wealth.Industries in the global and Australian ocean economy are moving fast with new opportunities emerging rapidly and being ado
115、pted quickly.Australia will require coordinated and on-going dialogue and mutual accountability to ensure that the agreements of today can adapt over time.Ocean wealth should be equitably distributed,and the ocean economy should provide equality of opportunity for all Australians.Involving young peo
116、ple in ocean economy conversations now is imperative to enabling our next generation of leaders.“Its not simple,but be inclusive,be open and convene the different interest groups in an open way without prejudicing the outcome.focus on listening to those that dont necessarily have a voice.Dr Russell
117、Reichelt AO FTSE,Australian Representative,Ocean Panel,Department of Climate Change,Energy,the Environment and Water and Chair,Marine Estate Management Authority,New South Wales”21Enablers of Action for a Sustainable Ocean EconomyThe Summit included multiple forums for discussion,organised by sector
118、s and key themes.Across all of these discussions,nine enablers emerged as critical to catalysing the necessary action to deliver on the vision for Australias ocean economy by 2030.During the Summit,many big ideas were shared by Summit participants,and key priorities were identified for action in the
119、 next two to three years during the sectoral immersion events.22 White Paper-Ocean Business Leaders Summit 23Australian ocean businesses have a vision for the future,yet their ambition can only go so far in delivering a sustainable ocean economy for Australia.Government must play a critical and stra
120、tegic role in helping reduce risk in innovation and creating an enabling environment fit for purpose.There are currently multiple regulatory barriers that will need to be transformed to enable greater private sector investment to spur Australias sustainable ocean economy.Foremost is the complexity a
121、nd red-tape caused by the multiple regulatory frameworks governing different aspects of the ocean economy,including fisheries management,environmental protection,and coastal development.These frameworks can be complex and overlapping,making it difficult for businesses and stakeholders to navigate an
122、d comply with all the requirements.There is currently no comprehensive marine spatial planning framework in Australia.This means that different uses of the ocean,such as fishing,shipping,resource extraction,and conservation,can come into conflict.Without clear rules and guidelines,it can be difficul
123、t to balance economic activity with conservation and sustainability.Summit participants emphasised that even when regulations exist to support a sustainable ocean economy,enforcement can be inadequate,leading to illegal and unsustainable practices that undermine the overall sustainability of the oce
124、an economy.Participants urged an increase in monitoring and enforcement to ensure an even and fair playing field that Australian businesses can rely upon.1.Cohesive and Holistic Governance“The traditional cultural practices and profound knowledge of First Nations people will play a fundamental role
125、in safeguarding our oceans and ensuring they do not fall victim to artificially drawn lines.The time is right to learn from the mistakes made on land and work together to protect our oceans.Joe Morrison,Group CEO,Indigenous Land and Sea Corporation(ILSC)”24 White Paper-Ocean Business Leaders Summit
126、Priority conversations and actions identifiedPolicy,permeance,streamliningSee Ocean Energy p.40Identify enabling policy reformsSee Ocean Finance p.44Shifts in policies and practices could support both food provisioning and conservation goalsSee Ocean Food p.48Standardised reporting frameworksSee Oce
127、an Health p.52Enabling a continuing cross-sector dialogueALLA transparent,formal and mutually agreed framework and protocols to guide dialogue between industries and businesses utilising/depending on ocean estate and resourcesOcean Leadership establish a National Ocean Minister and national coordina
128、ting body with dedicated funding that includes private sector representatives and First Nations partnership,for example,an Ocean Agency.Undertake a systematic review of state and national jurisdictional responsibilities and planning systems,streamlining regulation for consistency and predictability,
129、so that approval processes are efficient and drive greater investment in sustainable ocean businesses.Integrate Australias sustainable ocean plan with broader climate and biodiversity policy and develop clear commitments for the delivery of the Paris Agreement,the Kunming-Montreal Global Biodiversit
130、y Framework,the End Plastic Pollution treaty and other fishing,mining and energy policies to reduce duplication,improve efficiency and maximise funding and investment opportunities.Big ideas“We need to pay for ecosystem resilience outcomes in the same way we pay for productivity outcomes-by building
131、 economic infrastructure.Tony Goldner,Executive Director,Taskforce on Nature-related Financial Disclosures”25Knowledge of marine ecosystems,animals and plants held by our First Nations peoples dates back far beyond Western science observations.Recognising Australias unique cultural heritage as the h
132、ome of the oldest continuous living culture on the planet and learning from ancient ecosystem/human interaction knowledge,can bring about equitable access to opportunities in the modern age.First Nations Australians have managed Land and Sea Country for more than 65,000 years.First Nations knowledge
133、 is valuable,and we have an unparalleled opportunity to learn from and embrace it to deepen our understanding of how the planet influences us,and how our actions influence the planet.First Nations participation in the ocean economy requires a commitment to ongoing,trusted partnership,collaboration,a
134、nd respect for First Nations rights and traditions.Recognising and incorporating First Nations knowledge and practices into ocean-based and ocean-related business programs and projects can lead to more sustainable and effective outcomes.Case study:Gamay RangersThe Gamay Rangers care for both land an
135、d sea country on and around Gamay(Botany Bay).They belong to the La Perouse Aboriginal Community and all have cultural ties to Gamay and undertake natural and cultural resource management activities,including patrolling the waters of Gamay,marine mammal monitoring and protection,cultural heritage pr
136、otection,threatened species and community management,and scientific research and restoration partnerships.The Rangers goal is to ensure the country the next generations inherit is healthy.As saltwater people,the marine environment is a key factor in cultural practices and sites,diet,and spiritual he
137、aling.The Rangers are working closely with environmental agencies,research institutions and corporations that operate on or around Gamay.As they build their network,it is anticipated businesses and industry will partner to work towards a healthier Sea Country for all people.2.Cultural Heritage&Sea C
138、ountry Knowledge“We strive to ensure we pass on healthy Sea Country to our next generations.Bryce Liddell,Senior Ranger,Gamay Rangers”26 White Paper-Ocean Business Leaders Summit Facilitate First Nations involvement in businessPrioritise and integrate traditional ecological knowledge and respect Fir
139、st Nations rights and ownership of lands and waters.Forge meaningful partnerships and collaborations between First Nations communities and emerging ocean industries,including ocean-sited and ocean-generated energy,fishing and aquaculture,seaweed farming,and wild harvest.Invest in training,capacity-b
140、uilding programs,access to financing and capital,knowledge-sharing,mentorship,and First Nations-led research and development to enable First Nations partnership in these industries.Protect and Promote First Nations Knowledge and CultureEstablish a separate category of intellectual property law speci
141、fically for traditional knowledge and First Nations cultural expression,create mechanisms for community ownership and control,and implement First Nations traditional name origin labelling for ocean food.Address issues of exploitation and misuse by providing informed consent and fair compensation.See
142、k free,prior,and informed consent to support the development of new intellectual property laws,and work towards equitable partnerships and benefit sharing to foster the preservation and promotion of First Nations knowledge and culture.Understand First Nations Sea Country management practicesIncrease
143、 investment in capacity building and training programs that empower First Nations communities to lead and participate in decision-making processes,as well as increase collaboration between First Nations communities and government agencies to develop culturally appropriate and inclusive management fr
144、ameworks.Ensure that the collection and documentation of traditional knowledge is led and held by First Nations communities,and that adequate funding and resources are provided to support these efforts.Big ideasPriority conversations and actions identifiedCollaborate and partner with First Nations c
145、ommunities to support current businesses,partnerships and jobs and growth for the future.See Ocean Food p.48Work with First Nations Australians to understand legacy shifts in ocean health,beyond the more recent timeframes of non-First Nations data collection.See Ocean Health p.52“The ocean,the sea a
146、nd this land has been for millions of years before us,and it will be here for millions of years after us.Shane Phillips,CEO,Tribal Warrior”27The concept of being“nature positive”in the ocean economy refers to an approach of promoting the restoration and protection of coastal and marine environments,
147、biodiversity,and ecosystem services,in addition to minimising the impacts of activities and industries.It was noted that an ocean economy must recognise the balance between conservation and restoration,and manage extractive industry practices to support a sustainable economy.Natural capital refers t
148、o the worlds stock of natural assets and includes soil,freshwater systems,air and atmosphere,ocean and marine habitats,plants and animals.From these assets,which are often irreplaceable,we derive ecosystem services that interact and underpin health,livelihoods,and the economy.Natures contribution to
149、 the global economy is estimated to be USD$125 trillion per year13,while over 50 percent of the worlds GDP(USD$44 trillion)is moderately or highly dependent on nature and its services14.For ocean businesses,this involves taking proactive steps to regenerate damaged ecosystems,manage resources sustai
150、nably,reduce waste and pollution,and to mitigate climate change throughout the value chain.Increasingly,these actions are seen as necessary for securing new business opportunities and market-share and developing a mind-set that moves from the concept of nature positivity to a commitment that is meas
151、urable,such as being net-positive for biodiversity.Case study:Living SeawallsGlobally,the area of the seafloor impacted by built infrastructure is greater than the area of the worlds mangrove and seagrass forests.Structures such as seawalls,pilings,pontoons,and marinas are built for diverse purposes
152、 including shoreline protection,recreational activities and energy generation,but lack the complexity required for a biodiverse marine environment.Researchers from the Sydney Institute of Marine Science(SIMS)and Alex Goad from Reef Design Lab have developed Living Seawalls,an initiative backed by tw
153、o decades of research,to address this issue.By integrating ecologically friendly principles into marine construction,Living Seawalls significantly enhance the ecological value of artificial structures.In Sydney Harbour,these Living Seawalls have been found to support at least 36%more species than un
154、modified structures within 1-2 years,with up to 115 species of invertebrates,seaweeds,and fish thriving on the panels.The Living Seawalls offer habitat and food sources,attracting a greater number of fish compared to unmodified seawalls.This research highlights the potential of constructed marine en
155、vironments to contribute positively to biodiversity conservation by transforming artificial structures into thriving ecosystems.3.Nature Positive28 White Paper-Ocean Business Leaders Summit Coalition of Australian ocean businesses committing to net positive targets by 2030Establish incentives for bu
156、sinesses to shift towards implementing circular economy practices and adopt sustainable production and consumption patterns to meet or exceed the 2030 targets.Certification schemes for “nature positive”actionCollaborate with existing certification schemes like B Corp,the Science Based Targets Networ
157、k(SBTN)15,the Taskforce on Nature-related Financial Disclosures16 or the Infrastructure Sustainability Councils IS rating tool17,to improve and expand their evaluation criteria to include nature-positive practices and outcomes.Ensure the scheme is recognised and respected by businesses,governments,a
158、nd consumers,and awarded based on a set of rigorous criteria.Work towards reducing costs of certification processes so they are not prohibitive for small businesses.New activity permits and licence approvals based on nature positive outcomes and net-positive for biodiversity frameworks that are meas
159、urable Create a transparent and standardised process to evaluate whether new activities or projects are nature-positive.Consult with local and First Nations communities,experts in marine ecology and conservation,business and industry,and other stakeholders to ensure fair and equitable outcomes.Furth
160、ermore,establish government incentives for businesses to propose nature-positive/net-positive for biodiversity outcomes in their permit and license applications.Embed nature positivity in Government procurementGovernment procurement to include requirements to integrate nature-based solutions e.g.new
161、 ports and coastal infrastructure projects be required to simultaneously improve biodiversity or other ecosystem services while also meeting business objectives.Work with businesses and industry to identify achievable targets and establish clearer guidelines,requirements and recommendations for how
162、nature-based solutions can be integrated into new infrastructure projects such as ports,offshore renewable energy,and ocean energy.Create financial incentives or penalties to encourage businesses to comply with these requirements,ensuring there are ongoing market-sounding processes for adaptation as
163、 required.Priority conversations and actions identifiedEarly government investment in land-based infrastructure.See Ocean Energy p.40Ensuring that new offshore wind construction has a net positive impact on biodiversity.Establish significant community engagement and social license from day one.Meeti
164、ng and communicating ocean targets and commitments.See Ocean Health p.52Big ideas 29Ocean data is critical to understanding and managing the health of the ocean,as well as informing policy decisions related to ocean conservation and management,siting of ocean industries and economic activities and i
165、nvestment.Progress towards a sustainable ocean economy that engages all members of society,including the private sector,necessitates overcoming the current challenges related to a lack of ocean data including:Data fragmentation,for example where numerous organisations and agencies are involved in co
166、llecting and managing data related to the ocean,resulting in a fragmented system that can be challenging to navigate and access;Data access limitations,for example due to privacy,security and competition concerns;and Data standardisation,for example,developing practices for aligning the right data t
167、o answer questions in a focused way will capitalise on existing data collections while concurrently optimizing our data collection methodology.Case study:Tangaroa Blue Foundation&the Australian Marine Debris InitiativeTangaroa Blue Foundation(TBF)is an Australian charity with a mission to inspire ac
168、tion and empower individuals to remove and prevent waste from polluting the marine environment.They introduced the Australian Marine Debris Initiative(AMDI)in 2004,which connects citizen scientists,government bodies,businesses,universities,and organisations to address marine debris and litter issues
169、.TBF and its partners have achieved notable results through targeted investments in AMDI source reduction projects.Some achievements include:a 71%reduction in cigarette butt litter at Queensland Country Bank Stadium through the Ditch the Flick program;repurposing fishing buoys to track ghost nets in
170、 the Great Barrier Reef;and,collaborating with Chemistry Australia to deliver the Operation Clean Sweep program,focusing on reducing plastic feedstock loss in the industry.TBFs dedication and successful partnerships demonstrate their commitment to a cleaner marine environment,progress in combating m
171、arine debris,and inspiring positive change.4.Connected Data30 White Paper-Ocean Business Leaders Summit Invest in autonomous monitoring for all ocean and coastal infrastructureEnable real time data collection and make it publicly available in near real time,using indicators established in existing m
172、onitoring systems such as the Global Ocean Observing Systems Framework for Ocean Observing or the Framework for the Development of Environment Statistics(FDES).Develop an Australian Ocean Data DashboardAs part of the new Environment Information Australia(EIA)Office Australias first independent,natio
173、nal environmental data and information office,including from sources such as the Atlas of Living Australia18.Collate and provide transparent and accessible data to multiple users.Utilise integrated reporting systems such as the Ocean Accounts Framework which provide a holistic structure that can be
174、used to organise the information required for integrated reporting of social,economic and environmental conditions.Align the data structure with required research for environmental permits.Enable the uptake of supporting data structures that are aligned with the Statistical Data and Metadata exchang
175、e,an international initiative that aims at standardising and modernising the mechanisms and processes for the exchange of statistical data and metadata among international organisations and their member countries.Map Australias national waters by 2030 Include data on climate risk,flooding and biodiv
176、ersity and ensure detail and accuracy through improvements in satellite imagery and data collection technology.Increase funding for surveying and mapping,especially deep water and offshore regions.Increase capacity and trained personnel to conduct surveys and analyse data.Include knowledge and persp
177、ectives of First Nations communities.Establish the ocean as an asset class Develop investment strategies and products that focus on sustainable ocean-based and ocean-sited activities such as renewable energy,sustainable fisheries,aquaculture,carbon sequestration,and ocean conservation initiatives.Co
178、llaborate with the finance sector,scientific community,and ocean stakeholders to develop standardised metrics for measuring and evaluating the environmental and financial performance of ocean investments.Embed a national ocean account into national policy decisionsQuantify and measure ocean health b
179、y region to inform siting,decision-making and investment.Ocean accounting can help to assign value to the oceans resources and ecosystem services,allowing decision-makers to make informed choices that consider economic,social and environmental factors as well as tracking environmental changes and im
180、pacts over time.Priority conversations and actions identifiedQuality,availability and/or understanding of data.See Ocean Finance p.44Greater investment is needed to improve fisheries data collection and ensure easy access to both the data and the expertise required to transform it into valuable info
181、rmation.See Ocean Food p.48Data driven decision-making.See Ocean Health p.52Meeting and communicating ocean targets and commitments.Big ideas 31Biodiversity loss poses a major economic risk,while moving to nature-positive investments offers extensive opportunity.Nature is starting to be recognised a
182、s a form of infrastructure,a concept necessary to be internalised by the finance sector.As such,a unique and timely opportunity arises for the ocean to be valued as natural capital,shaping a new currency.This shift in perspective will lead to incorporating sustainable risk analysis within traditiona
183、l investment evaluation processes.Financing mechanisms are the driving force in transitioning to a sustainable ocean economy,therefore it is crucial to incentivise the development of innovative financial mechanisms.Investment capital in the forms of private,public,and blended capital is globally ava
184、ilable,however,the current low levels of expertise in understanding nature as capital leads to insufficient risk management discussion in turn leading to funding levels that are often too low to scale projects to demonstrate meaningful impact.Many sustainable ocean economy initiatives require signif
185、icant upfront investment,but access to finance can be limited,particularly for smaller businesses and start-ups.This can create a barrier to entry for these businesses and limit the growth of Australias sustainable ocean economy and global leadership potential.It is also important that we facilitate
186、 long-term investments that are consistent with nature,allowing time horizons of 20-50 years,rather than 3-10 years.Innovative financial mechanisms and proper risk assessment of natural capital can establish new economic opportunities,creating markets worth$24 trillion globally.Case study:HullbotHul
187、lbot is a Sydney-based start-up specializing in underwater robotics.They design,develop,and deploy robots to improve the health of the oceans and their platform offers advanced underwater autonomy through computer vision,enabling a range of applications crucial to the global blue economy.One primary
188、 application is the proactive cleaning of yacht and ferry hulls to maintain optimal condition and address biofouling,which reduces boat efficiency and increases fuel consumption.This technology aims to revolutionize vessel maintenance,moving away from environmentally harmful antifouling paint.By rem
189、oving early-stage biofouling,Hullbot helps preserve marine ecosystems,mitigating the risks of invasive species transportation.The company also has plans for applications such as seagrass meadow monitoring and mapping,as well as urchin barren intervention strategies for kelp restoration.Hullbots goal
190、 is to contribute to a successful,profitable,and sustainable blue economy through scalable and capable underwater robotic technology.5.Sustainable Finance32 White Paper-Ocean Business Leaders Summit Priority conversations and actions identifiedConsider the nascent Offshore Renewables alongside inves
191、tment in ocean energy(wave,tidal and thermal)to develop Australian capability and enable equitable access.See Ocean Energy p.40Understand natural systems and consider the investment timelines suitable for nature-based technologies and services.See Ocean Finance p.44Upscaling of production,leading to
192、 improved sustainable infrastructure,management,and control measures of sensitive ecosystems,for example,pH,harmful algal blooms.See Ocean Food p.48Reduce financial flows into negative externalities and increase flows towards subsidies,demonstrating sustainable practices.Funding for the development
193、and deployment of more selective fishing gear.Necessitate adequate funding to monitor and enforce already existing regulations in,for example,MPAs and over-/illegal fishing.Channelling investments towards local community empowerment and capacity-building to manage marine resources.Foster innovation,
194、such as technologies that increase harvesting potential(sustainably),and utilise the potential of seaweed to be used as a protein alternative.Foster a better understanding of the needs of communities operating in the fisheries and aquaculture sector.Encourage the transition to a circular economy in
195、fisheries and aquaculture sector to minimise waste and negative impact.See Ocean Health p.52Establishment and maintenance of Marine Protected AreasDevelop a long term national sustainable ocean finance plan/roadmap that provides business,investors and regulators with clear guardrails in which to wor
196、k and catalyse investment.Establish a robust and connected national funding scheme linking ocean research,innovation and business development,utilising the National Reconstruction Fund19 including the following categories:renewables and low emissions technologies;transport;value-add in the agricultu
197、re,forestry and fisheries sectors;value-add in resources;enabling capabilities;and defence.Build a coalition of Australian industry committed to providing$1billion dollars annually in ocean ecosystem and biodiversity preservation and restoration.Development of a Global Ocean Risk Assessment Framewor
198、k for investors to better understand and manage risks in investment evaluation processes of underdeveloped markets.Increase scalability of fundable projects through innovative blended financing mechanisms.Develop a better understanding of innovative financing mechanisms already implemented,such as B
199、lue Bonds,to avoid repeating mistakes.Establishment of a Marine Biodiversity Offset Mechanism to hold those damaging the marine environment responsible and incentivise them to minimise their impact.Decentralise finance in ocean conservation including tokenisation of natural assets to increase transp
200、arency and accountability.Promoting cross-border Public-Private Partnerships to promote investments in transnational marine protected areas and sustainable shipping corridors.Big ideas 33There is a need for a realistic and comprehensive approach to ocean policies in Australia,bipartisan support and
201、a long-term policy framework that provides certainty to businesses and finance,enabling them to invest and move swiftly.It is important to send the right investment signals to drive capital,innovation,and expertise into the renewable energy sector.Ensuring an enabling environment that supports and i
202、ncentivises Australian businesses to invest in ocean health and shift away from traditional practices will be a key catalyst in the transition to a sustainable ocean economy for Australia.In the coming years,Government has a critical role to play in creating these incentives,and removing disincentiv
203、es.6.IncentivesCase study:Star of the SouthThe Star of the South is Australias leading offshore wind project.Proposed in Bass Strait waters off the Victorian coast,Star of the South would generate clean energy to power more than 1.2 million homes and reduce CO2 emissions by an estimated 11 million t
204、onnes per year.In 2019 Star of the South embarked on a comprehensive Marine Ecology Survey Program to collect ecological data within the marine ecosystem.This program was designed with experts from leading universities including CSIRO,Blue Whale Study and Monash,Deakin and Curtain universities.Over
205、50,000 observations were recorded over 30 months,drawn from more than 13,000 hours of work.This program has helped lay a robust foundation for the development of offshore wind in Australia and will contribute to improved scientific understanding of this previously little studied area.Building on thi
206、s understanding of the local environment,Star of the South is now building partnerships to explore nature solutions.In one example,Star of the South is providing data and funding for researchers from Monash University to develop an open-source Dynamic Seabird Atlas for marine waters off eastern Vict
207、oria.This will present a detailed understanding of seabirds by bringing together datasets and environmental variables to provide insight into species presence,abundance,and seasonal variability something that is not readily accessible today.The Atlas is expected to become a valuable resource to info
208、rm government policy and assessments,conservation efforts and sustainable blue economy developments.34 White Paper-Ocean Business Leaders Summit“In Australia we have the experience,coverage and expertise to become a world leader in the way we bring people together to invest in nature,including the o
209、ceans.Zoe Whitton,Managing Director,Pollination”Priority conversations and actions identifiedPolicy,permeance,streamliningSee Ocean Energy p.40Ongoing Cross-Sector Dialogue:The Sustainable Development Goals and the United Nations Ocean Decade Framework presents an opportunity to foster ongoing dialo
210、gue across sectors.The Commonwealth Government establishment of a multi-and cross-sectoral National Decade Committee(NDC)will allow formal leverage of this framework,facilitating collaboration and knowledge-sharing among different sectors.Further,the benefits of establishing an NDC will include a li
211、ght-touch,but ongoing commitment to bringing diverse sectors,stakeholders and knowledges together in an ongoing fashion,with clear terms of reference and accountability for Australias contributions to the Ocean Decade 2021 2030.Establish a Taskforce for Ocean Impact DisclosureIncentivise investment
212、decisions beyond greenhouse gas emissions.Make plastic a commodity Raise the cost of petro-chemically derived polymer.For bio-plastics,support the responsible sourcing of feedstocks,identify the most suitable applications for their use,and establish proper management for their end-of-lifeIntroduce r
213、egulations that require businesses to report on their use of plastics and their recycling efforts,set targets for increased recycling rates.Support initiatives to reduce the overall use of plastics.Require Environmental,Social,and Governance reporting(ESG)Introduce mandatory ESG reporting legislatio
214、n for large corporations,following global examples such as the EU Non-Financial Reporting Directive.Require companies to disclose their sustainability-related risks and opportunities,as well as their impacts on the environment,society,and governance,enabling investors and other stakeholders to make
215、more informed decisions about their investments and operations.Utilise established guidance such as the Task Force on Climate-related Financial Disclosures(TCFD),the Task Force on Nature-related Financial Disclosures(TNFD)or the International Organization of Securities Commissions(IOSCO)consultation
216、 report on sustainability-related disclosures,which includes guidance on how to improve the consistency,comparability,and reliability of ESG disclosures.Big ideas 35Australia has a proud history of innovation,and it plays a crucial role in Australias sustainable ocean economy by driving the developm
217、ent of new technologies,processes,and products that enable sustainable and profitable use of ocean resources.Summit participants emphasised the desire to position Australia as a global and regional leader in innovation,creating jobs in Australia but also allowing for the export of new technologies a
218、nd skills to the region and world.Participants urged that greater investment was required now to create new opportunities for future generations of Australians and ensure a first mover advantage in new industries and technologies.Examples of innovation from Australian business and exported regionall
219、y and globally included:1.Offshore renewable energy:Innovative technologies such as floating wind platforms,tidal energy and wave energy converters are being developed to harness the power of the ocean and generate clean energy.2.Sustainable seafood production:Innovations in aquaculture technology a
220、nd practices are helping to increase the efficiency and sustainability of seafood production,reducing the environmental impact of fishing and meeting growing demand for seafood.3.Ocean exploration and mapping:Advances in underwater robotics,imaging technologies,and data analysis are making it possib
221、le to explore and map the ocean in greater detail,providing valuable insights into ocean ecosystems and resources.4.Marine biotechnology:Biotechnology is being used to develop new medicines,cosmetics,bio-materials and other products from marine organisms,offering new economic opportunities while pro
222、moting conservation of marine biodiversity.5.Australian Ocean Data Dashboard:see also Connected Data,p.30.Case study:Piping Hot Australia investment in materials research for the ocean Australian surf brand Piping Hot has partnered with climate scientists at the University of Technology Sydney(UTS)t
223、o develop a textile fibre made from algae.Piping Hot Australia has commissioned this innovative biomaterial research as a vital private investment in its wider company mission for clean oceans.UTS climate scientists will build a prototype fibre developed to meet Piping Hots strategy to create innova
224、tive scalable solutions that protect oceans.The biobased solution will sequester carbon from the ocean and reduce the environmental impact of synthetic fibres.This Australian innovation could transform the global polyester industry.Piping Hot has redefined its purpose around sustainability and is on
225、 a journey to transform its business.It has eliminated virgin polyester from its supply chain and redesigned all products to be made from low impact materials(cutting any lines that couldnt meet a sustainability attribute).In doing so,it has saved more than 259 million litres of water and diverted m
226、ore than 673 tonnes of materials from waste.By incorporating algae-based biomaterial into its footwear range,it has also contributed to cleaning more than 1.7 million litres of water and 1.2 million cubic metres of air.These initiatives have reduced Piping Hots carbon footprint by 17%.Piping Hot is
227、also committed to ensuring its supply chains are transparent and comply with ethical standards.It remains an affordable brand with a$10-69 price point,to make sustainable products accessible for Australian families.7.Innovation36 White Paper-Ocean Business Leaders Summit Priority conversations and a
228、ctions identifiedSupport the Australian project pipeline,create volume,demand and long-term opportunity for domestic manufacture of components for the energy sector.See Ocean Energy p.40Ongoing innovation,adoption and scaling of emerging technology.Supply chain transparency-Technology adoption enhan
229、ces supply chain transparency by improving sustainability,traceability,and compliance from ship to shelf.See Ocean Food p.48Research excellence-Establish Australia as a global leader in fisheries science and investment in blue economy technologies,with a focus on export potential.Provide support to
230、enhance climate change resilience by establishing enabling measures for the transition towards decarbonisation including the adoption of alternative energy sources.Ocean Innovation Accelerator FundA fund to support Australian start-ups reach scale quickly,such as the European Union Innovation Fund o
231、r NOAAs Small Business Innovation Research(SBIR)program.Consider how the National Reconstruction Fund,philanthropy,and international interest and investment might co-invest in the fund.Build Australias brand Attract international investment and interest through a dedicated Australian Ocean Economy c
232、ampaign using the Australian and State trade offices around the world.Demonstrate global leadership and best practice in sustainable fishing,bio-marine products,ocean energy including wave and tidal,and export expertise regionally and globally.National Science PrioritiesExplicitly list ocean science
233、 and technology amongst Australias science priorities,signaling to the academic and research communities the opportunity to be part of Australias sustainable ocean economy.Co-locate sustainable ocean industries to promote synergiesIn time,offshore energy infrastructure(primarily wind)will dominate A
234、ustralian waters.There is an opportunity to consider sharing infrastructure,manufacturing,supply chain and community engagement for wave,tidal and thermal energy,that will form part of the energy mix.Further,there are existing projects where the co-location of offshore wind farms and artificial reef
235、s or mariculture provide excellent practice cases for,including the Norway Institute of Marine Research(IMR)offshore low-trophic aquaculture in multi-use scenario realisation(OLAMUR)and the Wier&Wind project in the North Sea.Identify jobs of the futureDedicated national strategy and associated dialo
236、gues to identify sustainable ocean economy jobs for the future and implement employment transition pathways from traditional to new sectors,including mining of oil and gas to large-scale offshore renewables,and agrifinance to ocean-finance expertise.Expand Carbon MarketsContinue to include Ocean Car
237、bon Methodologies beyond the 2022 Blue Carbon method,that account for carbon sequestration and storage in coastal and marine ecosystems.Create a market for carbon credits generated by ocean conservation and restoration efforts,allowing companies to buy and sell permits that allow them to emit a cert
238、ain amount of carbon dioxide or other greenhouse gases in exchange for protecting and restoring coastal and marine ecosystems.Big ideas 37As an island nation recognised for having some of the most diverse marine habitats on the planet,Australia is well placed to ensure our young people are ocean lit
239、erate,and able to take advantage of the myriad opportunities a thriving sustainable ocean economy will offer in years to come.Young people are key drivers for change,and rank climate change as the most vital issue of our time20.Improving ocean literacy from an early age and engaging young people in
240、the implementation of Sustainable Development Goal 14-Life Below Water,presents an unparalleled opportunity for inclusive and intergenerational knowledge exchange for businesses and industries to harness new perspectives,approaches and energy.It is incumbent upon current leaders to support young peo
241、ple to build skills,experience and exposure to the systems that they already influence as consumers and users,and that they will inherit.Further to this,including young people in cultural and social discourse,and financial,geopolitical and business decision-making and trends will prepare them to wor
242、k,live and make decisions in an increasingly complex,competitive and contested world.8.Involve Young People“The best time to act was decades ago.But the next best time to act is now.Today.We dont have another decade to negotiate and debate.Kal Glanznig,Young Changemaker”Establish as regular practice
243、 a Youth Advisory Council (or similar)within organisations and businesses to develop two-way dialogue,including greater understanding of the dynamics of business decision-making,an opportunity to understand the perspectives and demands of young people,and a pathway for career opportunities.Big ideas
244、38 White Paper-Ocean Business Leaders Summit Priority conversations and actions identifiedOngoing Cross-Sector Dialogue:The United Nations Ocean Decade Framework presents an opportunity to foster ongoing dialogue across sectors.Establishing a multi and cross-sectoral National Decade Committee will a
245、llow formal leverage of this framework and facilitate collaboration and knowledge-sharing among different sectors.9.Ocean LiteracyAll Australians benefit from a healthy,safe and clean ocean,but many of us do not fully understand or appreciate the role of the ocean in our lives,nor how essential it i
246、s to the long-term protection of the planet on which we live.Ocean literacy is an understanding of the oceans influence on you,and your influence on the ocean.UNESCO considers an ocean-literate person as someone who understands the importance of the ocean to humankind;can communicate about the ocean
247、 in a meaningful way;and is able to make informed and responsible decisions regarding the ocean and its resources.In response to growing recognition that the health of the ocean is declining,and use of the ocean continues to be unsustainable,the United Nations(UN)declared in 2017 that 2021-2030 was
248、to be The Decade of Ocean Science for Sustainable Development(the Ocean Decade)with a vision to deliver the science we need for the ocean we want.Recognition of the dependence of society on the ocean,the opportunities that the ocean provides to future economies,and the need to ensure that current th
249、reats are reduced,future threats are mitigated and the ongoing use of the ocean is sustainable,has also been recognised through the commitments of 17 countries,including Australia,through the High-Level Panel for a Sustainable Ocean Economy.The Summit brought together people from many sectors and in
250、dustries with varying levels of understanding and types of knowledge about the ocean.It is the appreciation of ocean knowledge-in all its forms-and our ability to wisely use that knowledge to make informed and evidence-based decisions about how to use the ocean,together,that will ultimately test our
251、 level of ocean literacy.EducationConsider how ocean can be included in the Australian Curriculum,noting the expectation that during the United Nations Decade of Ocean Science for Sustainable Development 202130(Ocean Decade)that“By 2025,Ocean Literacy is integrated into the curriculum and education
252、policies of formal education systems around the world,with 70%of countries possessing an approved National Ocean Literacy Strategy”(UNESCO,2020).Big ideasNational Science PrioritiesExplicitly list ocean science and technology amongst Australias science priorities,signalling to the academic and resea
253、rch communities the opportunity to be part of Australias sustainable ocean economy.“92%of the excess heat that the planet has received has been absorbed by the ocean.Prof Trevor McDougall,AC,Scientia Professor of Ocean Physics and 2022 recipient of the Prime Ministers Prize for Science”3940 White Pa
254、per-Ocean Business Leaders Summit In reflecting on the challenges of achieving a global energy transition,it must be recognised that there are increasing pressures on energy demand due to population growth,the accompanying rise in consumerism and the consumption of energy by computers,data centres,n
255、etworks,and increasingly,artificial intelligence and machine learning.Utilising the oceans potential as a source of renewable energy will be crucial to global progress towards the goals of the Paris Agreement,and many countries are rapidly scaling their domestic industries to take advantage of this
256、potential and establish the necessary domestic manufacturing and technical capacities.Ocean energy and offshore renewables refers to forms of renewable energy derived from the ocean or situated offshore.This includes offshore renewable energy such as wind(both fixed and floating)and the three main t
257、ypes of emerging ocean energy technology:wave,tidal and ocean thermal28.Australia could emerge as a frontrunner in offshore renewables and ocean energy.Being an island nation,Australia is enveloped by vast oceans and boasts an abundance of exceptional wave and tidal resources,among the finest in the
258、 world.Ocean Energy&Offshore Renewables21Australia has the ability to emerge as a frontrunner in offshore renewables and ocean energy.BENEFITSAustralia can benefit from integrating offshore renewable energy and sustainable aquaculture practices,as well as exploring new ocean industries through the u
259、se of by-products to decrease ocean pollution.The announcement of Australias first offshore wind development zone in 2022 is a step towards these initiatives.27$8.81BBy providing grant funding of$1.96 billion,the Australian Renewable Energy Agency(ARENA)has actively supported 632 projects,which in t
260、urn has facilitated a substantial investment of nearly$8.81 billion in the countrys renewable energy sector.2614,380Estimations suggest that constructing 1,500MW of wave energy power stations would create around 3,210 jobs in Australia,and further expansion to a total of 12,000MW by 2050 could poten
261、tially generate approximately 14,380 job opportunities.2582%As part of Australias path to achieve net zero emissions by 2050,the nation will need to significantly raise the proportion of low-carbon electricity generation,aiming for 82%to be sourced from renewable energy by 2030,a substantial increas
262、e from the current 27%.225000GWThrough a combination of fixed and floating infrastructure,Australia could generate up to 5,000 gigawatts(GW)of electricity from offshore wind,a capacity that surpasses the combined installed capacity of the nations two largest electricity networks by a factor of 100.2
263、311%Initial evaluations indicate that wave energy in Australia has the potential to contribute up to 11%of the countrys energy requirements by 2050,which is equivalent to supplying electricity to a city the size of Melbourne.24Australia already has a large and mature energy sector operating in the o
264、cean.The offshore oil and gas industry commenced in the 1960s in Bass Strait and currently has around 60 offshore facilities and extensive subsea infrastructure in multiple basins around Australia.However,the transition away from extracting oil and gas to a net-zero ocean energy system offers major
265、new opportunities,including synergies for ocean food production and biodiversity restoration.Australias extensive coastline spanning 25,780 kilometres presents an immense opportunity to tap into hundreds of terawatts of untapped energy potential derived from wind,waves and tides.While offshore wind
266、and ocean energy are often grouped together,they possess distinct differences in their value propositions and target markets,serving as key economic drivers for each sector.Offshore renewables are mature industries in many parts of the world,but in Australia it is still in the gestation phase.In 202
267、2,14 countries added approximately 8 GW of offshore wind capacity(largest being China,UK,Netherlands,France)29.The United Kingdom has installed 14 GW of new offshore wind capacity since 2000,with offshore wind now comprising 13%of electricity generation,and 50%(97 GW)of forecast new capacity by 2050
268、,with a UK Government target for 50 GW offshore wind by 2030.Offshore wind primarily operates on a large scale,generating substantial volumes of electricity suitable for integration into the grid.Typically situated in deep offshore waters,offshore wind farms contribute to utility-scale electricity p
269、roduction.Ocean energy,encompassing wave and tidal sources,yields comparatively smaller volumes of energy.However,it offers a direct energy supply to coastal-based businesses,communities,and industries.Additionally,ocean energy can act as a supplementary energy source for end-users,complementing gri
270、d-supplied energy,or seamlessly integrate with other renewable sources to establish microgrids.4142 White Paper-Ocean Business Leaders Summit By integrating ocean energy devices with solar and/or wind systems within an integrated framework,often referred to as a“microgrid,”perpetual energy productio
271、n from the ocean energy component compensates for intermittency gaps and boosts overall energy generation.However,when considering an integrated ocean energy system as a decarbonisation solution,it is crucial to recognise that there is no one-size-fits-all approach.Each solution necessitates site-sp
272、ecific planning,aligning the unique requirements of end-users(such as operational needs and variations in electricity consumption)with the available resources and appropriate technologies.To date in Australias energy transition,offshore wind has not been economic compared to onshore wind and solar.B
273、ut the economics are changing,due to the continuing reductions in the cost of technology,driven in part by continuing increases in the size of each turbine;the quality of offshore wind resources and their complementarity to onshore wind;the proximity of potential offshore renewable energy zones to s
274、trong parts of the national grid(Gippsland,Hunter Illawarra)requiring less new transmission;and increasing social licence challenges for onshore energy and transmission projects.Following the relatively recent Commonwealth Offshore Electricity Infrastructure Act 202130 and declaration of a 15,000 km
275、2 area off Gippsland as suitable for offshore wind,numerous projects are in the feasibility application stage,demonstrating significant private sector interest in scaling this aspect of Australias renewable energy sector.Offshore Hunter in NSW is the next area now open for extensive public consultat
276、ion by the Commonwealth.Summit participants recognised that increasing ocean-sited and ocean-generated renewable energy was a necessary pathway towards a sustainable ocean economy,yet noted the significant investment needed to be made in the coming years to realise the potential,or ambition,of a mat
277、ure industry by 2050.Projections from the Net Zero Australia31 estimate that offshore wind has the potential to generate 41 GW of power by 2040,which would require a capital investment of around$188 billion and 3,500 turbines over the next decade.To meet this potential,significant action is required
278、 over the next five to ten years to ensure the enabling environment is fit for purpose.Current global progress can provide valuable insights for the development of an ocean-based renewable energy sector in Australia.In particular,the development of Australian ports that are capable of supporting off
279、shore wind development will be critical.Summit contributors noted that existing ports will need to be expanded or significantly re-purposed to facilitate the construction of proposed offshore wind farms,with many limited on the basis of their physical requirements,including deep berths and access ch
280、annels for offshore wind support vessels,and the amount of space and load bearing capacity required for components to be laid out in close proximity to an offshore site.In March 2023 the Victorian Government released its Offshore Wind Implementation Statement32,confirming the Port of Hastings as the
281、 most suitable port to support offshore wind construction.While subject to environmental and planning approvals,an extensive consultation process is underway.It is worth noting that with centralised planning and government support for targeted private investments,the right supply chain investments c
282、an be made with minimal duplication of effort across developers.Emerging ocean-generated renewable energy technologies,including wave and tidal power were also explored,including the opportunities they present for manufacturing,technology and R&D transfer and for export to the Asia-Pacific region.Th
283、e Australian Wave Energy Atlas found that wave action could provide 11%of energy use in Australia.Priority conversations and actions identifiedEarly government investment in land-based infrastructure Early investment by the government in land-based infrastructure is crucial for the development of of
284、fshore wind projects.Australia currently lacks the necessary port infrastructure,manufacturing capabilities,and technical skills required for importing,integrating,and constructing offshore wind components on a large scale.In the short term,Australian ports in designated areas have the opportunity t
285、o form partnerships,similar to those seen in Europe,to support the offshore wind industry.Net positive biodiversity impactEnsuring a net positive impact on biodiversity during offshore wind construction is essential to mitigate potential negative effects and gain social acceptance for new projects.E
286、urope has demonstrated the importance of robust ecological data,including marine roadmaps,comprehensive impact assessments with community input,industry standards and policies,adaptive management,and compensation net gain.It is crucial to view climate objectives and nature objectives as complementar
287、y rather than conflicting,as progress on both fronts requires a balanced approach.Due to the nascent nature of the offshore wind industry in Australia,we will scale,learn,adapt and improve over time.Community engagement and social license from day oneFrom the inception of offshore energy projects,co
288、mmunity engagement and social license are vital.Significant investments should be made across regions and local communities to foster a sense of co-ownership and pride in these projects.Transparency and consistency,accompanied by a best practice approach,will facilitate better understanding of the e
289、conomic opportunities and benefits that can be shared with local communities including hiring locals and supporting local businessesCommunication should emphasise local skills development,diverse and attractive job opportunities,and the opportunity to contribute to Australias decarbonisation efforts
290、 and global goals,building long-term security for communities.Policy,permeance,streamliningClear guidelines for project approval and siting are essential for the offshore wind industry.These guidelines should encompass all national waters and prioritise biodiversity conservation,fisheries management
291、,and other ocean users.Existing legislation is a starting point,but further coordination across sectors and inclusive management practices are necessary across Australias national waters to improve efficiency and build investor confidence.Collaboration and documentation of cumulative impacts in desi
292、gnated areas will provide valuable information and guide priority research and investigations.International examples,including the Bureau of Ocean Energy Management in the U.S.are a one-stop shop authority,responsible for stewardship of energy and mineral resources and protecting the environment tha
293、t the development of those resources may impact.Ongoing innovation,adoption and scaling of emerging technologyContinued innovation,adoption,and scaling of emerging technologies are crucial for the success of the offshore wind industry.Collaboration between different energy technologies and solutions
294、,including wind,wave,tidal technologies,and integrated renewable energy systems,can drive competitiveness and achieve scale.Co-location of facilities and shared value chains can further enhance efficiency and effectiveness.ManufacturingIn the long term,there is significant potential for domestic man
295、ufacturing of offshore wind components in Australia,similar to the manufacturing of onshore wind towers.Investment in upgrading steel plate manufacturing facilities to accommodate larger offshore wind components can create new jobs,develop green steel capabilities,and support the Asia Pacific region
296、.However,industry confidence and certainty require a pipeline of approved projects and sufficient funding to attract investment.Building strong,multi-sectoral and long-lasting partnershipsAddressing the complex challenges of the ocean necessitates collaboration across sectors.No single actor or sect
297、or can achieve significant outcomes alone.Promoting and supporting multi-sectoral partnerships at all levels,involving the private sector,financial institutions,philanthropies,NGOs,and others,is crucial.Such partnerships can inform and drive the ocean action agenda,leading to a sustainable ocean eco
298、nomy with maximum impact.Bridging the gap between the ocean-sited and ocean-generated energy,fishing,and aquaculture sectors is essential for adopting new solutions.Integrated ocean energy and aquaculture systems can ensure sustainable marine space usage,conserve coastal environments,adapt to climat
299、e change,and promote business sustainability.4344 White Paper-Ocean Business Leaders Summit Australia has an extensive coastline and diverse marine ecosystems that offer immense potential for fisheries and aquaculture.Australias ocean economy contributes significantly to the countrys GDP,employment
300、and exports.Australias marine industry has experienced steady growth,contributing 5.2%of total GDP from 2020 to 2021.Despite the sectors growth potential,Australia faces pressing challenges arising from climate change and biodiversity loss.Therefore,the financial sector is critical for the Australia
301、n Ocean Economy to become more sustainable.Public and private investments can catalyse changes in policy,regulation and business practices across territorial and coastal waters and the high seas.The development of the market-led,science-based TNFD framework seeks to enable companies and financial in
302、stitutions to integrate nature into decision-making,creating the potential for many projects that would currently be considered impact-only to be transformed into variable options for mainstream investors.Further,Australias investment in the TNFD and the recently announced Nature Repair Market provi
303、de a significant and timely opportunity for the scientific and research community to work with the finance sector,developing a common language to account for marine and ocean ecosystems.Ocean FinanceThe financial sector is critical for the Australian Ocean Economy to become more sustainable.3%The va
304、lue of ocean-based goods and services traded annually is estimated at at least$2.5 trillion,equivalent to approximately 3%of the global GDP for the year 2020.This is based on the total value of the oceans assets,which includes the direct output from marine fisheries and coastal ecosystems,marine tra
305、de and transport,as well as adjacent assets such as tourism and carbon absorption.36 462KThe marine industry in Australia employed 462,000 full-time equivalent workers,including direct and indirect jobs,in 2020.35$174BAn estimated USD$174.52 billion per year is required globally to address ocean hea
306、lth.33$118 BILLIONThe marine industry in Australia experienced significant growth from 2020 to 2021,with a total output of A$118.5 billion.This was an increase of$37.3 billion in size,which can be attributed to the addition of four new sub-sectors that contributed$31.4 billion in output.345.2%Austra
307、lias marine industrys GDP contribution rose from 3.7%in 201718 to 3.8%in 202021,excluding the new four subsectors and increased to 5.2%,including the four additional subsectors.34$24 TRILLIONThere are economic opportunities in the ocean that have not been explored yet,such as marine ecosystem servic
308、es,and they are valued to be worth at least$24 trillion globally.36 1520 YEARSTime frames for ocean market transformation are typically 15 to 20 years to remove barriers,implement policy and catalyse investments.38$322BThe yearly expense of climate impacts on oceans can reach up to USD$322 billion i
309、n additional costs.37 45 Priority conversations and actions identifiedOcean literacyThe marine environment offers an extensive range of ecosystem services that are often hidden from view.Therefore,addressing the knowledge gap surrounding the oceans fundamental role in maintaining planetary health an
310、d regulating the climate is imperative.Increasing ocean literacy within the financial sector will enhance comprehension of the direct financial risks associated with the ocean and incorporate the indirect cross-sectional risks stemming from it.This,in turn,will facilitate sustainable investment oppo
311、rtunities while exerting pressure on financial institutions to incorporate ESG principles into their investment strategies.Ultimately,this will positively influence their clients and customers as well.Quality data and knowledgeThe availability of high-quality natural systems data is often unavailabl
312、e,or the analysis of it requires expertise not often found in the financial sector.This poses a challenge for financial institutions.Quality data organised through robust accounting systems can aid and encourage sustainableoceanfinanceby providing valuable insights into success stories(including mea
313、sures),alongside structured product types that can be applied to achieveocean-based outcomes.Establish guiding principles for Ocean Finance-quicklyCreating an Ocean Finance Industry roadmap and sustainable finance taxonomy is crucial for establishing standards and guidelines across sectors.This ensu
314、res that investment decisions are accountable and sustainable practices are viable in the long run.Establishing guiding principles will help identify and mitigate financial risks and enable investors and financial institutions to make informed decisions.Through informed decision-making,potential fin
315、ancial losses can be reduced and increase the attractiveness of investments.Leverage existing financial tools and adapt for the oceanBy adapting conventional investment vehicles,risk assessment models,and valuation methods,it becomes possible to direct capital towards initiatives with the greatest p
316、otential for environmental and social impact.Leveraging pre-existing financial tools that have established risk management concepts simplifies this process.Additionally,integrating ocean-related activities into mainstream financial markets will attract a wider range of investors.Enhanced market inte
317、gration will promote the growth of secondary markets,thereby increasing the flow of capital towards ocean conservation efforts.Foster Sustainable Ocean Economy Investment PipelineFostering an investment pipeline in the sustainable ocean economy financing sector improves the visibility of priority se
318、ctors with significant growth potential,creates awareness and market recognition amongst investors and supports Australias international commitments.A vibrant investment market for sustainable oceans will draw attention from the public and the demonstration of success stories will serve to inspire a
319、nd motivate other stakeholders to consider ocean-based investment.Identify enabling policy reformsA supportive regulatory environment can be created by identifying enabling policy reforms.Such policy reforms include environmental impact assessments,environmental information collection,sustainable re
320、source management,and increased transparency and disclosure requirements.New capital flows can be incentivised by removing investment barriers from existing policies.Policy reforms can be a major influencing factor in adopting innovative technologies and,at times,hinder investments.By adopting new p
321、olicies private sector engagement can be stimulated.46 White Paper-Ocean Business Leaders Summit“Institutional investors,including big super,are focused on nation building and incorporating sustainable investment solutions,ocean should be part of that.Louise Watson,Managing Director,Country Head Aus
322、tralia&New Zealand at Natixis Investment Managers”4748 White Paper-Ocean Business Leaders Summit The growing demand for food poses a significant environmental threat.However,by examining the contributions from the ocean more closely,we can find a key solution to address this challenge.It is projecte
323、d that food demand will increase by over 50%by 2050,with a nearly 70%increase in the demand for animal-based foods.While land-based expansion is possible,it carries the risk of exacerbating climate change,biodiversity loss,and compromising the delivery of ecosystem services.Seafood plays a crucial r
324、ole in providing approximately 20%of the daily intake of animal protein and essential nutrients for 3.1 billion people,including some of the worlds poorest.Both wild-caught and farmed seafood(aquaculture)have a lower climate impact compared to land-based agriculture.Moreover,many types of aquatic fo
325、ods from the ocean have lower greenhouse gas footprints than land-based animal-source foods.The term“ocean food”broadly encompasses both wild-caught and farmed fish.In Australia,these industries are well-established and known internationally for their high quality.There is increasing interest in ope
326、ning new markets and trade for Australias fish industry.Fisheries continue to play a significant role in Australias primary production,and the Commonwealth-managed fisheries in Australia are recognised as some of the most sustainable protein sources in the world.Ocean FoodThere is an increasing inte
327、rest in opening new markets and trade for Australias fish industry.$3.09BGross value of production(GVP)of Australian fishery and aquaculture is valued at$3.09 billion(ABARES 2022).356K TONNESAustralians consumed around 356,000 tonnes of seafood in 202021,equivalent to 13.9 kilograms per person.Impor
328、ts made up 62%of this total,declining from 69%in 201314.10%Australian seafood accounts for 10%of Australias national agricultural production.4017,00017,000 Australians are employed in fisheries and aquaculture.39The ocean food supply chain involves various stakeholders,including fishers,producers,pa
329、ckagers,distributors,buyers and consumers.Effective management of the ocean food sector requires integrated partnerships across the supply chain,fostering collective enterprise and innovation to enhance sustainable practices.It is important to recognise that effective ocean food management is not so
330、lely a conservation issue;it is also an economic imperative crucial for businesses,investment,food security,and the long-term stability and continuity of ocean sustainability and supply.The fishing and aquaculture sectors provide employment and income opportunities for millions of people worldwide,p
331、articularly in coastal communities and developing countries.By engaging in these activities,individuals and communities can secure their livelihoods and improve their socio-economic well-being.49 Priority conversations and actions identifiedConsumer awarenessEnhancing communication regarding the poi
332、nt of origin and food provenance through standardised packaging and marketing information will help consumers understand best practices in Australian food production.Additionally,promoting diversified food choices can increase the variety of marine species available to consumers,reducing dependence
333、on higher risk species.Recruitment to the industryDeveloping mechanisms to attract and retain talented individuals to the fishing industry will make it more appealing as an employer for younger generations.Coordinated industry engagement with young Australians can increase awareness and interest in the sector,creating jobs and supporting local and rural businesses and communities.First Nations par