Page 80 - Economia Azul - versão: inglês

on which artisanal fishermen and industri- 2017; LAU, 2013; THOMAS, 2014; over the use of the area. Allied to this, the amount of carbon sequestration by the
al fishing depend, fundamentally focusing VANDERKLIFT et al., 2019). project must have a strengthened gover- areas, which must be consistent with the
on the strategy of limiting a total quota of Blue carbon is, in this sense, a tradable nance strategy to bring transparency to practices of the accrediting agencies. Oth-
capture in order to reduce overexploita- commodity, measured through a standard the various actors involved. The scientific er studies should also consider cost-bene-
tion and allow the recovery of the stock. metric (ton of carbon dioxide equivalent basis is also fundamental in the implemen- fit assessment from project planning and
(STEENBOCK, 2019). – tCO e) and traded within a value chain tation of these types of strategies, espe- long-term economic and environmental
2
Quotas and catch limits are instruments that goes from those who act to guarantee cially in terms of metrics to measure the feasibility (BEESTON et al., 2020).
widely adopted in different countries, but the provision of these services (communi-
they are specific to certain compartments ties, owners, institutions) to buyers (private 3. Financial instruments applied to the Blue Economy
of the ecosystem, such as the recovery of or public institutions that emit greenhouse
stocks of target species in fisheries or the gases) (THOMAS, 2014; VANDERKLIFT et To further develop the Blue Econo- maximize social equity and environmental
reduction of GHG emissions. An economic al., 2019). my, a combination of different types of sustainability. As these instruments grew,
instrument that has grown in recent years The market for blue carbon credits (i.e., sustainable finance has been used, in- an important initiative was launched in
and has the potential to contribute to the from coastal and marine regions) is still in cluding new financial mechanisms and 2018: the Sustainable Blue Economy Fi-
protection of marine habitats more broad- the establishment phase, and in some on- instruments geared to the sustainability nance Principles, which is the world’s first
ly is payments for ecosystem services. going examples the credits are traded on agenda. Unlike traditional investments, global guidance framework for banks, in-
the voluntary market in exchange for the which are primarily driven by financial re- surers and investors to finance a sustainable
2.4. Payment for ecosystem services protection of these ecosystems. This type turns and overall portfolio performance, Blue Economy (SANTOS; PEREIRA, 2021).
(PESs) of commercialization has growth potential the Blue Economy requires investments Some of the investments needed in
and benefits the conservation of coastal to meet environmental and social goals a sustainable sea economy are likely to
Payments for ecosystem services seek ecosystems as a whole (and not just tar- as well as financial goals. generate competitive returns in the mar-
to create incentives (source of revenue) to get species) to ensure the continuity of the In this sense, financial instruments ket and therefore they are able to attract
ensure the maintenance and enhancement provision of services other than carbon se- used to finance a sustainable maritime private finance, while other investments
of the supply of environmental goods and questration (such as protection against ex- economy, or as a basis for generating are able to generate positive returns but
assets (TIETENBERG; LEWIS, 2015). The treme events and natural nurseries) and an new financial capital to promote the sus- below market returns. For these invest-
ability to sequester and store carbon by income alternative for coastal communities tainable use of ocean resources, include ments to be attractive to the private sec-
coastal environments, such as mangroves, (PEREIRA, 2020). traditional loans and subsidies, carbon tor, some form of public or philanthropic
grasslands and marshes, is an important Some points of attention are raised, markets and insurance instruments, phil- co-financing or blended finance would be
ecosystem service provided by these en- however, as possible obstacles to the ex- anthropic donations, investment impact, required. Finally, investments that are nec-
vironments. The development of payment pansion of these types of projects and they issuance of bonds, blue bonds, among essary to support certain important eco-
programs for ecosystem services aimed at must be observed when designing such an others (SUMAILA et al., 2021). The de- system functions but are unable to gen-
the commercialization of carbon credits is arrangement. First, the legal issues regard- ployment of these different types of capi- erate any market returns are unlikely to
an opportunity for the conservation and ing ownership of the areas, rights of use tal depends on the expected return on in- attract private funding. In this case, invest-
restoration of these environments, en- and who would be the interested parties vestment, which in turn depends on the ments would have to be paid for through
suring the continuity of provision of this that could receive payments for the con- risk-return equations faced by investors. public and/or philanthropic sources.
ecosystem service and other services pro- servation of these areas, which are usually Ocean finance can play a vital role in Table 2 presents a summary of the
vided, in addition to generating income public, must be defined. Another import- supporting the sustainable development main types of capital and the main pro-
for those who act in the conservation and ant point is the involvement and engage- of the maritime economy by directing in- viders of this capital in the context of fi-
restoration of these environments (BAN- ment of local communities in the design vestments towards activities, policies and nancial instruments applied to the Blue
CO MUNDIAL – WORLD BANK); UNDESA, of the project, in order to reduce conflicts actions that minimize ocean risks and Economy (SUMAILA et al., 2021).

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