World Ocean Day – Innovative Financial Advisors Pvt. Ltd.

Together we have the power to protect the ocean

Oceans cover 71% of the planet and provide us food, livelihood and economic stability. They are key drivers in ensuring regulation of weather patterns. Keeping this mind Canada suggested Ocean preservation in the Earth Summit in Rio de Janeiro, Brazil in 1992. Every year 8th June is celebrated as World Oceans Day after it was officially recognized by UN in 2008. It is observed to honour the world’s oceans that connect us all. The day is also to celebrate the contribution of oceans for human consumption like seafood. Some of the activities that are conducted on this day include beach cleanups, sustainable seafood festivals and educational programmes among others. Over the years there have been continuous efforts towards restoring the health and productivity of the oceans with a special focus on marine reserves, healthy fisheries and creating awareness among people regarding improvement of health of the ocean. However, the oceans still continue to face problems like ocean acidification, plastic pollution and overfishing.

Oceans are a source of livelihood for 350 million people who are associated with the oceans through fishing, aquaculture, coastal and marine tourism and research. Approximately, 1 billion people are dependent on fish as their primary source of protein. It is estimated that 60% of the world’s GNP comes within 100 kilometers of the coastline. As much as 90% of the people involved in fish trade are from developing countries. International trade in fish and fish products involves some 85 nations and is worth US$102 billion per year, with tuna alone representing US$10 billion per year. Fish trade for developing countries is more significant than any other activity as the trade value of fish is double of coffee. Ecotourism related to coral reefs is estimated to be more than US$ 9 billion a year. Apart from this the oceans absorb the increasing temperature and carbon dioxide, generate oxygen and regulate the weather patterns. All these are the sound reasons for people to work together to protect the oceans.

Innovative Financial Advisors Pvt. Ltd. understands the challenges that lie ahead of us. Overexploitation of resources due to bad governance is undermining the socio-economic performance of ocean and coastal resources. Overfishing, pollution, and habitat loss is having significant impact on the potential of the oceans in terms of creating jobs, increasing health risks and endangering the rights of the future generation for a clean and healthy marine environment. 85% of the global fish stocks are being overexploited. 60% of the coral reefs are under direct threat. Agriculture fertilizer has resulted in ocean dead zones equivalent to the size of Great Britain. On every square mile of the ocean 46,000 pieces of plastics are floating. Ocean temperature is increasing due to climate change putting risk of species becoming extinct.

Innovative Financial Advisors Pvt. Ltd. believes there is urgent need to devise a comprehensive and well though off approach that takes to consideration all stakeholders. There should be marine and coastal management for long term solutions that enhance economic, social and ecological performance of the oceans. There is need of long term private investment to contribute productive and essential ecosystem goods and services. The organization working on environment should adopt strategies promoting rights-based fisheries that empower the coastal communities along with establishing marine reserves to ensure sustainability. The government can also play an important role reducing subsidies and other economic incentives that leads to overexploitation. Coastal waste-water management, maritime pollution control and striving for zero net loss of critical coastal habitats are other issues that need to be catered.

Overcoming these issues cannot be a single institutions job, therefore, Innovative Financial Advisors Pvt. Ltd. encourages public sector, private sector, and the civil society to align their efforts towards bringing a transformational change.

By Rahul Choudhury

Media Team – Innovative Financial Advisors Pvt. Ltd.

Together we have the power to protect the ocean

Together we have the power to protect the ocean

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