Our Ocean Conference, Panama

Side Event on Ocean Accounts: Setting the Foundation for Sustainable Blue Economies

Friday 3 March, 12:35 to 13:25 | Salon Pacifico 1, Panama Convention Center

The concept of moving Beyond GDP and utilising indicators related to a broader set of economic, environmental and social measures is gaining significant traction as a key mechanism for delivering robust sustainable ocean economies that attract sustainable finance, unlock nature-positive decision-making, and ensure inclusive communities.

Commitments are embedded in the Sustainable Development Goals (SDGs), Lisbon Declaration, and Transformations for a Sustainable Ocean Economy, endorsed by 17 world leaders of the High Level Panel for a Sustainable Ocean Economy (Ocean Panel). Most recently, the Kunming-Montreal Global Biodiversity Framework has recognised the role of national accounting and accounts to support the alignment of public and private activities and fiscal and financial flows with the goals and targets of the Framework.

National accounts that look at multiple indicators beyond GDP can help governments anticipate unintended consequences of decisions that may increase present economic production at great cost to important ecosystems and at the expense of future opportunities. Specifically, the development and use of ocean accounts can support decision-makers to close existing knowledge gaps related to investments in the blue economy, and sustainable coastal and marine tourism, ensuring local communities are benefitting from the ocean economy and the role of nature and ocean ecosystems in a national economy.

Ocean accounts are a critical tool to assist governments in advancing efforts to ensure the long-term sustainable production, protection and prosperity of the ocean economy and can be developed as part of broader efforts to deliver on commitments for 30% protection and 100% sustainable management of the marine environment.

This event featured members of the Global Ocean Accounts Partnership (GOAP) and the Ocean Panel to unpack how the development and use of ocean accounts can provide the foundation for the transformation to sustainable ocean economies and support the delivery of Sustainable Ocean Plans, the SDGs and new Kunming-Montreal Global Biodiversity Framework.

Speakers

Victor Gustaaf Manoppo, Director General of Marine Spatial Management, Ministry of Marine Affairs and Fisheries (MMAF) of the Republic of Indonesia
Dr Rick Spinrad, the Under Secretary of Commerce for Oceans and Atmosphere and Administrator of NOAA, United States
Ilana Seid, Permanent Representative of Palau to the United Nations and Sherpa to the President of Palau to the Ocean Panel, Palau (Ocean Panel Co-Chair)
Mike Kelloway, Parliamentary Secretary to the Minister of Fisheries, Oceans and the Canadian Coast Guard, Canada (GOAP Co-Chair)
Per W. Schive, Deputy Director General, Ministry of Climate and Environment, Norway (Ocean Panel Co-Chair)
Firdaus Agung, Director for Marine Conservation and Biodiversity, Ministry of Marine Affairs and Fisheries (MMAF) of the Republic of Indonesia
Ilona Drewry, Head of International Sustainable Blue Finance, Department for Environment, Food and Rural Affairs (DEFRA), United Kingdom
Taholo Kami, CEO and Principle Partner, Kami Pacifiki