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The Expected Impacts of Climate Change on the Ocean Economy

This paper addresses how the compounding hazards of climate change will impact the ocean economy, specifically marine fisheries, aquaculture and tourism.

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The paper examines existing and expected climate-driven changes, highlights opportunities for effective institutions and markets to reduce these impacts, explores opportunities for investments by highlighting the magnitude and direction of climate change impacts, and provides recommendations for how countries can achieve blue economic growth by implementing policies and infrastructure that reduce risks and build resilience to climate change.

‘The Expected Impacts of Climate Change on the Ocean Economy’ launched on 7 December 2019, during the 25th Conference of the Parties in Madrid. The event ‘Building the Resilience of the Ocean Economy’ was moderated by Advisory Network Co-chair Maria Damanaki and featured Ocean Panel Sherpa for Fiji Taholo Kami as well as authors Elena Ojea, Willow Battista and Ove Hoegh-Guldberg. Peter Thomson, UN Special Envoy for the Ocean, provided closing remarks.

Ocean Panel member Prime Minister Andrew Holness of Jamaica published ‘There Is No Balance between the Environment and the Economy during a Climate Crisis’ in EFE Verde. Read more in the WRI blog post ‘Climate Change Poses an Existential Risk to Ocean Industries: Here’s How They Can Respond’, by Blue Paper authors Steve Gaines and Erin O’Reilly and Secretariat team members Eliza Northrop and Lauretta Burke.

The World Resources Institute, alongside the U.S. Embassies of Jamaica, Mexico, Norway and Portugal, as well as Blue Paper authors, hosted ‘The Future of the Ocean’, the U.S. release of the food and climate Blue Papers, on 16 January 2020.

The lead authors of this paper are Steve Gaines, Reniel Cabral, Christopher M. Free and Yimnang Golbuu. The contributing authors include Ragnar Arnason, Willow Battista, Darcy Bradley, William Cheung, Katharina Fabricius, Ove Hoegh-Guldberg, Marie Antonette Juinio-Meñez, Jorge García Molinos, Elena Ojea, Erin O’Reilly and Carol Turley.

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