Sustainable Blue Economy Investment Forum UN Ocean Conference

UNOC Special Event

Sustainable Blue Economy Investment Forum

"Sustainable Ocean Principles a framework for responsible business practices"

Tuesday 28 June, 2022

Organized by the Governments of Portugal and Kenya

 Estoril Congress Centre, Cascais, Portugal 

Closing remarks by Kitack Lim, Secretary General, International Maritime Organization

Excellencies, distinguished delegates, ladies and gentlemen,

Allow me first of all to thank the organizers for this very important event, and to thank all the panelists for their very insightful comments and remarks during this session.

It is clear from their interventions that a Sustainable Blue Economy is a matter for us all, and a key pillar if we are to achieve SDG 14, which, is so vital to many of the other Sustainable Development Goals.

With more than 3 billion people relying on food from the ocean for their protein and key nutrients, and 40 percent of the world's population living within 100 km from the coast, it is not surprising that the ocean is at the heart of building a sustainable future and enabling the welfare and prosperity of generations to come.

The question of how to build a framework for responsible business practices in the ocean, is therefore fundamental to the overall theme of the Ocean Conference. It leads to two further considerations: How can we scale up the successful lessons learned to achieve the goals and targets before us? And how can ocean businesses be part of building a sustainable blue economy that is both responsible and meets the demands of future generations?

Fortunately, we have the tools to address those points. As we have heard - and as I am sure that the many side-events during this Conference will highlight - the solutions and champions willing to lead the way are in place.

We therefore have to continue efforts and provide the opportunities to enable science-based solutions, innovation and partnerships to be scaled up and thrive in the years ahead. And we have to do it now.

We can only succeed in this great and hugely important undertaking by working together and sharing experience across and between sectors.

Allow me to illustrate this by looking at international shipping. As you are all aware, shipping is a prime user of the oceans - invaluable to global trade and economic growth, as made abundantly clear during the pandemic.

The entire industry is voyaging through substantial changes. We at IMO, together with Member States, the industry itself and partners throughout the UN system and beyond, work tirelessly to ensure that these changes and challenges are supported by a constantly enhanced and strengthened regulatory framework.

Much of our efforts are currently focused on shipping's contribution to the global mission to combat climate change.

IMO Member States reiterated their commitment to review and strengthen the Initial Strategy on the reduction of GHG emissions from shipping, with a view to adopting a revised strategy in July 2023.

The measures agreed at IMO are designed to incentivize technology development, innovation, and R&D into low- and zero carbon fuels and to facilitate a smooth transition towards their use, ensuring no one is left behind in a "just and equitable transition". We must take on board that climate change disproportionately affects developing countries, in particular Small Island Developing States and Least Developed Countries. It is the duty of IMO and all its Member States to make sure that its policies and measures do not deepen the existing divide between developed and developing countries.

This transition of the shipping industry is a huge challenge. But it also brings opportunities, and I am pleased to say that the industry itself is at the forefront of exploring and embracing these opportunities.

To succeed with the scaling up needed to truly build a Sustainable Blue Economy, everyone involved must be proactive in sharing their knowledge and experiences.

IMO is working closely with FAO on fishing and illegal, unreported and unregulated fishing issues.

I am deeply impressed and excited by the many initiatives we have heard about today. I can see that they show the path towards a sustainable future.

Let's all find ways to ensure that our sharing of experiences do not stop here. These dialogues need to continue in and across all of our respective sectors and intergovernmental processes if we are to achieve our vision of a healthy sustainable ocean based on responsible business practices - because without that we will not have a healthy planet.

I am very happy to have been able to attend this forum and grateful for all the presentations.

Thank you.