The future of our oceans: an account of the Economist 2024 Summit

As a southern European, when thinking of oceans, Portugal and its 1,800 km coastline immediately comes to mind. Its unique geography has left an indelible print in the country’s history, culture and character. This is probably the reason why the Economist Impact events organised its 2024 World Ocean Summit in Lisbon from 11 to 13 March.

With 220 speakers and over 1,200 delegates across 80 sessions, #BlueEconomy stakeholders from around the world debated on issues from high sea governance and ocean strategies, to sustainable food production, tourism, transport and deep sea mining.

Over the years, the Summit has become a pivotal event in the realm of sustainability and marine conservation; and once again drew attention to the urgent need for collective action to safeguard our blue commons. The surging use of #plastics, expected to triple by 2060 , and their impact on ocean and human health, led to multiple sessions but few answers beyond the need for life cycle assessments to? inform sustainability strategies. A recent study suggests we ingest/inhale an average of 5 grammes of #microplastics (equivalent to a credit card ) per week;? a timely debate for the European Bank for Reconstruction and Development (EBRD), given the ongoing review of the our Environmental and Social Policy (ESP) .

Conversely, the dialogue on ocean food production offered clear pointers: opportunities for insect feed and site management to ensure sustainability, and the call for pharmaceutical companies to continue developing vaccines to avoid the pre-emptive use of #antibiotics and the public health risks that this entails. Another timely element for the ESP review and its biodiversity and health and safety performance requirements.

For the EBRD , the Summit provided a platform to further advance our nature-positive agenda, particularly in the context of ocean conservation. The blue carbon and nature finance panel helped link our experience in marine ecosystem recovery around the #Baltic, the creation of the Blue Mediterranean Partnership , and the EBRD Approach to Nature published at #COP28 last year.

Discussions hightailed the importance of incorporating ecosystem-recovery approaches into development projects, such as sustainable fisheries management, coastal protection measures, and the establishment of marine protected areas. These initiatives align closely with EBRD's commitment to promoting green and inclusive growth that benefits both people and the planet, and are fully in line with the recent EU nature restoration law .

However, amid the discussions on conservation efforts, the summit also delved into the contentious issue of deep-sea mining. The prospect of extracting minerals from the ocean floor sparked one of the most intense debates I have witnessed, with proponents highlighting the economic potential of accessing valuable resources such as polymetallic nodules, manganese, and rare earth elements. Yet, opponents raised deep concerns about the ecological consequences of deep-sea mining, which could irreversibly damage fragile marine ecosystems and exacerbate biodiversity loss. While acknowledging the potential economic benefits, the debate emphasised the need for economic circularity and prioritising alternative approaches to meet mineral demand, such as recycling and urban mining, to reduce the pressure on fragile marine ecosystems.

In conclusion, #theEconomist World #Oceans Summit 2024 served as a crucial forum for advancing dialogue and collaboration on ocean conservation and sustainable development. By reaffirming our commitment to nature action and advocating for the restoration and sustainable management of marine ecosystems, the #EBRD continued to play a proactive role in promoting the long-term health and resilience of our oceans. Through concerted efforts and partnerships, we can collectively address the challenges facing our marine ecosystems and ensure a sustainable future for generations to come.

Tatiana Der Avedissian Oliver Morton Torsten Thiele Sonali Siriwardena Aaron Vermeulen Louise Heaps Minna Epps Markus H.-P. Müller Carlos Duarte John Vermilye Evie Ward Dr. Dionysia-Theodora Avgerinopoulou Fran?ois Mosnier Dr. Dennis Fritsch Jonathan Werner

P.S.: I write these lines while heading to the Coiba Island National Park in Panama, to try to witness the hammerhead migration. A gift from nature that I hope my grandchildren will one day be able to admire in even greater splendour.