An interactive engagement intended to strengthen the dialogue on the importance of science-based targets to climate mitigation finance in fisheries and aquaculture

Event Type:

OFFSITE - SIDS4 Conference In-person Side Event outside the Conference venue (AUA)

Convener / Host:

Caribbean Regional Fisheries Mechanism (CRFM) Secretariat

Lead Organization:

Office of the Prime Minister (Government of Antigua and Barbuda)

Other Organizing Partners:

CARICOM Secretariat

Green Initiative

Thematic Area:

Enhancing Critical Forms of Financing and Aid Effectiveness through collaborative Partnerships: A Conversation

Summary:

The ocean has the biggest industries, as it provides the primary source of protein for 7.2 billion people, contributes to international seafood trade worth over US$ 164 billion, and supports the vast marine species biodiversity of the planet. The ocean has the potential to produce blue food, including finfish, and it plays a vital role in carbon storage; as 83% of the global carbon cycle is circulated through the ocean through mangroves and salt marshes providing carbon sinks in the form of blue carbon. Climate-related impacts will affect the marine ecosystem. Rising temperatures are changing the physical and the chemical properties of the ocean, including levels of oxygen, salinity, sea-level rise, hydrographic structure, currents, and ocean acidification. These changes may lead to shifts in abundance and distribution of fish population, increase in invasive species, changes in migration patterns of fish, and disruption of marine food webs.  Under the Paris Agreement, countries have agreed to keep the global temperature rise below 20oC. The IPCC’s 2014 report noted that a concentration of greenhouse gasses in the atmosphere of 450 ppm CO equivalent gives us a 66% chance to comply with the Paris Agreement’s 20oC goal. However, the National Oceanic and Atmospheric Administration of the United States Department of Commerce (NOAA) reported that in 2020 we were already at 504 ppm CO2e. Stopping the rise in temperature requires action by all industries and sectors, including fishing.  Although fisheries and aquaculture produce lower CO2 emissions per unit output compared to other protein sources, they do contribute to global CO2 emissions, as fossil fuel is its main energy source for fishing vessels. However, access to finance and risk insurance are key to ensuring that the sector can retool itself while implementing critical mitigation and adaptation measures that will strengthen its resilience.  In response to the need to reduce CO2 and other GHG emissions in the fisheries sector, the Caribbean Regional Fisheries Mechanism (CRFM) is keen to better understand the impact of small-scale fisheries on emissions. 

Purpose of the Seminar:

This seminar, entitled: Accelerating the Decarbonization of Fisheries in the Caribbean: from science based targets to climate mitigation finance, was designed to strengthen the dialogue on how the fisheries and aquaculture sector can contribute to positive change in this regard.