The Oceans Economy

Sustainability of the ocean is important to us especially if we can help it. The oceans economy is pivotal to growth in all sectors and is something we should be educated on regarding the facts around ensuring long-term sustainability. However, the reality is that natural capital is either threatened or declining. This is worrying because if there are no funds this could cause potential neglect which could lead to the ocean becoming a “has been”.

Measures are being put in place to ensure this does not happen. The name of the project taking place in South Africa is called Operation Phakisa. Operation Phakisa represents that new spirit of moving faster in meeting the government’s targets. The starting point was that South Africa is surrounded by a vast ocean which has not fully taken advantage of the immense potential of this untapped resource. The oceans have the potential to contribute up to 177 billion rands to the gross domestic product (GDP) and create just over one million jobs by 2033.

The ocean is home to some of the world’s most precious resources such as oil and gas but most importantly the marine life which is something which needs to be sourced sustainably.

Information about South African Institute of International affairs

There are a few government bodies who will be involved in this process. They will be adding their contribution to achieving sustainability of the oceans economy. One the bodies include the South African Institute of International affairs (SAIIA). They have established The Governance of Africa’s Resources Program (GARP) who studies cases on our continent and purpose policy.

The main objective is to contribute to a strategy governing the exploitation and extraction of Africa’s natural resources. This is done by assessing current governance regimes and suggesting alternatives to targeted stakeholders.

According to the South African Institute of International Affairs, there is a need for effective and efficient measures that need to take place to ensure the resilience of coastal and marine biodiversity. This is to ensure for a long-term resource use to also protect and secure the livelihood of many people.

By doing our part, by only sourcing from marine abundant regions, we will contribute to the preservation and longevity of the ocean as we know it.

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