‘The rules of the game inevitably have to be changed’: ECUMENE 2021 discusses sustainable finance in the Arctic and the blue economy
Why is sustainable development in the Arctic so important? What are the prospects for the emergence of white finance? These questions were the focus of the session ‘Sustainable Economy and Responsible Finance in the Arctic’.
Ambassador-at-Large of the Ministry of Foreign Affairs of the Russian Federation, Chair of the Senior Arctic Officials Nikolay Korchunovdescribed the Arctic as a region that requires, first and foremost, appropriate funding and the availability of appropriate tools and institutions. He expressed his hope that the discussion at the Congress would help to really get the work started on establishing institutions that would be in the interests of all Arctic countries and that would be pan-Arctic in nature.
The Speakers also discussed plans related to the Russian Federation's chairmanship of the Arctic Council for 2021-2023. Russia intends to implement a comprehensive approach to problem-solving, paying attention to both strengthening human capital in the Arctic and the region's climate agenda.
All the experts agreed that it is necessary to look carefully at the experience already accumulated. Michael Mann, EU’s Ambassador at Large for the Arctic and Special Envoy for Arctic Matters, said: ‘Due to the fact that we have the European Union, Norway and Iceland associate themselves with it in terms of economic territory, this means that the environmental laws that are adopted in the European Union are applicable to five of the eight Arctic governments. That makes it easier for the Arctic countries to get into that kind of work.’
Ambassador Extraordinary and Plenipotentiary of Canada to the Russian Federation Alison LeClaire stressed the importance of consolidated efforts. ‘It is necessary to develop ourselves together, it is necessary to invest in the infrastructure of energy, telecommunications, transport; this is what will create the conditions for the northern communities to flourish.’
According to Michael Mann, Russia can initiate the exchange of experience in this area as part of its activities as Chair of the Arctic Council.
The session also gave examples of successful actions to solve climate problems in the region. ‘Those ideas and projects which Rosatom is working on indicate that the schemes can be such that will allow transporting cargoes from Europe to Asia and back with a smaller carbon footprint and anthropogenic load on nature’ said Nikolay Korchunov.
No less productive discussion took place within the session ‘Blue Economy: Financing Life Below Water’. The global ocean economy alone is valued at about $1.5 trillion annually, 80% of world trade is conducted by sea. How does the threat to the ocean threaten the economy? What new market opportunities does the Blue Economy offer?
CEO of the Nobel Foundation, Formerly Norway’s Special Envoy for the Ocean Vidar Helgesen outlined the importance of the topic ‘The world is undergoing a major transition from a fossil fuel economy to a sustainable economy. Now when we talk about a sustainable economy, we think about clean air, but we can't forget about water, oceans take up most of our planet. We all use this shared water surface, so we need to think about both green and blue economies.
Work on climate adaptation and ocean health will help to see results quickly. According to Ilya Razbash, Adviser to the Head of the Federal Agency for Water Resources (Rosvodresursy), investments in water will strengthen systems that provide resilience in adverse times and comfort in normal ones. the Speaker is sure that such actions will change the quality of life for everyone for the better.
Specific initiatives for future steps in this direction were also announced. The Explorer in Residence, Pristine Seas Founder and Leader of the National Geographic Society Enric Sala said ‘If we want to prevent natural disasters and prolong the life of the system, at least we must protect 30% of the land and water by 2030. Gradually, we must develop strategies to create national parks, nature reserves and various regions that will be controlled by local people’.
As in the issue of sustainable financing of the Arctic, the blue economy requires joint efforts of the whole world community. The Speakers of both discussions suggested that no political situations and sanctions restrictions should affect cooperation in these important areas.