| Autor: |
CONNOCK, KENDRA, MCLEAN, JORDAN, RUBIDGE, LAURA |
| Předmět: |
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| Zdroj: |
Africa Governance Papers Journal; Oct2022, Vol. 2 Issue 1, p149-160, 12p |
| Abstrakt: |
The African continent is the locus of immense social, political and economic change. Policymakers who want to introduce and implement coherent policy in sustainable development face a dilemma: should they emphasise policies that lead to economic prosperity or ones that protect the world's precious climate? Moreover, while Africa is often lauded as a vast and relatively untapped source of natural resources that spell future economic prosperity, it is worth noting that the mere presence of natural resources on the continent has not always translated into economic developments or benefits to those communities who need it most (this phenomenon is known as the resource curse). Africa's oceans also face multifaceted threats that require effective governance channels and appropriate financing mechanisms if they are to be protected and developed for the benefit of coastal communities and Africa's blue economy at large. This commentary article discusses serious concerns raised by the African Union's (AU) African Continental Free Trade Area (AfCFTA) regarding the existing incentives to develop maritime infrastructure and so generate economic gains from the sea, which operate in the face of pressures from increasing maritime activities such as commercial fishing and the proliferation of offshore energy projects. This commentary argues that governance frameworks exist to address increasing climate variability and heighten interest in Africa's ocean economy, but that these initiatives lack appropriate guidelines on financing opportunities and require stronger implementation. Innovative financing solutions are identified that offer Africa fresh and actionable opportunities to raise necessary funds to ensure that oceans are protected and coastal communities can benefit from the development of the ocean economy, such as blue bonds and the Great Blue Wall initiative. The paper highlights the 2022 United Nations (UN) Climate Change Conference (COP27) as a strategic occasion for African countries to raise international financial support for the proper implementation of their blue economy aspirations. [ABSTRACT FROM AUTHOR] |
| Databáze: |
Complementary Index |
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