November 17, 2022
JAKARTA – Indonesia, together with the World Economic Forum (WEF), has unveiled Ocean 20 (O20), a public-private initiative to reap economic benefits from the ocean with a sustainable and inclusive approach.
The initiative was launched in Nusa Dua, Bali on Monday ahead of the Group of 20 Leaders’ Summit on Tuesday and is intended to deliver policy recommendations on conserving and using the ocean’s natural resources sustainably.
Coordinating Maritime and Investment Affairs Minister Luhut Binsar Pandjaitan said that cooperation among world leaders was needed to address the current gaps in ocean management and governance, ocean health, sustainable ocean industries, as well as investments in sustainable and beneficial ocean development.
“Because of these reasons, Indonesia proposes that the O20 be held under Indonesia’s G20 presidency and hopefully also by the next G20 president [of India] by collaborating with relevant industries, civil society and academics,” Luhut said during the launch of the O20.
He said that world oceans that cover 71 percent of the earth’s surface provided a wide array of natural resources which were vital sources of livelihood for many, thus offering a lot of prospects for innovation, economic growth and job opportunities, which are G20’s main topics.
“Under Indonesia’s [current] leadership, the G20 summit is actively enlisting the participation of the private sectors, academics and civil society organizations to strengthen the commitment for development and transition toward a sustainable ocean, bringing new hopes in the recovery from health emergencies as well as improving governance,” Luhut said.
A WEF study titled “What Ocean Sustainability Means for Business” and published last week highlighted that while the ocean continued to face destruction, overexploitation and pollution, “positive change and growth” were still possible if the private sector and G20 members worked to accelerate ocean sustainability.
“Through Ocean 20 we are helping drive an agenda that brings G20 governments, businesses and other stakeholders together to commit and take action for a healthy ocean,” WEF founder and executive chairman Klaus Schwab said on Monday. He added that a healthy ocean could buffer the world against the worst effects of the climate crisis.
The WEF study also stressed that ineffective governance would halt the progress toward a sustainable ocean economy.