Shell collaborates with IMA to grow TT blue economy

SHELL VP Derek Hudson said the company has been working to ensure sustainable use of the ocean and its resources for economic benefit. At a seminar on science-based management of oceans held at Old Fire Station, Port of Spain on Thursday, Hudson discussed the importance of the blue economy.

Informed by his background in geology and having previously worked with the Institute of Marine Affairs (IMA), Hudson said he is happy to collaborate with the IMA on this project of maintaining and protecting marine life. He said the blue economy is a way through which the resources of the ocean is used as part of the drive to economic growth and diversification.

He said paying closer attention to it can improve livelihood through jobs, and said the potential of the blue economy increases long-term benefits of the sustainable use of marine resources for small island developing countries.

Hudson said the benefits for the Caribbean is connected to creating a healthy coexistence between development and preservation, and the importance of research in decision- making, and the role of collaboration. He said Shell, as energy producers working in the oceans, has a responsibility to minimize impact, and prevent harm to the environment- which includes living things in the ocean.

“Our ocean faces major threats... global climate change, pollution, habitat destruction, invasive species and a decrease in ocean fish stocks. It is quite a challenge today to find coral reefs.”

He said it is important for all sectors of society to come together in addressing challenges related to the effect of plastics in the ocean, and the negative impact this and other actions have on industries such as fisheries, tourism, offshore renewable energy sourcing, seabed extractive activities and marine bio technology.

Hudson said the value of the ocean worldwide is 2.5 trillion per year, and said this shows the economic value in ensuring protection of the marine environment and its resources.

“At the ocean conference held in June last year at the UN headquarters in New York, close to 1400 voluntary commitments were made by governments, the UN, civil society, academia, the scientific community and the private sector”, said Hudson. He said the commitments launched a global breakthrough on the path to sustainable management and conservation of our ocean, seas and marine resources.