BofA: Addressing ocean harms drives sustainable investing

The ocean, covering more than 70% of the Earth's surface, is facing unprecedented challenges that threaten both the environment and humanity. Rising sea levels, overfishing, and plastic waste pollution are just a few of the issues putting marine ecosystems at risk. To delve deeper into these pressing concerns and explore potential solutions, CNBC Africa spoke with Panos Seretis, the Global Head of Sustainability Research at Bank of America. Seretis highlighted the dual nature of the challenges facing the ocean economy, emphasizing the importance of addressing the risks while also capitalizing on the opportunities they present. In a recent report, Bank of America analyzed the various aspects of the ocean economy, shedding light on the potential for innovative solutions to mitigate environmental harm. One of the key points raised in the discussion was the alarming trend of increasing plastic waste entering the ocean despite efforts to reduce pollution. Seretis pointed out the need for stricter regulations and technological advancements in the form of bioplastics and biodegradable materials to combat this issue. By developing sustainable alternatives to traditional plastics, companies can not only minimize waste but also reduce the impact of plastic pollution on marine life and ecosystems. Another critical issue highlighted was overfishing, which poses a threat to global food security. Seretis discussed the potential of aquaculture as a sustainable solution to meet the growing demand for seafood while preserving marine biodiversity. By shifting towards responsible aquaculture practices, countries can alleviate the pressure on wild fish stocks and ensure a stable food supply for future generations. In addition to waste management and food production, the discussion also touched on the role of renewable energy in the ocean economy. Seretis underscored the significance of offshore wind and ocean energy as viable sources of clean power to meet the world's increasing energy needs. With technological advancements and favorable market conditions, renewable energy solutions have the potential to revolutionize the energy sector and reduce reliance on fossil fuels. Furthermore, the conversation delved into the importance of sustainable shipping practices in global trade. As a significant portion of goods are transported via sea routes, Seretis emphasized the need for greener shipping options such as liquefied natural gas (LNG) and biofuels. By investing in environmentally friendly shipping technologies, countries can reduce carbon emissions and promote a more sustainable approach to maritime transportation. Seretis concluded the discussion by acknowledging the crucial role of innovative minds and industries in driving positive change for the planet. By leveraging technology, research, and investment in sustainable practices, stakeholders can not only address the challenges facing the ocean economy but also create new opportunities for economic growth and job creation. As the world grapples with the urgent need to safeguard the oceans and combat climate change, initiatives like Bank of America's sustainability research underscore the importance of proactive collaboration and sustainable investing in building a more resilient and environmentally conscious future.