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emerging risks briefing

execUTive sUmmary

1. Marine risk needs to be considered beyond traditional boundaries,recognising the potential interaction between sectors The marine environment is used by many different industries and their actions all have the potential to affect each other.These interactions can be positive or negative depending upon the economic, social and environmental factors at play. no business or sector should be thought of as a closed system. Thinking needs to extend beyond the traditional economic and regulatory risks to the wider interaction with the environment.

4. Regulatory measures to improve environmental conditions could have unintended results unless carefully planned and regularly reassessed regulatory measures need to be carefully considered over the long-term, with clear guidance given on implementation and be subject to regular appraisal.Well intentioned measures can result in negative impacts. for example, legislation to encourage the use of low sulphur fuel in ships can cause greater environmental damage if there is a lack of a preventative maintenance or technical knowledge.

  • 2.

    Growth in commercial use of marine resources is inevitable but can and must be managed sustainably growing populations and increasing economic activity will mean that demand for marine resources will continue to rise. by acting now, it is possible to manage this activity in a sustainable manner. Utilising renewable energy resources, making vessels more energy efcient, managing aquaculture effectively and safeguarding sh stocks will all help to ensure accidents and over-exploitation are avoided.

  • 3.

    Environmental change has the potential to severely damage economic activity but can be mitigated if action is taken now The changing environment will create challenges for businesses and may impact economic activity through pressure on natural resources. investing in risk reduction measures can help minimise those effects and help make commercial operations more sustainable, protect against damage and minimise the risk to the environment. managing insured risk often has the added benet of reducing environmental risk.

5. Working in partnership with all stakeholders is critical to getting the right end results for both business and the environment if viable and sustainable solutions are to be found, all stakeholders need to be involved. regulatory measures aimed at managing specic interests without due consideration of all points of view are seldom long-term solutions and could negatively impact on the environment.voluntary and certication measures may contribute to solutions but maintaining the difcult balance between stakeholders is critical to conserve the marine environment and the livelihoods that depend on it.

© isTOckphOTO.cOm

emerging risks briefing

The marine envirOnmenT is Used by many differenT indUsTries andTheir acTiOns all have The pOTenTial TO affecT each OTher.

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