|Coastal forest, seagrasses and other marine life|
on Sentosa's natural shore.
Five United Nations agencies say they will work to create global acceptance of ocean and coastal habitats as a new form of tradable carbon market with a "global blue carbon fund." They warn that although the oceans account for 70% of the planet's surface, only 1% of that area is protected. 60% of the world's major marine ecosystems have been degraded or are being used unsustainably, resulting in huge economic and social losses. Mangrove forests have lost 30-50% of their original cover in the last 50 years while coral reefs have lost 20%, increasing the vulnerability of many highly populated coastal areas.
To achieve the Fund, there must be agreed standards for blue carbon monitoring and certification, targets set for habitat protection, and methods to determine the economic value of blue forest ecosystem services.
They aim to ensure oceans and coastal ecosystems are not neglected at the upcoming Rio+20 conference scheduled for June 2012.
The five UN agencies that authored The Blueprint for Ocean and Coastal Sustainability are UNESCO, the Intergovernmental Oceanographic Commission, the United Nations Development Programme, the International Maritime Organization, and the UN Food and Agriculture Organization.
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