Kingston, Rhode Island – September 27, 2022 – Shaw Chen, Interim Dean of the University of Rhode Island College of Business, recently delivered a keynote address at a side event of the G20 Development Working Group in Bali, Indonesia. rice field. Carbon: Realizing environmental conservation and financial capital. “

An intergovernmental forum of 19 countries and the European Union, the G20 was established in 1999 to address the biggest issues affecting the global economy, including financial stability, climate change mitigation and sustainable development. I was. Created almost a decade later, the G20 Development Working Group allows member countries to come together and promote action on a range of issues facing developing countries, especially low-income countries.

Indonesia, which currently holds the presidency of the G20 and hosts an annual summit of member countries’ heads of state in November, advocates for the sustainable management of blue carbon ecosystems around the world.

Invited to Indonesia’s Ministry of National Development Planning, Chen shared US experience in implementing policies to promote blue carbon (the carbon captured and stored in the world’s marine and coastal ecosystems that reduce greenhouse gas emissions). explained.

“Blue carbon ecosystems can be a powerful tool for removing carbon dioxide from the atmosphere,” Chen said. “Mangroves, tidal flats, seagrass and other kelp forests can store carbon dioxide in both plants and sediments for thousands of years.

“One of the priorities for achieving climate resilience is comprehensive mitigation programs and disaster management strategies in climate change,” he added. “Mangroves and seagrass are important coastal ecosystems that store natural carbon. However, the important role of blue carbon ecosystems has received little attention.”

The 8 August forum will be central to fostering cooperation and commitment on a wide range of issues related to blue carbon financing and the need for government funding to implement mitigation measures. did.

“It wasn’t the biggest event I talked about, but it was certainly one of the most important,” Chen said. “I was the only keynote speaker from the United States on the G20 panel and the only academic to share the opportunities and challenges of implementing blue carbon policies in the United States.”

His presentation at the conference was all the more notable given that it came just hours after the U.S. Senate passed a $430 billion bill containing funds to fight climate change, he said. Told.

In his presentation, Chen advocated for the United States to develop national policies and strategies for blue carbon sequestration, establish priorities for ecosystem restoration, and assess obstacles to that restoration. States and regions have played a key role in addressing climate change, but such a vast problem requires national and international answers, he said.

“Governments and intergovernmental organizations are among the most important financiers of climate action, but public investment growth has slowed,” he said. “I have facilitated an increase in strategic approaches to private sector climate investment.”

The popularity of sustainable investment strategies is helping to motivate the private sector to invest in climate, he said. Banks are also playing a more prominent role as intermediaries for sustainable and green debt instruments, starting a broader trend of setting climate targets.

“Carbon financing increases the financial viability of cutting-edge projects, generates additional revenue streams and enables effective transfer of technology, knowledge and expertise,” he said. “This provides a means to reduce greenhouse gas emissions globally, including in economies in transition and developing countries, by leveraging new public and private investment in projects.”

Professor of Management Science and Leadership Chair of Alfred J. Verrecchia-Hasbro Inc. Business, Chen has extensive expertise in operations management, decision modeling, finance and strategy. He is a frequent speaker at academic and professional conferences and conferences, including international events such as the Foreign Direct Investment Summit hosted by the Ministry of Commerce of the People’s Republic of China in 2004.

“Professors of business administration need to be experts in many business areas, including finance, innovation, policy, strategy, marketing, organizational behavior, entrepreneurship, human resources, supply chain, and operations.”