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Kingston, RI – September 27, 2022 – Rhode Island College College of Business Interim Dean Shou Chen was recently in Bali, Indonesia to deliver a keynote address at the G20 Development Working Group – side event on “Blue” Carbon: Conservation and Enabling Financial Capital.
The Group of Twenty – an intergovernmental forum of 19 countries and the European Union – was established in 1999 to address major issues affecting the global economy, including financial stability, climate change prevention and sustainable development. Ten years later, the G20 Development Working Group allows member countries to come together to take action on a wide range of issues facing developing countries, particularly low-income countries.
Indonesia, which currently holds the presidency of the G20 and hosts the annual summit of member states in November, advocates for the sustainable management of blue carbon ecosystems at the global level.
Invited by Indonesia’s Ministry of National Development Planning, Chen talked about the United States’ experience in implementing policies that reduce blue carbon – carbon sequestered and stored in the world’s oceans and coastal ecosystems.
“Blue carbon ecosystems can be a powerful way to remove carbon dioxide from the atmosphere,” Chen said. “Mangroves, swamps, seagrass and other kelp forests can store carbon dioxide in the vegetation and bottom sediments for thousands of years.
“One of the priorities for dealing with climate change is a comprehensive mitigation program and a climate change disaster prevention strategy,” he added. “Mangroves and seagrasses are key coastal ecosystems that store natural carbon. However, the critical role of blue carbon ecosystems is not receiving much attention.
He said the August 8 discussion forum on blue carbon finance is important to promote cooperation and commitment on various issues and to implement mitigation measures from governments.
“It wasn’t the biggest event I’ve ever spoken at, 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 scholar to share about the opportunities and challenges of implementing a blue carbon policy in the US.”
He said his speech at the conference was all the more interesting given that it came hours after the US Senate passed a $430 billion bill to combat climate change.
In his presentation, Chen called for the US to develop a national policy and strategy for blue carbon emissions, establish priorities for ecosystem restoration, and assess barriers to restoration. He said that states and regions have played an important role in addressing climate change, but a national and international response to this widespread problem is needed.
“They are among the governments and governments that have provided the most funding for climate change action, but the growth of public investment is slowing down,” he said. “Introduces a strategic approach to private sector climate investments.”
The popularity of sustainable investment strategies is helping to spur private sector climate investments, he said. Banks have played a leading role in brokering sustainable and green debt instruments and initiating a broader trend towards setting climate targets.
“Carbon finance increases the financial viability of projects, creates an additional source of income and enables the efficient transfer of technologies, know-how and know-how,” he said. “It provides a mechanism to leverage new public and private investment in projects to reduce greenhouse gas emissions globally, including in economies in transition and developing countries.”
Chen, professor of management science and Alfred J. Verrecchia-Hasbro Inc. Leadership Chair has extensive knowledge in business operations management, decision modeling, and finance and strategy. In the year He is a frequent speaker at academic and professional meetings and conferences, including international events at the 2004 Foreign Direct Investment Summit hosted by the Ministry of Commerce of the People’s Republic of China.
“A business professor must be an expert in many areas of business,” he said, “including finance, innovation, policy, strategy, marketing, organizational behavior, entrepreneurship, human resources, supply chain and operations.”
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