Funding to protect oceans falls far short of what UN says is needed
The recent United Nations conference in Nice focused on the urgent need to protect the world’s oceans, which are facing threats from overfishing, pollution, and climate change. Despite efforts to secure investments to address these issues, the $10 billion US ($13.6 billion Cdn) raised fell far short of the estimated annual funding required.
One of the key challenges highlighted at the conference was the lack of clear governance and regulations governing international waters. Only 50 countries have ratified the new High Seas treaty, which aims to establish rules to protect marine ecosystems and curb harmful practices. The absence of a robust framework has hindered private sector finance, with investors seeking clearer guidelines before committing funds.
Most of the funding secured at the conference came from public sector banks, including contributions from the Development Bank of Latin America and the Caribbean to combat plastic pollution. However, the total amount falls significantly below the UN’s estimated annual funding target of $175 billion US needed to achieve sustainable development goals for the oceans.
Improving policies and regulations, including eliminating subsidies that encourage harmful practices like overfishing, is crucial to attracting private sector investments. Creating a pipeline of investments, particularly in ocean-related technology start-ups, is also essential to address the funding shortfall.
Investors are calling for enforcement mechanisms in international treaties to address systemic risks and ensure the protection of marine biodiversity. The impacts of a warming planet, such as ocean acidification and coral bleaching, underscore the urgency of cutting carbon emissions to safeguard ocean health.
Despite the challenges, there were positive developments at the conference, including support from over 20 countries to prevent deep-sea mining and the establishment of new marine protected areas. However, more concerted efforts are needed from policymakers, investors, and stakeholders to address the pressing threats facing the world’s oceans.
As Flavien Jouber, Seychelles minister for agriculture climate change and environment, noted, the ocean is the last frontier that has been exploited without regard for the future. It is imperative that we take decisive action to protect and preserve our oceans for future generations.
