Ocean protection is a high priority global concern with immense threats and potential. Comment.
The ocean plays a critical role in global ecosystems, generating half the oxygen we breathe, regulating climate by absorbing heat and storing carbon, and contributing $2.6 trillion in value annually. In 2023, ocean-based sectors such as shipping, tourism, fisheries, and marine energy accounted for 7 per cent of global trade in 2023, according to the United Nations Trade and Development (UNCTAD). But climate stress, policy fragmentation, and shifting trade dynamics are threatening future gains.
Triple threat of the marine ecosystem:
Pollution:
Over 8 million tons of plastic enter oceans annually (Science journal).
Overfishing:
Over one-third of fish stocks are overfished.
Climate change effects:
Ocean acidification, rising sea levels, marine ecosystem destruction.
Funding Gap: The elephant in the room
- When such huge threats loom such an important resource for the planet’s existence and the planetarians’ development, the chief problems in today’s global order hindering us to conserve it include:
- Lack of global governance
- Inadequate funding
- The world needs to invest $15.8 billion annually to achieve the 30×30 target of protecting 30 per cent of the global oceans by 2030, according to the ‘Ocean Protection Gap: Assessing Progress toward the 30×30 Target’ report. This figure represents approximately 0.5 per cent of annual global defence budgets.
- Our current annual investment in ocean protection stands at a mere $1.2 billion, creating a substantial funding gap of $14.6 billion, according to the report The Ocean Protection Gap: Assessing Progress toward the 30×30 Target, prepared by a consortium of nongovernmental organisations and funders.
- The 30×30 target is one of 23 goals outlined in the Kunming-Montreal Global Biodiversity Framework, adopted by 196 countries in 2022, to halt and reverse nature loss. It aims to conserve and manage at least 30 per cent of terrestrial, inland water, marine, and coastal areas through protected areas (PA) and other effective area-based conservation measures (OECMs).
- Marine Protected Areas (MPAs) are defined regions managed for the long-term conservation of marine resources, ecosystems, or cultural heritage. OECMs are areas that effectively conserve biodiversity outside of designated protected areas.
- According to the latest update from the World Database on Protected Areas (WDPA), as of 2 June, only 8.6 per cent of the ocean is reported as protected. Of this only 2.7 per cent has been found to be effectively protected. This means only 2.7 per cent of the ocean have regulations and active management to ensure minimal or no damaging activities, according to the Ocean Protection Gap report.
Potential of mobilisation for the cause:
- To effectively manage MPAs and OECMs, countries need long term, sustainable sources of finance. While establishing MPAs cost a small fraction ($0.6 billion annually), a majority of funding ($15.2 billion annually) is needed for its management. It also added that management costs in developing countries represent just a quarter of the total annual funding need ($4.2 billion annually).
- Investing $15.8 billion annually to set up MPAs and OECMs could unlock $85 billion in returns annually by 2050. Conserving 30 per cent of the oceans, according to the report, can generate revenue through reversing declining fish stocks, safeguarding wetlands that reduce coastal property damages, and avoiding economic damages from carbon emissions by keeping sea grass ecosystems healthy and intact.
- The 30×30 can help countries enhance tourism revenues, create jobs, stimulate local demand, and catalyse ancillary industries, which also generate revenue.
- So far, a lion’s share (90 per cent) of the funding comes from public sources, with 78 per cent deployed domestically.
- The second leading contributor is Official Development Assistance (ODA), which provide 12 per cent of total ocean conservation funding. The rest comes from philanthropy, and private finance, the report highlighted. ODA is a government aid that promotes and specifically targets the economic development and welfare of developing countries
- The report called on developed nations to provide at least $20 billion per year by 2025 and $30 billion per year by 2030 in international biodiversity finance to developing countries. It also pointed out that Norway and Sweden have so far paid their fair share towards this target, while 23 of the 28 countries assessed were paying less than half of their due.
Way forward:
- Six potential tools have been identified to help countries close the funding gap. These include repurposing harmful fishing subsidies, introducing a levy on fossil fuel extraction, implementing tourism taxes, issuing sovereign blue bonds, conducting debt for nature swaps and accessing adaptation finance as grants or concessional debt. Together, they could release $6 billion-$18 billion annually.
- ‘Blue bonds’ is a debt instrument issued by governments, development banks or others to raise capital from impact investors to finance marine and ocean-based projects that have positive environmental, economic and climate benefits. Debt for finance swap allows countries to refinance their debts in exchange for redirecting funds toward conservation.
- Every major reports noted that private finance is likely to play a limited role in closing the finance gap in the short term. However, it added that private players could have an important role to play post 2030.
News:
Ocean protection needs $15.8 billion funding annually, but is receiving only $1.2 billion: Report
(Finding comes ahead of the United Nations Ocean Conference 3 (UNOC3) to be held in France between June 9 and 13)
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