Headline: Blog

As the largest and most complex ecosystem on the planet, the ocean plays a key role in efforts to address the interrelated challenges of biodiversity collapse and climate change. Despite this, its dynamics have only been inadequately included in financial approaches intended to mitigate them. Financial regulators are increasingly aware of the multiple links between the climate and biodiversity crisis and the financial system and how nature is impacted by financial flows. They now need to fully integrate ocean biodiversity into their approaches.

Thirty years ago today, world leaders came together to launch the European Bank for Reconstruction and Development (EBRD), a bold initiative to foster change in an economic system that was degrading both the environment and indeed entire societies. Today, with the ocean facing unprecedented threats, a similarly bold initiative is required.

With the rapid growth of the technology sector over the past decade, the demand for metals such as copper, manganese, cobalt and other rare earth minerals has increased many times over. The deep seabed as a potential source of these minerals seems particularly attractive against this backdrop, especially as industrial deep seabed mining is now close to operationalization.

Five years have passed since the so-called ‘Paris Agreement’ was concluded at the 21st Conference of the Parties (COP) to the UN Framework Convention on Climate Change (UNFCCC) following years of deliberation between the member States. For the ocean, the Paris Agreement represents a turning point: previously issues relating to the ocean were side-lined in COP negotiations.

Marine life is full of potential treatments, including the first antiviral approved for Covid-19 patients

The ocean plays a fundamental role in regulating global temperatures. Not only does the ocean absorb 93 percent of the heat trapped by rising anthropogenic carbon dioxide (CO2), but it also absorbs approximately 25 to 30 percent of anthropogenic CO2 emissions that would otherwise remain in the atmosphere and increase global warming.

A healthy ocean is critical to the survival of every life on earth. However, given that the marine environment, including its currents and species that inhabit its waters, are transboundary, national action alone cannot ensure its conservation. Each one of us must resolve the pressing issues facing the ocean, from marine pollution and overfishing to securing vulnerable coastal communities.

Negotiations on a conservation agreement for the high seas are currently under way at the United Nations in New York. This agreement has to be ambitious if it is to protect our oceans from profiteers. After more than a decade of heated debate, the United Nations have begun to negotiate a new agreement on the...