The ocean has generally been overlooked in global climate policies, favouring more visible goals such as renewable energy and carbon emissions reduction. However, ocean-based solutions must be appropriately financed and are critical to the green transition.
Following the 2024 United Nations Climate Change Conference (COP29) in Baku, we have one important question: What happens next? With nations expected to submit revised nationally determined contributions (NDCs) under the 2015 Paris Climate Agreement early next year, the world has a chance – and a responsibility – to take revolutionary action to address the climate problem. The ocean must be important to this endeavour.
According to a report commissioned by the High-Level Panel for a Sustainable Ocean Economy (Ocean Panel), the oceans can provide up to 47% of the annual greenhouse gas (GHG) emissions reductions required by 2050 to keep the planet from warming by a catastrophic 2°C (or up to 35% of the emissions reductions required to keep warming to 1.5°C). The research quantifies the contributions of seven ocean-based solutions to the climate issue, including the five solutions identified in the Panel’s 2019 report, as well as two new measures: limiting offshore oil and gas exploitation and decarbonising ocean-based tourism. If completely implemented, the paper concludes that ocean-based solutions can reduce emissions by around four times the European Union’s yearly total emissions.
The report includes updated data from a recent Oceana analysis, which found that halting offshore drilling expansion, combined with a phasedown of existing production driven by reduced fossil fuel demand as clean energy comes online, would deliver up to 18% of the annual GHG emissions reductions required to stay below a 2°C rise (or up to 14% under the 1.5°C scenario), more than any other ready-to-implement ocean-based solution.
The seas have absorbed more than 90% of the surplus heat held on Earth; if the same energy had gone into the atmosphere, temperatures would have risen by almost 36°C. However, global ocean temperatures are at record highs and show no signs of dropping. “The threats that climate change poses to the oceans are well documented, but this report provides a roadmap to rewrite that story and help tackle global warming,” says Dr Daniel Pauly, a world-renowned fisheries expert and Oceana board member. “To secure a sustainable and resilient future, governments must work together to implement these solutions now.”
The ocean is the planet’s largest carbon sink, absorbing 25% of all CO2 emissions and 90% of the extra heat a rising climate produces. According to a 2023 assessment, ocean-based climate solutions can get us up to 35% closer to our 2050 emissions-reduction objectives while keeping global temperature rise to 1.5° Celsius. Mitigating climate change is only the beginning; a healthy ocean is critical to building sustainable livelihoods for vulnerable populations globally.
The Blue Economy and Finance Forum will take place in June as one of the “special events” leading to the third UN Ocean Conference. The BEFF seeks to unlock funding for ocean-based solutions, particularly biodiversity-friendly initiatives that serve economic growth and climate goals. However, as seen at COP29, public funds are already stretched tight. Mobilising private wealth alongside state investment is therefore critical for driving significant change.
To understand why, consider the shipping sector, which produces more carbon than all but six countries. Critical components of the net-zero puzzle have already been assembled for the industry. Shipping businesses are planning low-carbon transformations. The technologies they require, notably “green fuels”, such as green methanol and ammonia, have been created. Producers are prepared to expand output while continuing to innovate. However, scaling up production has proven challenging since investors perceive critical green technology as too risky.
The report describes ocean-based climate solutions such as halting the expansion of offshore oil and gas extraction, increasing marine conservation and restoration, utilising low-carbon ocean-based protein, scaling ocean-based renewable energy, and decarbonising ocean-based tourism and transportation.
Harnessing this momentum to accomplish concrete action, such as expanding marine protected areas to include mangroves and seagrass meadows or increasing shipping industry decarbonisation, would necessitate cross-sector and cross-border collaboration. And it will need significantly more funding. As we look ahead to the BEFF and beyond, we must emphasise one point: investing in the ocean means investing in our collective future.
