The ocean has emerged as a key site of action against climate change. Right now, 83% of the world’s carbon is circulating through the ocean, with mangrove forests, seagrasses and tidal marshes acting as vast carbon sinks. These rich ecosystems are being lost at a rate of 1-2% per year, turning sinks into sources. Preserving these ecosystems and capturing and storing carbon in the ocean is an emerging facet of climate discourse, included in mainstream discussions for the first time at COP26. Although gaining momentum, ocean conservation is consistently underfunded, representing just 9% of financial flows into nature-based solutions last year.

At COP15 in December 2022, the Global Biodiversity Framework (GBF) was agreed upon. The 30×30 target grabbed headlines worldwide, seeking to conserve 30% of the world’s lands, inland waters, oceans, and coastlines by 2030. As of October 2022, 6.6% of the Earth’s oceans fell under protected status. However, only 3% is covered by high-quality protections strong enough to maintain and safeguard biodiversity. According to scientists, the current slow rate of protected area expansion will lead to catastrophic declines in biodiversity and habitats.

Last year, $14bn was spent on marine nature-based solutions, with $980m going towards Marine Protected Areas (MPAs). Protected area finance needs to increase by nine to 12 times to meet the 30×30 goal, according to the UNEP. In North Africa and the Middle East, the funding gap is particularly severe – here, an increase of 93 to 125 times is required.

A similar pattern can be found in the Sustainable Development Goals (SDG). A study examining SDG14 (Life below Water) concluded that it receives the lowest funding of all SDGs. Achieving its targets, from tackling pollution to supporting small island states, requires $174bn annually. Data from 2019 shows that $19bn was committed to the goal, representing a funding gap of approximately $155bn.

To reach the hundreds of billions required for 30×30 and SDG14, the private sector will need to be more actively incentivised to invest in the blue economy. Of the $14bn spent on marine projects in 2022, 82% was public money. There is a range of tools and mechanisms to entice the private sector, with blue carbon credits emerging as a front-runner.

Blue carbon credits are generated by quantifying the amount of carbon that is captured and stored by ocean restoration projects. Businesses can buy these credits to offset their emissions and continue operating but at a higher cost. The voluntary carbon credit market is expected to grow by 15 times between 2020 and 2030, reaching a value of $50bn. Revenue generated from blue carbon credits can be used to improve and expand MPAs.

The beginning of 2023 was marked with two important stories surrounding carbon credits. First, an investigation revealed that up to 94% of credits issued by the world’s biggest rainforest accreditor have no positive impact on the environment. Meanwhile, the EU rolled out new legislation which forces large companies to disclose their use of carbon offsetting. These developments may increase the demand for high-quality blue carbon credits as a greater volume of companies seeks trustworthy, impactful credit schemes to avoid accusations of greenwashing.

It is important that credit schemes are robust and transparent, not only benefitting the environment but supporting those most vulnerable to climate change, building community resilience and reducing inequalities. There are examples of successful schemes in various countries. In southern Kenya, for instance, the Mikoko Pamoja project has successfully planted 56,000 trees, restoring 117 hectares of mangrove forest. Around 2,500 credits are sold each year generating approximately $24,000, 65% of which is returned to the community providing clean water and education to three villages. More examples can be found here.

This year, Carbonplace will launch, offering businesses an accessible platform to browse credits globally. Meanwhile, the Taskforce on Scaling Voluntary Carbon Markets aims to remove barriers to the market. Blue carbon credits are one piece of the ocean conservation puzzle and may prove instrumental in bridging the funding gap for ocean goals over the coming decade.

Some of the world’s most valuable and fragile ecosystems are found on islands, which are home to a large variety of plants, land and marine species and communities rarely found elsewhere. Understanding the interconnectedness of ecosystems could launch a “new era of conservation”, bringing knock-on benefits to neighbouring ecosystems, such as surrounding marine environments.

The study found that carefully planned actions such as removing invasive species and supporting coastal “connector” species could go some way in supporting island ecosystems. Beyond this, they can also address biodiversity loss, declining ocean health and climate change.

Connector species such as seals, seabirds and land crabs play a key role in ensuring healthy land-sea ecosystems and facilitating the exchange of nutrients between oceans and islands. However, important connector species are increasingly threatened and driven toward extinction by invasive mammals such as rats, which eat young hatchlings or bird eggs. This is aided by the fact that endemic island species do not have evolutionary defence mechanisms against non-native species. The decline of such valuable connector species carries direct consequences to both land and marine ecosystems, such as coral reefs, seagrass meadows and mangroves.

Seabirds, for example, feed in open ocean areas and bring high quantities of nutrients to both island and ocean ecosystems through guano deposits – accumulated excrements which contain natural mineral deposits and high levels of nitrogen, phosphate and potassium that support plant and vegetation growth. Islands with high seabird populations have been linked to higher fish populations, increased coral recovery rates and faster-growing coral reefs.

The isolated nature of islands means their ecosystems are particularly vulnerable to ecosystem changes, including overfishing or the introduction of invasive species. On the other hand, island ecosystems can recover rapidly and bounce back when supported by restoration measures.

The study highlighted six environmental factors, which can inform the selection of locations that would benefit most from the removal of invasive species – rainfall, vegetation cover, soil hydrology, elevation, oceanographic productivity and wave energy. The most significant marine co-benefits are expected to be seen on islands with calmer tides, high rainfall and other conditions associated with high land-sea connectivity.

For instance, Floreana Island in Ecuador’s Galapagos Archipelago, and Sonsorol Island in Palau, are islands with high land-sea connectivity potential. Both islands have joined the environmental campaign Island-Ocean Connection Challenge. Launched earlier this year, the campaign aims to rewild and restore at least 40 island ecosystems of global significance by 2030 to benefit oceans, islands and communities. Achieving this goal could mean the protection of an estimated 600 populations of 250 threatened wildlife species.

“Ridge-to-reef” restoration efforts will prevent further biodiversity loss and restore populations of native and endemic wildlife, which has cascading impacts on marine ecosystems surrounding the island. Healthy island and marine ecosystems also have positive impacts on climate resilience. From a social perspective, these benefits will also support local communities, which can play a crucial role in implementing restoration efforts.

It’s worth highlighting the interlinkages between healthy land and ocean ecosystems have been understood and managed by Indigenous island communities for a long time, but Western conservation has largely overlooked this approach, according to study co-author Penny Becker. Indigenous Hawaiians, for example, use ancient ahapua’a (watershed) resource management systems to manage fishponds, ocean areas and farming zones to ensure sustainable natural resources and protection from flooding and storms.

Scripps Institution of Oceanography

The study’s findings show marine protected areas (MPAs) can achieve “win-win-win” results for the environment, local communities and fishing industries. This is the first time an MPA has demonstrated protection to highly mobile, migratory species on a large scale and shows their benefits travel beyond the boundaries of MPAs to support broader ocean biodiversity, strengthening the argument for introducing more no-fishing zones – particularly across migratory routes which can benefit species including tuna, sharks and turtles.

MPAs are known to be one of the most effective measures for improving marine conservation. Approximately 6.2% of the global ocean is currently protected through MPAs, but less than half of this – just 2.4% – are fully or highly protected from fishing activity and its associated impacts, according to the Marine Protection Atlas. While it is well understood that marine protected areas offer protection to some sedentary species including lobsters or coral, the spillover benefits of MPAs to marine life in nearby areas have previously been questioned.

The Papahanaumokuakea reserve is around four times the size of California’s land mass and was expanded six years ago. The area spans a cluster of atolls and small low-lying islands and contain a diverse range of coral reefs, submerged banks and lagoons. Hawaiian endemic species make up around 25% of the species found within the reserve. It is also a key breeding ground for the Hawaiian monk seal and a critically important nesting area for green sea turtles. Commercial fishing within the reserve is banned, while additional measures including officer patrols, surveillance flights and US coastguard vessel visits also deter illegal fishing activities.

Researchers from the University of Hawaii and the University of Wisconsin-Madison used a statistical technique known as “difference in difference” to compare catch rates of marine life from 2016 to 2019 with those recorded between 2010 to 2013 – prior to the reserve’s expansion – across the reserve’s central areas with areas located further away.

The biggest fish catch increases were located between 100 and 200 nautical miles away from the reserve’s borders. Alongside catch rate growth (the number of tuna caught per every 1,000 hooks deployed) for tuna species, catch rates for all fish species combined rose by 8%.

The researchers’ findings are a success for marine biodiversity alongside the broader fishing industry, of which tuna generates approximately $40bn in revenue each year and supports employment for millions globally. From a social perspective, yellowfin and bigeye tuna hold cultural significance for local Hawaii communities and represent a key part of their diet.

Marine reserves have delivered simultaneous positive environmental and socio-ecological impacts elsewhere. An MPA established off Mallorca’s coast, for instance, has generated a tenfold return on its investment and improved marine biodiversity, water quality, slowed coastal erosion, boosted tourism and local fishing catches.

From a climate change mitigation perspective, the establishment of MPAs can play a key role in enhancingblue carbon sinks and supporting carbon sequestration. Declaring MPAs protects important, carbon-rich marine habitats such as seagrass and salt marshes from physical disturbances such as bottom-trawling and other damaging fishing practices. Greater protection for marine life will further enable carbon sequestration, particularly from larger fish species such as sharks and tuna, which are known to be carbon stores, with each fish estimated to be 10% to 15% carbon.

However, it’s worth noting that the benefits of no-fishing zones can only be achieved if they are supported by sufficient regulations and enforcement. Governments, such as the UK government have been widely criticised by environmental groups for declaring MPAs but failing to implement the regulations necessary to ensure proper protection across the areas, describing them as “paper parks”. Earlier this year, data found over 90% of the UK’s offshore MPAs are still being bottom-trawled and dredged.

Source: The Guardian

The long-term ecological impacts of seabed mining on marine environments are still largely unknown and have the potential to cause irreversible damage. Deep-sea mining – extracting naturally occurring rock deposits of cobalt, manganese and other minerals at depths below 200 m – is particularly risky, considering just one-fifth of the global ocean floor has been mapped by scientists and there is limited data for nearly 80% of the Earth’s oceans. California’s state-level legislation will ensure the protection of marine habitats and safeguard coastal areas and industries such as tourism and fishing.

Following the move and together with Oregon and Washington’s existing legislation, over 7,700 square miles of US ocean will now be protected against seabed mining activities. Marine species such as the endangered coho salmon, which hatch in freshwater streams that migrate into ocean waters along the US west coast, could be particularly susceptible to disturbance from seabed mining.

California’s state waters do not contain rich deposits of battery metals commonly targeted in seabed mining operations. However, waters along the state’s south coast could see increased future interest in extracting gold, titanium, and precious and semi-precious metal deposits. Meanwhile, interest could grow toward mining for phosphorites – a component used in industrial fertiliser – in waters around Southern California.

Disturbances caused by industrial seabed mining operations can threaten delicate marine ecosystems along the seabed, including up to two-thirds of all mollusc species found in the deep ocean. Such operations could also generate excessive light and noise pollution – with the latter having the potential to stretch across 500 km of ocean and create a “cylinder of sound” from the seabed to the ocean surface. This has the potential to influence the behaviour of marine mammals, such as whales, narwhals and dolphins, which rely heavily on sound.

Interest in deep-sea mining activities is rapidly gaining interest, mostly driven by the need to decarbonise, electrify and scale up low-carbon technologies such as wind turbines and electric vehicle batteries. Therefore, some view deep-sea mining as the best solution to secure metals, which in some areas are abundantly found along the seabed. However, there are too many significant gaps in understanding the ecological impacts of seabed mining to allow exploration at present, a recent study concluded.

Others believe that the arguments promoting deep-sea mining are flawed and that deep-sea exploration is not needed for the low-carbon transition. According to researchers, future demand predictions do not consider alternative solutions that can lower the demand for mineral resources. For instance, a combination of developing innovative alternatives, improving metal recycling and repairs could mitigate industrial needs for raw materials.

Elsewhere, action is being taken to protect seabed habitats. Environmental groups are calling for a global moratorium on deep-sea mining until its impacts are better understood. The G7 countries have also agreed that strict environmental controls should be implemented for seabed mining activities.

On a country level, Palau, Fiji and Samoa formed the Alliance of Countries for a Moratorium on Deep-sea Mining in June this year and are the first countries to oppose deep-sea mining in international waters. The Pacific nations are located near the Clarion Clipperton Zone, a stretch of ocean that contains over 20 million tonnes of minerals and which is likely to see pressure for large-scale industrial resource extraction begin. Last year, New Zealand’s supreme court upheld the decision of a lower court to reject a deep-sea mining project on environmental grounds.

Source: PEW

• Farming Tilapia, the affordable whitefish, where the fish can sustain vegan diets, is one of the most environmentally friendly ways of creating protein to feed the global population
• Brazilian producer Tilabras responsibly farms Tilapia, offering a low impact alternative to other forms of wild caught marine white fish
• The Ocean 14 fund’s investment aims to capitalise on the unique opportunities around Tilapia as a growth market as part of its ongoing mission to find sustainable solutions to improve the health of our ocean

The Ocean 14 Capital fund has today announced an investment of over €10 million in Tilabras, a leading producer of Sustainable Tilapia, in Brazil. Tilapia is thought to be one of the world’s most sustainable sources of animal protein.

Tilapia aquaculture is six times more efficient at converting plant-based feed into animal proteins than cattle farming. Tilapia is also more affordable than other commonly farmed fish, such as salmon, making it an extremely viable protein source for the growing global population.

A family owned company, Tilabras has developed a planet friendly model for farming Tilapia by focusing on its local impact and sustainable feeds. Globally, millions of tonnes of fish are caught in the wild every year to produce fishmeal and fish oil, to feed fish in aquafarms. Tilabras location and production model, allows the fish to be fed on a fully sustainable, vegan diet, while minimising the CO2 footprint.

“Our partnership with Tilabras continues Ocean 14 Capital’s direct focus on the intersection of sustainability and finance, creating impactful, industrial platforms enabling measured, sustainable growth of one of the most efficient forms of protein production on the planet. Ocean 14 Capital is proud to partner with a group that is aligned with our convergent approach to both financial and natural capital” said Francisco Saraiva Gomes, founding partner and chief investment officer at Ocean 14 Capital.

“The funds capital will be used to expand Tilabras’ farming base, increasing capacity and efficiency of production, as well as continuing the vertical integration of the group to a new processing plant and hatchery. Tilapia farmed inland in high carrying capacity man-made sites is the most sustainable alternative to whitefish caught from the ocean. The fund’s investment in Tilabras, supports the Company’s vision to become the lowest “natural-cost”, at-scale producer, of white fish in the world” Saraiva Gomes continues.

Nicolas Landolt, founder, Tilabras said “Ocean 14 Capital’s expertise, knowledge, and the fund’s ability to execute will help us enhance growth while improving resource efficiency. The period ahead of us is one of great expansion and development and we must do so with an ever-stronger commitment to sustainability. We are looking forward to building our hatchery and breeding operations, as well as the expansion of our farming and processing plants”

Chris Gorell Barnes, founding partner of Ocean 14 Capital, said: “Life on earth depends on functioning oceans – they are the lifeblood of our planet. As the global population continues to grow, demand for animal protein will continue to increase.

“Wild fish catches have been stagnant for nearly twenty years, despite huge growth in fishing efforts and technology. So the only way demand for fish can be met without stripping the seas is to scale sustainable aquaculture production methods.

“Our partnership with Tilabras focuses on enabling this transition to large scale, low impact fish farming, harnessing the best of modern technology. Tilapia is set to grow to a $9.2 billion industry by 2027 – it really is the future in terms of how we can feed the world.”

First launched in December of 2021, the Ocean 14 Capital impact investment fund has already made three investments this year.

SyAqua, a shrimp breeding technology specialist was among the first beneficiaries of the fund along with AION, a Norwegian plastic management platform that uses proprietary technology to offer ‘Circularity As A Service’ to large-scale industries, and MITO, a clam hatchery and breeding Italian company.

The Ocean 14 Capital fund focuses primarily on investing in growth-stage businesses. It is aiming that around two thirds of the fund will go to companies based in Europe, with the remainder aimed to be used to invest in the rest of the world.

This month, the Ocean 14 Capital fund received a commitment for €10 million from the Constitutional Reserve Fund of Monaco to support its mission of funding sustainable solutions to improve ocean health.

With this backing from the sovereign wealth fund, the Ocean 14 Capital €150 million impact fund is on track to invest in 8 companies this year, and to grow its portfolio to between 20 and 25 businesses within three years.

Following the Principality of Monaco’s €10 million commitment the private equity firm has now raised €100 million for the fund since inception.

Harmful algal blooms (HABs) – excessive blooms of phytoplankton that naturally produce biotoxins – have direct negative impacts on marine environments, human health, food security and aquaculture. While previous studies have explored the link between HABs and climate impacts on marine species, examining the relationship between the two – and their combined impacts – is not as widely understood. Understanding how different climate change scenarios can affect HABs is particularly important for future planning.

HABs can occur in freshwater, brackish water and marine water environments. While there are a range of environmental factors determining how habitable an ocean region is to microalgae species, temperature is a main factor. Algal blooms can also grow rapidly when there is an abundance of certain nutrients, particularly nitrogen and phosphorus.

Cawthron Institute senior data scientist Dr Dana Briscoe found under the Intergovernmental Panel on Climate Change’s 2019 RCP 8.5 climate scenario, waters around Aotearoa New Zealand’s North Island and the north region of its South Island could warm by 2C between 2050 and 2099. As such, the researchers predict a greater likelihood of toxic microalgae moving south from tropical waters – where they are traditionally concentrated – and toward New Zealand waters. The scientists plan to use predictive modelling to understand potential impacts under a range of predicted climate scenarios.

Warming water temperatures, driven by climate change, can reduce the natural mixing of water, enabling algae to grow thicker and more rapidly. This can bring about a range of negative impacts including blocked sunlight, the depletion of dissolved oxygen in water and the creation of dead zones.

Phytoplankton including diatoms and dinoflagellates are the most common HAB species found in marine environments. Marine HAB toxins can poison a range of species, resulting in amnesic shellfish poisoning, neurotoxic shellfish poisoning or ciguatera poisoning in fish. More broadly, marine HABs can also directly impact the central nervous system of fish, birds and marine mammals. A HAB played a significant role in the deaths of thousands of crustaceans including lobsters and crabs on parts of England’s north-east coast earlier this year. Elsewhere, a wave of toxic red tide algae blooms was linked to mass fish deaths on Florida’s Gulf Coast last year.

HABs also pose significant risks to fisheries. A separate study from Cawthron Institute recently revealed HABs can impact the health and productivity of shellfish if they come into contact with or ingest the algae. Financially, HABs can pose an even greater impact to farmed fisheries and to wild-caught, reef-based fisheries than any storm insurers have experienced, found another report.

Despite this, there is evidence to suggest a link between aquaculture activity and an increased presence of marine HABs. A study organised by UNESCO’s Intergovernmental Oceanographic Commission found areas with larger expansions of aquaculture developments coincided with areas with greater HAB monitoring efforts.

In the long term, large-scale efforts to reduce CO2 emissions are needed to avoid HAB impacts, as factors including increased temperatures and rainfall will trigger more HABs. On a local scale, the implementation of early warning systems can aid detection and response. Developments in integrating real-time monitoring using artificial intelligence and sensors can boost the effectiveness and deployment of these forecasting systems.

Source: The Fish Site