Why does this matter? The modest progress at COP29 reflects both the necessity and limitations of global climate diplomacy. The new finance target seeks to address the $2.3–2.5 trillion annual funding gap that developing nations face by 2030 to mitigate and adapt to climate change.

Without accelerated action, the world risks surpassing the 1.5C warming threshold, triggering potentially catastrophic tipping points and worsening the vulnerabilities of already marginalised communities in low-income nations. The function of the ocean as a global environmental regulator and carbon sink makes its inclusion in adaptation and mitigation policies essential.

At COP29, discussions on oceans emphasized their critical role in climate regulation but highlighted persistent underfunding and neglect in global frameworks. Oceans, the largest carbon sink, absorb over 90% of excess heat and 30% of CO2 emissions, mitigating climate change impacts but that absorption causes acidification, deoxygenation and biodiversity loss.

Key outcomes from COP included the Baku Ocean Declaration, calling for long-term investments in ocean observation and mapping. Additionally, the UK’s OCEAN Grants funded 20 projects to protect marine ecosystems and reduce coastal poverty.

Despite these efforts, advocates pushed for stronger integration of ocean-based solutions in Nationally Determined Contributions (NDCs) to scale blue carbon ecosystems and renewable ocean energy. Recognising oceans’ role is vital to align climate and biodiversity goals, ensuring sustainable futures for vulnerable coastal communities. Next on the global agenda is the Third UN Ocean Conference in June 2025, hosted in Nice, France.

In addition to highlighting the oceans’ role in climate regulation, COP29 brought attention to innovative strategies for leveraging marine ecosystems in climate solutions. Discussions emphasised scaling up marine renewable energy, such as offshore wind, and adopting advanced aquaculture practices to address food security and reduce emissions.

Blue foods, with their low carbon footprint, emerged as a critical focus for sustainable development, particularly in vulnerable coastal communities. The summit also showcased collaborative efforts, such as the UK’s OCEAN Grants, aimed at empowering local stakeholders to implement grassroots solutions. These initiatives pave the way for a more integrated approach to ocean-climate resilience.

Key outcomes of COP29 included the formalisation of carbon credit trading rules under Article 6. This system aims to enhance transparency and provide a framework for international mitigation outcomes, although critics highlight its lack of stringent accountability measures.

The introduction of a 5% levy on carbon trades to fund adaptation projects and the inclusion of safeguards for indigenous communities marked incremental progress. The $300 billion annual finance target by 2035, while below the $390 billion recommended by experts, represents a step towards mobilising public and private funding. This goal seeks to leverage initial public investments to unlock larger private sector contributions, signalling a “new era for climate finance”.

Despite these advancements, COP29 revealed significant challenges. Disputes over the allocation of climate finance, particularly the expectation that emerging economies such as China contribute alongside developed nations, highlighted deep divisions.

The complexity of carbon market mechanisms and the exclusion of long-term carbon sequestration measures drew criticism from climate advocates. Additionally, the reluctance to commit to a fossil fuel phase-out played into the interests of oil-producing nations that were prominent at the conference (not least, the host country itself), severely undermining the summit’s impact on mitigation efforts.

As the climate crisis accelerates, COP29 reiterates the urgency of bridging the gap between policy and action. The upcoming COP30 in Brazil, expected to emphasise nature-based solutions, offers a crucial opportunity to strengthen global commitments. Over the next five years, during which the $300bn finance goal will be reviewed, nations’ ability to align economic plans with climate imperatives will be tested.

This aligns with Ocean 14 Capital’s strategy to advance the sustainable blue economy and close the funding gap in nature-based solutions. The Ocean 14 Capital Fund invested in Goodcarbon to support this platform redefining carbon credits with transparency and innovation.

Goodcarbon combines investment-ready project development, financial tools, and long-term portfolio management to scale high-quality nature regeneration, sequester carbon, restore biodiversity, and empower local communities through equitable income distribution—a significant step toward sustainable climate action.

John Kerry, US Special Presidential Envoy for Climate, who spoke at an ocean dinner we hosted at COP28 with Deutsche Bank, Community Jameel, The Nature Conservancy and the Blue Marine Foundation, continues to be vocal about the ocean/climate connection. “The climate crisis and the ocean are inextricably linked… You cannot solve the problem of the climate crisis without solving the problem of the ocean,” Kerry reiterated in March 2023.

Otherwise, as UN Secretary-General António Guterres pointed out at the Climate Ambition Summit in New York, “If nothing changes, we are heading towards a 2.8°C temperature rise — towards a dangerous and unstable world”. But nowhere did Guterres speak about the role of the ocean as a critical defence against climate change, except in his closing sentence: “We must turn up the tempo.  Turn plans into action.  And turn the tide”.

So, what can every one of us do to be part of turning the tide? The answer lies in how and what we eat. Agricultural food systems, the missing piece of the climate puzzle, will be in focus in Dubai, which will be the first COP to have one day dedicated to food, agriculture and water.

Crucially, food systems are at the epicentre of three global risks: food security; health; and a contributor of one third of global greenhouse gas (GHG) emissions.

Degrading environment and rising temperatures—with associated extreme weather and natural disasters—highlight the inextricable link between food systems and climate change. Agriculture and the destruction of forests together account for more than 20% of total net manmade GHG emissions between 2007 and 2016.

Twin that with the supply chain disruption that Russia’s invasion of Ukraine caused and the continued economic fallout of the pandemic, which has pushed food prices to all-time highs, food security risk is further exacerbated. The number of people affected by global food insecurity has risen from 135 million in 53 countries in 2019 to 345 in 82 countries by June 2022.

And the problem is not going away. With projections for two billion more people to feed by 2050, at current consumption trends, food security is a rapidly growing risk, despite the fact that farmers have technically been producing enough to feed the projected 10 billion since 2012.

Moreover, with rising prosperity, in countries such as China, Brazil and South Korea, the demand for meat, eggs and dairy is increasing, putting further pressure on land and water resources.

So, what can we do? The 2019 IPCC report titled Climate Change and Land went as far as proposing a largely plant-based diet to free up several million square kilometres of land to use for crops, and, at the same time, cut 0.7 to 8.0 giga tonnes of carbon dioxide equivalent produced by livestock by 2050.

But there is a second, and arguably, bigger problem, namely that of food lost and wasted. In 2011, the Global Food Losses and Food Waste report estimated that one-third of the world’s food is wasted every year. This is equivalent to 1.3 billion tons of food.

Not only is this worth almost $1 trillion, but almost more importantly it could feed the additional two billion in expected population growth. This is why the FAO is expected to publish the Loss and Damage and Agrifood Systems – Taking Climate Action Forward report at COP28.

Critically, with a carbon footprint of about 3.3 billion tons of CO₂, food waste is a major contributor to climate change. If food loss and food waste were classed as a country, it would rank as the third biggest emitter of GHG emissions in the world, coming after China and the US.

This is why, for the first time at a climate COP, the presidency has made food systems a priority. The United Arab Emirates, which has launched a national action plan to reduce food loss and waste in the country by 50% by 2030, is preparing an ‘Emirates Declaration on Resilient Food Systems, Sustainable Agriculture and Climate Action’.

At the fourth National Dialogue on Food Security organised by the Ministry of Climate Change and Environment with the National Food Loss and Waste Initiative, Mariam bint Mohammed Almheiri, Minister of Climate Change and the Environment, said: “…Food and agriculture systems play a pivotal role in this regard, especially with food loss and waste one of the core challenges that humanity must address as a priority”.

The third food-related risk is ‘hidden hunger’.  In 2021, 828 million people were still chronically undernourished, according to the World Health Organisation. This suggests that tackling the growing calorie imbalance between the ‘classically’ starving and the nutritional deficiency of almost two billion obese people is more complex than just redistributing food.

Unhealthy diets are responsible for more than 11 million preventable deaths globally per year and according to more recent FAO data, the annual global cost of poor diets is $9 trillion. With the environmental costs of food production and consumption being a further $3 trillion, this makes up more than 10% of global GDP, and perhaps three to four times the economic value of the entire agricultural sector.

Obviously, reducing post-harvest loss and consumer waste is an important food system ‘fix’, according to the Food Sustainability Index that looks at the three pillars of sustainable agriculture, nutritional challenges, and food loss and waste.

But creating a healthy and sustainable reference diet is trickier and one that the EAT Foundation was established to tackle. It’s first project Food in the Anthropocene: the EAT-Lancet Commission on health diets from sustainable food systems report has become the global science-backed platform for sustainable food system transformation.

So where does the ocean fit into all of this?

As hosts, the United Arab Emirates has outlined four themes for COP28: technology and innovation, inclusion, frontline communities, and finance. The ocean holds solutions to the climate crisis and food security, as well as providing jobs.

Environmentally, the ocean has the potential to absorb 35% of the annual GHG emissions cuts needed by 2050, higher than previous estimates. Specifically, coastal habitats may only make up only 2% of the total ocean area but they account for roughly half of the ‘blue carbon’ sequestered in ocean sediments.

Moreover, seaweed is climate change’s unsung hero and a blue economy business, which according to the World Bank, could be worth $11.8 billion by 2030. Seaweed can absorb carbon emissions, regenerate marine ecosystems, employ women, and is used in biofuels, renewable plastics and alternative proteins.

In terms of food, fish provide more than 4.5 billion people with at least 15 % of their average per capita intake of animal protein, reaching more than 50% in several countries in Asia and Africa. And of the three billion in ocean-related livelihoods, including 80% of tourism which happens on coastal areas, marine fisheries alone employ almost 60 million people, of which roughly 20% are women.

More than that, global aquaculture accounted for approximately 0.49% of anthropogenic GHG emissions in 2017. This is similar in magnitude to the emissions from sheep production alone.

Economically, the ocean is an asset base that was valued at $24 trillion in 2015. Meanwhile, the annual value of goods and services produced from the blue economy is $3 trillion, which makes the ocean equivalent to the seventh largest economy globally.

To realise the ocean’s potential, The Nature Conservancy suggests producers will need $150 to $300 billion in capital expenditures in the next 10 years to build out the infrastructure required to accommodate consumer demand.

But investing one dollar in certain ocean themes can yield at least five dollars in global benefits over the next 30 years. In short, according to the High-Level Panel for a Sustainable Ocean Economy report, by investing $2 trillion to $3.7 trillion globally from 2020 to 2050 across four key areas could generate $8.2 trillion to $22.8 trillion in net benefits, a rate of return on investment of 410% to 615%.

In 2020, fisheries and aquaculture production reached an all-time record of 214 million tonnes, worth about $424 billion, but in 2017, industrial-scale fishing has meant that more than 30% of global fish stocks were overfished. And, in terms of food waste, fish and seafood have 35% waste rate; with between 30% and 70% of a single fish, wasted post-harvest.

This is where investing in blue foods can make a difference.

Take technological innovation, one of the COP28 themes. Ocean 14 Capital fund’s investment in The Kingfish Company takes advantage of adapted existing technology, in this case, recirculating aquaculture systems (RAS) for fishing in deeper waters fishing. Or Ava Ocean, which has pioneered low impact seabed harvesting technology for scallops.

The fund’s investment in Mito increases the production of bivalves, such as clams, which are a protein with one of the lowest-resource intensities globally, and in some cases even a restorative effect on their local environment.

While the fund’s investment in Tilabras allows it to support the sustainable farming of fresh tilapia; and Wellfish and SyAqua are investments focusing on improving the health and welfare of fish stocks and revolutionizing shrimp genetics and alternative feeds to save wild fish stocks, respectively.

In 2016, Dame Ellen MacArthur published a report warning that there will be more waste plastic in the sea than fish by 2050, unless the industry cleans up its act. Today, ocean plastic has investment potential. Bureo, for example, turns fishing net pollution into recycled raw materials used by brands such as Patagonia, Toyota, and Trek, while AION guides customers to shift their plastic waste challenges into valuable solutions.

Blue foods alone have the capacity to contribute to SDG2: Zero Hunger by providing 13.6 million tonnes more seafood by 2050; contribute to SDG8: Decent Work & Economic Growth through export revenue and livelihoods for 800 million people; address the obesity crisis as part of SDG3: Good Health & Wellbeing by providing essential nutrients; and, in addition, global aquaculture can reduce the carbon footprint of protein production, so supporting SDG13: Climate Action, and the agenda of COP28.

With an ocean-related focus, many of the World Economic Forum’s risks can be mitigated and almost every one of the UN Sustainable Development Goals can be financed. So as COP28 draws to a close in Dubai, let’s remember that the ocean is our best ally in the climate crisis.

This has severe consequences, heightening risks for ocean and coastal ecosystems, as well as posing threats to the lives and livelihoods of coastal communities.

Despite its importance, the ocean has long been overlooked in the fight against climate change. The ocean’s significance was first recognised on the global stage in the UNFCC Convention in 1994, and later in the 2015 Paris Agreement which “ensures the integrity of all ecosystems, including the oceans.”

It was not until 2019 that the need to strengthen our understanding of the linkage between the ocean and climate change was acknowledged. The following year, at COP26, the first Ocean and Climate Change Dialogue took place, cementing ocean-based action in COP processes.

COP27 –  At COP27, billed the “implementation COP,” the Sharm el-Sheikh Implementation Plan was agreed. From an ocean sustainability perspective, two standouts emerge from the Implementation Plan.

Firstly, Parties are encouraged to ‘blue’ their nationally determined contributions (NDCs), long-term strategies and adaptation techniques, facilitating ocean-based climate action at the national scale.

Secondly, the Plan further embeds the Ocean and Climate Change Dialogue into the global climate regime. Moving forward, two facilitators are chosen to host the dialogue, and responsible for deciding two topics for discussion.

Outcomes of the Dialogue are then presented to Parties at the COP. This year, the topics cover coastal ecosystem restoration including blue carbon, and fisheries and food security. The summary report of the Dialogue can be found here.

Blue carbon – the carbon captured and sequestered by marine ecosystems – also gained momentum at COP27. Conservation International, alongside a coalition of ocean stakeholders, released the High-Quality Blue Carbon Ocean Principles and Guidance framework, seeking to govern a voluntary carbon market expected to reach a value of $50bn by 2030.

Mangroves have been the subject of blue carbon commitments, acting as a key marine ecosystem and carbon sink. Hence, the Mangrove Breakthrough was announced as part of the Sharm El Sheikh Adaptation Agenda, aiming to raise $4bn to secure the future of 15 million hectares of mangroves globally by 2030.

COP27 also marked the inaugural year for the Ocean Pavilion, a space hosting over 70 events and workshops led by 20 scientific institutions and a range of influential stakeholders.

COP28 –  Amongst a barrage of stories set to come out of this year’s conference, keep an eye out for these three developments – the Dubai Ocean Declaration, the global stock-take and, the Loss and Damage fund.

Dubai Ocean Declaration – Ocean Pavilion is calling for increased action and monitoring of the ocean, producing the Dubai Ocean Declaration for guidance and commitment. COP28 participants are urged to adopt measures for enhanced ocean protection, starting with bolstering observational capacity to address climate change risks.

Key initiatives involve refining carbon flux estimates, monitoring emerging carbon removal strategies, and measuring crucial climate and biological variables.

The call extends to building capacity in developing nations, fostering international cooperation, and integrating traditional knowledge. The proposal underscores an urgent need for a robust research and technology programme, emphasising transparency and ethical practices.

Global stock-take –  Every five years, Paris Agreement signatories must revise their NDCs. First, a global stock-take assesses the overall progress of climate actions globally. As findings from the IPCC and various scientific organisations indicate that the opportunity to restrict warming to 1.5°C is narrowing, the upcoming stock-take is expected to trigger appeals for intensified actions from both governments and market stakeholders, potentially catalysing ocean-based initiatives.

Loss and Damage Fund –  A milestone at COP27 was the establishment of the Loss and Damage Fund. Year-long discussions on the fund’s creation faced hurdles, with disagreements over contributors, amounts, and recipients.

However, progress has been made on the first day of this year’s conference, with $420m pledged to seed the fund and more contributions expected.  This is likely to benefit ocean projects as the fund will cover “slow-onset processes”, such as sea level rise and ocean acidification.

What’s happening? The rising ocean temperatures due to climate change are causing a concerning northward expansion of Vibrio bacteria, particularly Vibrio vulnificus. The microbe, known for causing flesh-eating infections, has traditionally been a problem in the Gulf of Mexico but is now emerging in the upper East Coast.

The bacterium can enter the body through minor injuries, posing a severe health risk. Climate-induced ocean warming is changing the geography of infectious diseases, causing concern among healthcare professionals and beachgoers. As Vibrio moves north, it may threaten public safety on beaches, with cases expected to increase along the eastern US coast. (Scientific American)

Why does this matter? The Vibrio species are usually limited to warmer seas in the Gulf of Mexico, where locals are accustomed to the dangers of the microbe. Living with Vibrio means limiting shellfish consumption to winter months and taking antibiotics after sustaining an injury in the sea. Approximately 80% of infections in the US take place between May and October and almost 60% are caused by contaminated food. For those living in the north of the US, the microbe is unfamiliar and preventative measures are not common.

Deadly bacteria – According to the Centre for Disease Control and Prevention, Vibrio causes over 80,000 illnesses a year in the US, most of whom recover within three days without lasting effects. However, those who contract Vibrio vulnificus face more serious consequences. The species enters through a break in the skin and quickly begins eating limbs. The health consequences are serious – more than one in five patients infected with Vibrio vulnificus die, with amputation the only option to prevent the disease from spreading. Out of the 43 recorded infections in Florida this year, 10 have died.

Future projections – Worryingly, this is likely only the beginning. In a study published in Nature, researchers from the UK studied Vibrio’s spread along the east coast of the US between 1988 and 2018. Over this period, cases increased eightfold as the microbe migrated northward 30 miles each year due to warming waters. Cases have been reported in Long Island and New York this year after an unprecedented surge. According to the researchers, the warming caused under a medium-to-high emissions scenario will allow Vibrio to spread to every eastern US coastal state as early as 2081.

Snow crab decline – Humans aren’t the only ones at risk from warmer waters. Over the past few years, the population of snow crabs in the sea off Alaska has seen a drastic decline, with over 10 billion snow crabs perishing. This drop in population is linked to a 2018 heatwave in the Bering Sea, causing mass starvation among the crabs. Warmer waters led the crabs to expend more energy regulating their body temperature, coupled with insufficient food to support their increased energy requirements. Additionally, the higher temperatures made them more susceptible to disease. Though there has been a slight increase in snow crabs in 2022 and 2023, it will take many years of cooler conditions for the population to recover fully.

Earth system effects – Warming oceans are troubling climate scientists, with a range of expected impacts – for example, warm water increases the likelihood of coral bleaching and speeds up the melting of ice caps. Further, as water temperatures rise, evaporation and energy transfer between the ocean and atmosphere increase. This means hurricanes passing over warm seas result in stronger winds and heavier rainfall, increasing the risk of damage.

Warm future – Looking forward, the threats of intensified storms, coral bleaching and flesh-eating bacteria are likely to increase. Since the pre-industrial era, global sea temperatures have increased by 0.72C. This trend has recently accelerated – the last decade saw the warmest seas since at least the 1800s, while 2022 was the warmest year for oceans on record. According to a UK government report, ocean temperatures are expected to increase by a 1.5C by 2050 and 3.2C by 2100 under a business-as-usual scenario. Limiting global warming is fundamental for a sustainable future and will be central to discussions at COP28 which will convene next month in the UAE.

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.

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

07 September, 2022 LONDON: Ocean 14 Capital, a private equity company focusing exclusively on the multi-trillion-dollar ‘blue economy’, has 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, Ocean 14 Capital 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 from the sovereign wealth fund, the private equity firm has now raised €100 million since launching its growth-stage impact fund in December 2021.

Using the United Nations Sustainable Development Goal number 14: Life Below Water as a guiding principle, Ocean 14 Capital is searching for entrepreneurs and businesses with big ideas around aquaculture and alternative proteins, reducing plastic waste pollution, protecting ecosystems and marine flora, and ending overfishing.

The fund aims to act as a tidal surge to supercharge the blue economy, a sector using ocean resources for economic growth and preservation, which is expected to be worth $3 trillion by 2030, according to the OECD. At the same time, it will provide jobs to 40 million people (OECD;pg2).

Chris Gorell Barnes, co-founding partner of Ocean 14 Capital, said: “Oceans are the critical life-support system for life on earth. If we are to save the planet, there is clear evidence that if we don’t have a healthy & functioning ocean, we have zero chance. The ocean provides half the oxygen we breathe, it absorbs half the carbon, it feeds the world, it employs hundreds of millions of people. If it’s not functioning, it will be game over for humanity.

Philanthropy is doing a solid job, but institutions are realising that we need to overhaul the capital market to really stand a chance of averting the climate crisis.

That’s why we launched Ocean 14 Capital to bring in the necessary capital to transform the blue economy and make it sustainable and regenerative, so that we can protect and restore the oceans health and make sure this vital economy can prosper.”

H.S.H. Prince Albert II of Monaco has a long history of supporting ocean conservation. His Foundation has invested over €90 million during the past 15 years to fund more than 700 projects, in a bid to promote ocean health and limit the effects of climate change.

Jean CASTELLINI, Minister of Finance and Economy of Monaco, said : “I believe that this investment will enable Ocean 14 Capital to deliver the innovation needed to meet our climate and sustainability goals.

The sustainable blue economy is now a key focus for us and this is a rallying cry for start-up and scale-up marine innovators globally to come forward and help avert the crisis in our oceans and return them to a healthy thriving state.”

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

A key source of protein to feed the globe, shrimp breeding technology specialist SyAqua is among the first beneficiaries of the fund.

Through cutting-edge genetics and nutrition methods, the business plans to transform archaic farming practices, making it more efficient, technology-enabled, circular and regenerative.

AION, a plastic management platform, has also received investment. The Norwegian business uses proprietary technology to offer ‘Circularity As A Service’ to large-scale industries, ensuring the plastic we already have is kept in use for as long as possible.

Ocean 14 Capital will focus 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.

Chris Gorell Barnes added: “We have the science, the network, the understanding of marine conservations; we’ve got experience of building multibillion dollar asset management businesses, and we’ve got industry know-how, in terms of investing in and executing within the industry.

We’re at a pivotal point in finance, and I think it’s going to be as revolutionary as the technology shift we’ve had in the last 20 years.

We’ll see how impact investing becomes totally transformational in terms of how capital is deployed, there will be a lot of new regulations coming in, driving institutional capital to invest in vehicles that are having a positive and measurable impact on the environment and society.”

Ocean 14 Capital previously completed a €80 million first close in December 2021, with backers including the European Investment Fund (EIF), Chr. Augustinus Fabrikker, Builders Vision, Minderoo Foundation, and British businessman Alex Beard and Swedish entrepreneur Niklas Zennström.

What’s happening? The Glasgow Climate Pact, agreed at COP26, recognises the ocean under the United Nations Framework Convention on Climate Change (UNFCCC) and backs an annual dialogue on strengthening ocean-based action to take place in the summers before COP summits, starting in 2022. Small island state representatives at COP26 stated they would like to see further action and the COP process get “consistently bluer”. Others argued that too much had been pledged on forests and that more needed to be committed to ocean climate finance.

Why does this matter? Alongside the official recognition of ocean-based climate action as part of the Glasgow Climate Pact, COP26 saw a host of separate ocean-based initiatives launched by public and private-sector entities. However, in order to limit the effects climate change will have on the ocean, and for the ocean itself to play an effective role in mitigating climate change, action – public, private and from coalitions – needs to be enhanced.

COP25 saw talk about the importance of creating a dialogue on the ocean and climate change, in addition to the launch of the High Level Panel for a Sustainable Ocean Economy. COP26, however, had even more of a blue focus. The summit’s fifth day was dedicated to oceans, calling for action to protect and restore their health and resilience.

A long list of ocean-positive initiatives were announced on “Ocean Action Day”, including:

• the Clydebank Declaration, made between 19 countries to accelerate moves towards net-zero shipping through low-carbon fuels and associated infrastructure;

• Columbia, Costa Rica, Ecuador and Panama pledging to connect their marine protected areas to create one of the world’s richest areas of biodiversity – the Eastern Tropical Marine Corridor;

• the Ocean Risk and Resilience Action Alliance (ORRAA) announcing a multi-million dollar investment to accelerate coastal and marine environment financing;

• Convex announced a multi-million dollar science project with the Blue Marine Foundation and Exeter University to quantify the carbon stored globally on the seabed;

• the UK government’s announcement of £400,000 ($532,760) to support Fiji in issuing its first blue bond;

• the Great Blue Wall initiative, which establishes a network of marine and coastal conservation areas to protect and develop carbon sinks, including mangroves, coral reefs and seagrass, through involving local communities; and

• the progression of the “30by30” target to protect at least 30% of the global ocean by 2030.

It’s important to note that ocean solutions can also play an important role in country climate pledges made under the COP process, otherwise known as nationally determined contributions (NDCs). As of November this year, 54 NDCs contained at least one ocean-focused action, and at COP26 the Seychelles revised its NDC to specifically include the blue economy and coastal adaptation – with it pledging to protect 100% of mangrove and seagrass by 2030.

However, there is further untapped potential for ocean-based solutions in NDCs. The Marine Conservation Society and Rewilding Britain have pointed out that ocean-focused climate initiatives are vital, for example, for the UK to achieve its 2050 net-zero emissions target.

Globally, it’s been estimated that ocean climate solutions can close the 1.5C “emissions gap” – i.e. the difference between emissions projections under current climate policies and a 1.5C-friendly pathway – by 21%. To help close the gap, measures can be taken to safeguard blue carbon ecosystems; to target and reduce emissions from fisheries and aquaculture; to expand the provision of offshore renewable energy; and to work to further cut emissions from shipping.

Now that countries have agreed to revise and come back with stronger NDCs at COP27 in Egypt, this marks a perfect opportunity for such solutions to be factored in and for the oceans to fulfil their true potential in helping countries cut their carbon footprints.

Source: China Dialogue Ocean

What’s happening? The migration habits and biology of brown crabs are affected by underwater power cables that mesmerise the crustaceans, according to research conducted at the St Abbs marine station in the Scottish Borders. Researchers have found that the electromagnetism produced by the cables affects the creatures’ blood cells. The crabs are attracted to the cables, which are used for offshore renewable energy, when they emit an electromagnetic field of 500 microteslas or more, according to Professor Alastair Lyndon.

Why does this matter? It’s important to recognise the lesser-known impacts of renewable energy infrastructure on marine biodiversity, given the key role clean energy has to play in the net-zero transition. While renewable projects are clearly a sustainable energy option, their impacts on ecosystems, marine habitats and the fishing industry should also be considered.

The temporary stunning of crabs isn’t necessarily an issue in itself (though it may be uncomfortable), but it delays typical behaviour such as foraging for food or finding mates. Altered activity levels can also alter sugar metabolism rates in the crabs in a similar manner to humans. Changing blood cell levels within the crabs’ bodies could also increase their susceptibility to bacterial infections. Additionally, traditional migration patterns of male brown crabs, which typically move upwards along Scotland’s east coast, could be disrupted. This may result in a build-up of crabs in the south and scarcity in the north-east. Such abnormal distributions could influence marine ecosystem interactions and food webs, given brown crabs are active predators and feed on a range of crustaceans and molluscs, such as mussels, and are known to scavenge for food along the seabed.

On a larger scale, migratory changes could increase the instability of catch levels for local Scottish fisheries in some areas, posing risks to the UK’s fishing sector. Crabs are the second-most valuable crustacean species across the UK fleet following the langoustine. UK fisheries caught around 60% of the 2019 global total catch of around 50,000 tonnes. Maintaining optimal crab and lobster populations for catches is also important to increase their quality and can contribute to longer-term benefits to the wider marine environment, according to researchers of a four-year University of Plymouth field study.

Clean energy projects can result in other detrimental impacts for marine habitats. Conservation groups have raised concerns over the UK’s offshore wind projects, for example, which can disrupt vulnerable carbon-storing habitats such as saltmarsh, seagrass and deep-sea mud habitats.

The acoustics of piling offshore wind turbines into the seabed as well as underwater sound generated from operational offshore wind farms are also a source of noise pollution for aquatic life. However, with the right planning renewable projects can be co-used to boost marine populations and reintroduce species. Van Oord, for instance, deployed oyster reef structures at its Borssele offshore wind farm in efforts to boost the North Sea’s oyster population amid a revival of Europe’s flat oyster beds.

Increased monitoring and tracking of marine life populations will contribute to knowledge on the impacts of offshore renewable energy development. Scientists from the University of Plymouth recently deployed devices to track the movements of the endangered crawfish, which are important to small-scale coastal fisheries. Employing tech-based mitigation solutions can also help – Sercel recently launched Bluepulse, a marine acoustic source aiming to protect marine life from high-frequency noises.

Source: Journal of Marine Science and Engineering

Why does this matter? As the report outlines, fisheries are both vulnerable to climate change impacts and also contribute to it, through direct vessel emissions and fishing equipment disrupting the seabed. Protecting the ocean and its marine habitats – which can sequester more carbon per unit area than forests – is critical to mitigating climate change. In the UK, saltmarsh and seagrass meadows store around 220 million tonnes of blue carbon, 93% of which is sequestered in marine sediments.

The report highlights three key areas to be addressed. First, tackling direct emissions from fishing vessels. UK fishing fleets generate an estimated 914.4 kilotons of CO2 annually – the equivalent of the annual energy usage of over 110,000 US households. WWF, the MCS and RSPB highlight that over half of the UK’s fleet still in operation is over 30 years old. Most vessels in this ageing fleet are powered by carbon-intensive heavy fuel oils, while half relies heavily on diesel.

Second, marine biodiversity should be improved by minimising and potentially reversing damage from poor practices and destructive fishing gear. Around 87% of fish caught by UK vessels use a combination of demersal and beam trawl, and seine nets, which damage muddy sediments and seagrass. When disturbed from the seabed carbon re-mineralises into the ocean and can be released back into the atmosphere, increasing greenhouse gas levels.

Third, the UK’s marine habitats require increased protection to improve their ability to act as a carbon sink, the report states, as blue carbon is further extracted when fish stocks are depleted. The first UK fish stock audit post-Brexit, published earlier this year, found only three of the UK’s top ten fish populations are fished at or under their maximum sustainability yield. Alongside fish and shellfish, larger species are also considered carbon stores, with species such as tuna estimated to be 10% to 15% carbon. This leaves the ocean system when they are fished.

Adopting a climate-smart approach would support the UK’s Fisheries Act, passed last year, which recognises climate impacts in fisheries but has yet to take action in addressing the issue.

Companies are developing solutions to decarbonise vessels, with some exploring alternative fuels such as hydrogen and ammonia to cut carbon from larger, long-range maritime transport. On a smaller scale, electrification is being looked at by several figures in the maritime industry, such as Bio Feeder, which announced plans to charter Norway’s first electric fish feed vessel this summer. Others are experimenting with sail-powered cargo fleets, such as Timbercoast, while SailCargo’s Ceiba vessel combines traditional timber sailing masts with solar-powered engines to achieve commercial-scale zero-carbon shipping.

For smaller fishing vessels, returning to traditional methods could be more appropriate. Cornwall-based Fal Oysters fishery is rooted in low-emission fishing practices, using just sail power and a lower impact approach to harvesting seafood.

To better protect the UK’s blue carbon-storing habitats, bottom trawling is set to be banned within Marine Protected Area (MPA) networks and increased limitations are due to be enforced outside of MPAs.

Less-destructive alternatives such as bottom longlines will require incentives to encourage positive action. Certain initiatives are aiming to reinvent less disruptive fishing gear, such as the Cyprus-based project SEALIVE, which is developing bio-based fishing nets made with natural materials including micro-algae. The nets are also compostable on an industrial scale.

Source:

https://media.mcsuk.org/documents/Climate_Smart_Fishing_Report_FINAL.pdf

What’s happening? The recent record-breaking heatwave in British Columbia, Canada may have killed over one billion seashore animals along the coast of the Salish Sea, according to Professor Chris Harley of the University of British Columbia. Infrared cameras deployed by Harley’s team recorded temperatures above 50C on shorelines during the heatwave, which saw temperatures top 40C in Vancouver. Although intertidal species such as mussels can endure temperatures in the high 30s for limited periods, the recent heat combined with low tides proved fatal for the creatures.

Why does this matter? A topical subject on both sides of the Atlantic, heatwaves have steadily become more frequent as the world’s average temperature has risen, and their frequency is expected to increase further under future climate change scenarios. As indicated above, their impacts are widespread and can extend to marine life.

Harley speculates the current level of shoreline filter feeders will not be able to be sustained as these events become more frequent. His team later suggested the ultimate number of animals that perished as a result of this particular incident (which has been scientifically attributed to human-caused climate change) could be significantly larger than a billion, with one million dead mussels counted in one site in an area the size of a tennis court. In addition, this loss of mussels can have knock-on destabilising effects for other local species, as they provide an important ecosystem service by filtering water.

It’s not just mussels that made headlines in the heatwave. Further south in California, reports indicated juvenile chinook salmon in the Sacramento River were under threat due to the heating of the waterway affecting the fishes’ ability to live beyond their egg stage.

Although it’s difficult to estimate the true extent of the damage to coastlines and rivers across western North America, in British Columbia sensors are being deployed around Vancouver Island to examine the effects there.

Gathering such data will be increasingly important to understand the effects of such events, and the state of the ocean more generally. Monitoring and sensor-based approaches can be utilised to track ocean biodiversity, as is the case with the UK government’s Global Ocean Wildlife Analysis Network targeting UK Overseas Territories. On a broader scale, effective monitoring is an important part of the High Level Panel for a Sustainable Ocean Economy’s goals to improve ocean health. Both local and satellite data can play a role.

It’s important to note heatwaves can occur underwater. Marine heatwaves are also increasing in frequency, and this should come as no surprise considering the ocean acts as a fundamental “heat sink” in our warming world – with one study suggesting it has absorbed 90% of the planet’s heat from 1971 to 2010.

Between 2014 and 2016, a northeast Pacific marine heatwave – known as “the blob”– caused a record number of whale entanglements in crab fishers’ nets as a result of ecosystem shifts and habitat compression. It also killed a million North Pacific seabirds. Changes to species’ tolerable geographical ranges as a result of these events could continue to have significant implications, particularly when it comes to breeding.

For species physically fixed to their habitat, the problem is yet more serious, which is why research is being conductedto train corals to become more resilient to rising temperatures. Investment is also being made into marine heatwave warning systems to alert ocean-dependent industries. Promoting biodiversity levels more broadly also can play a role – a recent study has indicated the presence of local shark species was critical to restoring seagrass meadows off the coast of Western Australia that were damaged in a marine heatwave.

Source: www.cbc.ca/news/canada/british-columbia/intertidal-animals-ubc-research-1.6090774

On Jane Fraser’s first day as chief executive officer at Citigroup, she announced plans to achieve net-zero greenhouse-gas emissions in the bank’s financing activities by 2050. Finance has finally caught up to climate’s threat to the stability of the financial system.

Yet despite the fact that the oceans cover some 71% of the planet, produce at least 50% of the oxygen, and are the main source of protein for more than 1bn people, few leaders seem to have grasped the fact that climate and oceans are inextricably linked.

Speaking at the Sustainable Finance Forum in Abu Dhabi, Peter Thomson, the UN Secretary-General’s Special Envoy for the Ocean, said: “We can’t have a healthy planet without a healthy ocean. That is why sustainable finance for the sustainable blue economy is of vital importance to us all.”

Why does this matter? The science of how climate change will impact the ocean – and conversely how ocean dynamics will affect climate change – is complex. Recent studies have pointed out the rate of warming in the ocean, which absorbs 93% of the heat accumulated in the atmosphere, is increasing – even in the relatively understudied deep ocean. These changes are thus likely to disrupt ecosystems as species are forced to relocate.

This latest study in Science looks at the heat tolerance of 700 species of fish across their entire lifecycles, which previous research has not typically focused on. Looking across fish life-stages, the researchers found that both spawning adult fish and embryos have a narrower temperature tolerance range (of around 8C) than larvae and non-reproductive adults (around 27C).

This is partly due to their greater oxygen needs, and oxygen is less soluble in warmer waters. Separate studies have pointed more generally to the issue of oxygen depletion in oceans as they warm, with 700 ocean sites experiencing low oxygen levels compared to 45 in the 1960s.

The German researchers’ findings are significant. Earlier research on adult fish alone had suggested just 5% would struggle with temperature rises of 5C. This study suggests that even if the Paris Agreement on climate change’s preferred goal of restricting warming to 1.5C is met, temperatures will still be too high for 10% of fish in their current habitats.

While one might think species may be able to migrate to different areas, one of the researchers says warming will occur too quickly for species to adapt and that adequate spawning sites in cooler locations are not always available.

The analysis could have wide implications for both ocean ecosystems and fisheries, which have seen their productivity decline on average 4.1% since 1930 and at up to 35% in some regions.

The new findings also highlight the potential disruption to marine ecosystems in the shorter term, with ocean heatwaves such as 2015-16’s “the blob” off the west coast of the US potentially being more detrimental to fish breeding than previously considered – on top of its already significant consequences. The blob was also linked to the death of a million North Pacific seabirds.

Ocean warming is likely to continue even if global emissions are significantly reduced, laying bare the need to quickly address climate change. Alongside this, environmental groups including Greenpeace have highlighted that boosting ocean health can help combat climate change in itself by allowing the ocean to effectively absorb more CO2.

Sources:

New Scientist

Science

https://www.newscientist.com/article/2247602-climate-change-will-make-world-too-hot-for-60-per-cent-of-fish-species/