New report highlights dramatic lack of ocean funding in fight against climate breakdown
New research released today by Deloitte shows that the crucial role of the ocean in fighting the climate crisis is unrecognised and underfunded.
The findings, developed in association with the Marine Conservation Society and Whale and Dolphin Conservation, show investment in ocean-based solutions to help tackle climate breakdown is – literally – a drop in the ocean.
Deloitte’s research into the topic has been published to coincide with Finance Day at the COP26 global climate conference in Glasgow, and shines a light on the fact that the crucial role of the ocean in climate mitigation and adaptation is largely unrecognised by business, and policymakers. As a result, it is drastically underfunded.
The research also highlights the illogic of overlooking the ocean, which provides more than half the oxygen we breathe, makes up 71% of the surface of the planet and is our largest carbon sink.
Yet findings show that natural climate solutions receive less than 3% of all climate finance, with the ocean receiving less than 1%. In addition, governments around the world pay organisations USD 4-6 trillion to exploit nature, instead of protecting it.
But there is hope. With the right corrective actions we can achieve ocean recovery as soon as 2050. WDC and The Marine Conservation Society are calling for a massive increase in funding for ocean-based solutions to the climate crisis - including in the protection and restoration of the ocean and the life it contains.
Deloitte Climate and Sustainability Partner Mike Barber says: ‘When offered a path that averts total economic collapse, gives huge reward and for little investment, why would we choose to look the other way?’
See the full report: A Drop in the Ocean
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