“Bluest COP” Fell Short on Ocean Action
Rapid expansion of protected areas expected before 2030 deadline, but further progress needed on national plans to crystallise investor risks and opportunities.
COP16 was one of the ‘bluest’ yet held by the Convention on Biological Diversity, but experts doubt efforts to increase transparency and drive progress will achieve the ocean-related goals of the Global Biodiversity Framework (GBF). It is hoped that ‘climate’ COP in Baku will ramp up momentum.
One crucial breakthrough concerned a long-awaited confirmation of ecologically and biologically significant marine areas (EBSAs) – which paves the way for use of a scientific and technical database to identify where to deploy marine protected areas (MPAs) and sustainable use measures, both in national and international waters.
“While technical, the EBSA is vital for implementing the GBF for the ocean and achieving the protection of 30% of land and oceans by 2030,” Arianna Manili, Senior Policy Officer at think tank Planet Tracker, told ESG Investor.
The expansion of MPAs means investors in the blue economy will need to clearly identify and mitigate associated nature-related risks in their portfolios – such as exposures to fisheries targeting endangered marine life and pollution from freight ships across protected ocean areas.
New guidance unveiled separately at COP16 by the Task Force on Nature-related Financial Disclosures and Glasgow Financial Alliance for Net Zero outlined how oceans can be wrapped into transition planning and investing by corporates and financial institutions.
The EBSA agreement is one of the biggest contributing factors to COP16 being “the bluest COP ever”, said Manili, adding that protected and conserved areas must now “more than triple” to meet the GBF’s target.
Researchers have so far identified more than 300 EBSAs for possible protection in international waters. But a report published at the conference noted the world is currently significantly off track, with only 8.4% of the ocean and coastal areas globally within documented protected and conserved areas. The current trajectory means this will increase to just 9.7% by the end of the decade, it added.
NGO Greenpeace has suggested the world will not reach the 30×30 marine target until 2107.
Ocean-related announcements at COP16 included more government funding for the Global Fund for Coral Reefs and revisions to the programme of work on marine and coastal biodiversity – the latter of which set new priorities for action in 19 areas, including ecosystem restoration, nature-based solutions (NbS), pollution, and reforming harmful incentives.
“The stakes for our ocean are exceptionally high, and COP16 widely recognised that,” said Kimberly Mathisen, CEO of non-profit HUB Ocean.
“We’ve come a long way from the days when the ocean was just an afterthought in climate and nature debates, but there is still a lot of catching up to do.”
From promise to commitment
Progress at COP16 on deploying MPAs should allow governments to build on other recent developments designed to protect oceans from harmful economic activity.
One of the core goals of the High Seas Treaty – a legally binding agreement designed to safeguard marine life in international waters adopted by the UN last year – is to establish a procedure for creating large-scale MPAs.
A group of philanthropies committed US$51.7 million to the treaty at COP16. In addition, a multi-stakeholder group launched the High Seas MPA Accelerator to expedite proposals to establish and implement protected areas in the high seas by facilitating technical and scientific support for governments.
“This […] is a good start, but we need more momentum,” said Karen Sack, Executive Director of the Ocean Risk and Resilience Action Alliance (ORRAA).
“The quick ratification and entry into force of the High Seas Treaty is absolutely key.”
Madagascar and Panama signed the treaty at COP16, bringing total signatories to 105, with 14 countries having ratified. It will enter force once 60 countries have ratified – essentially a formal act by which a country indicates binding consent.
Continued failure to effectively address environmentally harmful activities in MPAs, such as bottom trawling, will increasingly subject governments to legal risk. Environmental law firm ClientEarth has filed a lawsuit against France and is supporting similar legal cases in Germany and the Netherlands.
In addition, continuing unsustainable practices puts more than US$8.4 trillion in the blue economy at risk. By transitioning to more sustainable practices, this could fall by more than US$5.1 trillion.
Increased action to increase ocean health and biodiversity is also considered vital to addressing climate change.
It is estimated that the ocean can contribute up to 35% of progress towards limiting global warming to 1.5°C, yet just 1% of climate finance is currently spent on the ocean.
“When governments commit to sustainable ocean management, they should create a stable regulatory environment and market incentives, encouraging private investments in sectors like sustainable fisheries, renewable marine energy, and blue carbon initiatives,” said Planet Tracker’s Manili.
“This alignment helps investors assess risks, anticipate returns on ocean-friendly projects, and foster innovation in sustainable marine practices, driving positive environmental and financial outcomes.”
Sustained effort
This means countries’ national biodiversity strategies and action plans (NBSAPs) must properly integrate coastal and marine ecosystems, according to HUB Ocean’s Mathisen.
“NBSAPs can provide a clear long-term vision and specific targets to guide incentives,” she said.
Only 44 were delivered by COP16, although more are expected by year end. ORRAA’s Sack said governments also need to factor ocean health into the nationally determined contributions (NDCs) which will be revised after COP29.
“The international community needs to acknowledge the incredible potential that investing into the regenerating and sustainable blue economy can deliver for people and nature,” said ORRAA’s Sack.
“Governments can support non-state actors by recognising ocean investment as a climate solution.”
Alongside NDCs, governments should also develop sustainable ocean plans and marine spatial plans to clarify what and where development will take place – building confidence for industry and investors, she added.
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