Our key takeaways from the 2022 UN Ocean Conference

How we progress on the most under-funded SDG 14

A month ago, I had the honour of attending and speaking at the 2022 UN Ocean Conference (UNOC), which called for action to address the existential threats to our ocean including marine pollution, unregulated fishing and the loss of habitats and biodiversity. 

The conference — which focused on the UN Sustainable Development Goal (SDG) 14: Life Below Water to conserve and sustainably use the oceans, seas and marine resources — saw the gathering of key stakeholders across policy, technology, manufacturing, innovation and more. 

I was surprised to learn that SDG 14 is currently the most under-funded SDG — a significant concern given how central the health of the ocean is to the well-being of our people and planet. 

Many stakeholders are keenly interested in this issue, but more can be done to encourage multi-sector collaboration and improved collective communications. In order for real change to be enacted, solutions have to be sourced across the whole supply chain, from understanding the on-ground experience of a waste worker to gathering global insights, while buy-in is fundamental for funding support — which means active cooperation is needed across myriad stakeholders. 

A great example of success here is last year’s announcement by private funders pledging $5 billion to protect and conserve 30% of the planet by 2030, marking the largest private funding commitment ever to biodiversity conservation and working closely with local communities, indigenous peoples, and governments. This effort to support the creation and management of conserved areas of land and sea is based on the 30 by 30 (or 30×30) initiative launched in 2020 by governments worldwide to designate 30% of the earth’s land and ocean as protected areas by 2030.

Despite SDG 14 being under-funded, I felt energized by the strong sense of drive and motivation at the conference to mobilize and solve this issue together. 

Developing innovative financial solutions

Many organizations and financiers are finding ways to creatively think about new financial instruments to bring more funding into the ocean, ranging from biodiversity credits to innovative blended finance products such as  Mirova’s US$132m Althelia Sustainable Ocean Fund, which invests in three key areas of the blue economy; and the US$106m Circulate Capital Ocean Fund, which incubates and finances companies and infrastructure that prevent ocean plastic in South and South-East Asia. Both of these funds rely on catalytic capital in the form of a risk-sharing guarantee by the US Development Finance Corporation.

A particular area of funding interest is blue carbon — carbon stored in coastal and marine ecosystems such as mangroves and seagrass. Until recently blue carbon was an often overlooked but highly promising climate solution, as it can be used as offsets in the carbon credit market, perhaps more efficiently than terrestrial carbon credit projects. In particular, Southeast Asia holds significant potential: it is home to 19-46% of blue carbon stock, according to Bain & Co. 

Communities, buyers, developers and financiers of blue carbon systems held robust debates during the conference to get ahead of some of the issues we see in terrestrial carbon markets and to consciously shape the future of the blue carbon economy. For example, buyers should ensure that projects involve the local residents and natural resource ministries in their management, including job creation and capacity development. This demonstrates not only significant funding interest but a real emphasis on building well-designed systems to solve problems together.

Such creative thinking in looking for innovative financial solutions will go a long way to reduce investment risk in sustainability solutions and encourage more funders to protect the ocean. 

Making big strides

Another takeaway for me is the important role of the global plastics treaty in addressing the issue of plastic waste and leakage. Earlier this year, 175 countries agreed to forge a landmark treaty to end plastic pollution, covering the full life cycle of plastics and introducing a zero-carbon, circular approach to their production, use and disposal. 

Many stakeholders — from the private sector to the government — are excited to see how the plastic treaty can reshape the plastic ecosystem and resolve structural issues that plague the value chain. This includes channeling finance into the correct infrastructure and solutions — who is paying, for what, and how much — as well as how to enforce this treaty with incentives and deterrents. 

Such commitment from country leadership is key to scale up the efforts that entrepreneurs and local communities are already making on the ground, creating potential to galvanize the entire movement on an international scale. 

We are presently facing an ocean of problems, and we need to do more to involve more diverse stakeholders, break down silos, encourage innovation and look for creative financing. 

It was a pleasure to attend the 2022 UNOC and learn about the latest insights from renowned experts. This year’s UNOC felt like a real turning point and precipice — we’re on the edge of some truly groundbreaking progress to save our ocean, planet and people. 

Simon also shared his thoughts with the Bangkok Post on the importance of science, technology and innovation for ocean action. Read more here.