Ocean Protection Funding Needs for 30×30 Target

 



The global initiative to protect 30 per cent of the oceans by 2030 requires an annual investment of $15.8 billion. This figure is outlined in the report titled “The Ocean Protection Gap – Assessing Progress toward the 30×30 Target.” The report, released by a consortium of NGOs and funders, marks funding shortfall. Currently, only $1.2 billion is allocated annually for ocean protection, leaving a gap of $14.6 billion. This report comes ahead of the United Nations Ocean Conference 3, scheduled for June 2025 in France.

About the 30×30 Target

The 30×30 target is part of the Kunming-Montreal Global Biodiversity Framework. It aims to conserve at least 30 per cent of terrestrial, inland water, marine, and coastal areas. This includes establishing Marine Protected Areas (MPAs) and other effective area-based conservation measures (OECMs). MPAs are designated regions aimed at conserving marine resources and ecosystems. OECMs are areas that effectively conserve biodiversity outside of formal protected zones.

Importance of Ocean Ecosystems

Oceans play a critical role in sustaining life on Earth. They produce half the oxygen we breathe and regulate the climate by absorbing heat and storing carbon. The ocean economy contributes approximately $2.6 trillion annually. In 2023, ocean-based sectors accounted for 7 per cent of global trade. Despite their importance, climate stress and policy fragmentation pose threats to ocean health and sustainability.

Current Status of Ocean Protection

As of June 2023, only 8.6 per cent of the ocean is protected, with just 2.7 per cent effectively managed. Many MPAs lack adequate funding, staffing, and enforcement. A number of coastal countries have not established specific plans to meet the 30×30 target. The report indicates that while some nations have set relevant targets, many lack measurable and time-bound commitments.

Financial Requirements for Ocean Conservation

To manage MPAs and OECMs effectively, sustainable financing is crucial. Establishing MPAs costs approximately $0.6 billion annually. However, management requires a substantial $15.2 billion annually. Developing countries need about $4.2 billion for management, reflecting a quarter of total funding needs. The report suggests that investing in ocean conservation could yield returns of $85 billion annually by 2050.

Funding Sources and Strategies

Currently, 90 per cent of funding for ocean conservation comes from public sources, with 78 per cent used domestically. Official Development Assistance (ODA) contributes 12 per cent. The report calls for developed nations to increase their contributions by 2030. It identifies six strategies to close the funding gap, including repurposing harmful fishing subsidies and introducing taxes on fossil fuel extraction

Role of Private Finance

Private finance is expected to play a limited role in the short term. However, it may become more post-2030. Innovative financing tools like blue bonds and debt-for-nature swaps could help redirect funds toward ocean conservation.

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