Ocean solutions are gaining traction at COP29, despite not being officially on the agenda. The establishment of the "Ocean and Climate Change Dialogue" at COP26 has created a platform for annual discussions leading up to climate summits.
The co-facilitators presented their findings at the Baku conference, emphasizing the importance of blue carbon ecosystems, renewable ocean energy, and advanced ocean technologies. Sustainable financing is necessary to maximize the impact of these solutions.
The Ocean Pavilion at COP29 serves as a dedicated space for panels addressing marine carbon dioxide removal and sustainable ocean finance.
The Baku meeting is focused on securing commitments to enhance climate funding for developing nations. However, there is skepticism about the likelihood of any final agreement addressing financing for ocean climate solutions. Instead, attention is being turned to Nationally Determined Contributions (NDCs) under the Paris Agreement.
A recent UN report shows that 73% of coastal and island nations have incorporated at least one ocean-based climate action into their current NDCs. However, the challenge remains that pledges to undertake ocean-based climate actions are ineffective without the financial resources to implement them.
Ocean advocates are pushing for the inclusion of specific, quantifiable measures in updated NDCs to attract funding. This could involve projects like mangrove restoration or tidal energy systems. NDCs serve as essential roadmaps for mobilizing financing for ocean climate solutions.
The expansion of offshore wind is seen as one of the most effective strategies for reducing emissions, but currently, only about 14% of NDCs include renewable energy measures. The majority focus on nature-based solutions, such as wetland conservation. While these are important, many critical mitigation solutions remain underappreciated in the broader climate dialogue.
As discussions unfold at COP29, advocates are calling for a shift in focus to recognize the ocean's potential in combating climate change. The integration of ocean-related actions into NDCs is a crucial step, but it must be accompanied by robust financial commitments.
The world faces the challenge of limiting temperature rise to 1.5 degrees Celsius, and strategies such as eliminating offshore oil and gas production, expanding offshore wind generation, decarbonizing shipping, and restoring marine ecosystems can contribute to achieving climate goals. However, these measures require immediate and sustained financial support.
In the backdrop of COP29, prioritizing ocean-based climate actions is not just an environmental concern but also a financial imperative. The opportunity to protect and restore the ocean as a vital ally in the fight against climate change lies in translating commitments into concrete actions that can mobilize the necessary funding and resources.