The Development Bank of Latin America and the Caribbean (CAF) announced Saturday a significant boost to its commitment to ocean health, pledging an additional $2.5 billion in investments aimed at protecting marine ecosystems and fostering sustainable blue economic activities.
This new funding, to be rolled out between 2025 and 2030, will double the bank's existing ocean-related investments.
CAF has already surpassed its initial commitment of $1.25 billion for ocean funding over the 2022-2026 period. These investments have focused on crucial areas such as strengthening marine protected areas and providing support to small-scale fisheries, alongside efforts to combat illegal fishing and provide loans for vital infrastructure like wastewater treatment plants and storm drainage systems. The newly announced $2.5 billion will build on these successes, targeting initiatives in low-carbon maritime transport, the restoration of damaged ocean ecosystems, and sustainable tourism.
This substantial pledge comes on top of the $1.3 billion CAF has already invested in ocean-related projects over the past three years, bringing their total commitment to safeguarding the oceans to an unprecedented level.
"This commitment reflects our transformative agenda, that is, to embed the health of the ocean in our development ambition," stated Gianpiero Leoncini, CAF executive vice-president, at a conference on oceans financing held in Monaco.
The announcement from CAF comes ahead of a crucial U.N. Oceans conference next week in Nice, France. The upcoming conference aims to galvanize stronger commitments from nations worldwide to protect and invest in the health of the oceans. A key objective will be to encourage the ratification of a global treaty to protect ocean biodiversity, which, despite being signed by 116 countries, has yet to be ratified by the majority.
Oceans play an indispensable role in global trade, provide essential food and employment for coastal communities, and are fundamental to maintaining global climate systems. However, funding dedicated to protecting these vital functions has consistently fallen short. The U.N. has reported that investments in ocean health amounted to only $10 billion between 2015 and 2019, a stark contrast to the estimated $175 billion per year required to adequately address the challenges facing marine environments.
Beyond their economic and social importance, oceans also act as a crucial buffer against climate change, absorbing approximately 30% of planet-heating CO2 emissions. Nevertheless, rising ocean temperatures are posing a severe threat, leading to the destruction of marine ecosystems and jeopardizing the oceans' critical capacity to absorb CO2, underscoring the urgent need for increased investment and protection.
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