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.
Georgia is overhauling its migration laws in one of the most significant legal reforms in years, introducing criminal penalties for fake marriages, ti...
The global race to develop quantum computing is accelerating, with governments and technology firms investing heavily in what is expected to become a ...
Pakistan has warned that any attempt by India to block or significantly reduce river flows under the Indus Waters Treaty could have “far-reaching co...
Start your day informed with the AnewZ Morning Brief. Here are the top stories for 13 June, covering the latest developments you need to know....
The United States began their World Cup campaign in commanding fashion with a 4-1 victory over Paraguay, delivering an emphatic performance that under...
Ocean acidification, caused by rising CO₂, is silently reshaping marine life, threatening shellfish, coral reefs, and coastal communities. Scientists warn its impacts could ripple through food chains, economies, and human livelihoods unless urgent action is taken.
Scientists warn the world’s oceans may have entered a new, hotter phase with serious consequences for the planet.
Australian scientists have developed synthetic chemicals to attract crown-of-thorns starfish for mass removal, offering a safer, targeted method to protect coral reefs.
UN Secretary-General António Guterres urged governments to ratify the 2023 High Seas Treaty, warning that illegal fishing, plastic waste and rising ocean temperatures are pushing marine ecosystems toward crisis.
SpaceX has made history with the largest initial public offering ever in the United States, pricing its shares at $135 each and achieving a market valuation of $1.77 trillion.
SpaceX made a historic entrance into the Nasdaq on Friday, surging over 20% in its first day of trading and lifting its valuation to more than $2 trillion. Investors flocked to the world’s largest IPO, betting on Elon Musk’s sprawling empire spanning rockets, AI and beyond.
While France hosts next week’s Group of Seven summit, businesses in neighbouring Switzerland have already begun taking precautions, with many shops in Geneva boarded up ahead of a large anti-G7 demonstration expected on Sunday.
Formula 1 driver Pierre Gasly’s Monaco Grand Prix podium has been reinstated after Alpine successfully challenged his post-race penalties through a Right of Review request with the FIA.
Italian Prime Minister Giorgia Meloni and Polish Prime Minister Donald Tusk have criticised Britain, France and Germany for leaving them out of talks with Russia about a potential future peace deal for Ukraine.
France’s parliament has formally recognised state responsibility for the use of the toxic pesticide chlordecone in Martinique and Guadeloupe, marking a significant step in addressing decades of environmental contamination and public health concerns.
Financial markets are significantly underestimating the economic impact of biodiversity loss, potentially leaving countries exposed to sovereign debt crises and rising borrowing costs, according to new research published on Friday.
Wildlife researchers have identified dozens of previously unknown insect species during an expedition to Angola’s remote Lisima Plateau, a conservation group announced on Wednesday.
Global weather forecasters predict a strong El Niño will develop in the second half of 2026, bringing hotter, drier conditions to much of Asia while increasing rainfall in parts of North and South America.
Google has asked U.S. regulators for permission to release up to 32 million sterilised mosquitoes in California and Florida as part of its experimental “Debug” programme aimed at reducing populations of disease-carrying insects.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment