News
Wanted: A sea-change in climate finance for oceans
The oceans are inextricably connected to the health of the planet, and of humans: they absorb up to 30% of annual greenhouse gas (GHG) emissions and 90% of excess heat, and over 3 billion people — almost half the global population — depend directly on marine and coastal biodiversity for their livelihoods.
Related Knowledge Center: Climate: oceans
Related Knowledge Center: Climate economics
State of Play
Climate change is now a driver of the world’s economy. The impact is profound:
- Catastrophic weather events — hurricanes, floods, droughts, high temperatures — are more frequent and more extreme. The cost can be measured in both the initial damage caused and the longer-term impact on the economy.
- Vulnerable communities are increasing climate-related investments, hardening infrastructure and taking other protective measures.
- Investment in carbon capture and storage technologies is increasingly rapidly.
- Governments are making investments and crafting regulations to reduce emissions of carbon dioxide and other greenhouse gases.
On top of all of this is the cost of uncertainty. As the Fourth National Climate Assessment, released in 2018 by the U.S. Global Change Research Program, says, “The assumption that current and future climate conditions will resemble the recent past is no longer valid.”