COP 27: 3 Key Areas for Global Leaders on the Ocean

A vital buffer against the impacts of climate change and bursting with biodiversity, the ocean: 

• Generates 50 per cent of the oxygen we need 
• Absorbs 25 per cent of all CO₂ emissions
• Captures 90 per cent of excess heat generated by these emissions

However, increasing greenhouse gas emissions negatively affect the ocean’s health, reducing its ability to safeguard life on Earth. 

In recent years, while the negative impacts of climate change on the ocean’s health have gained considerable recognition, so have the opportunities of ocean-climate solutions, such as restoring vast blue carbon ecosystems. With the ocean now firmly on the global climate agenda, the United Nations Climate Change Conference (COP 27) in Egypt serves as an vital forum for capitalizing on this momentum, and the UN Global Compact is calling for actions by global leaders on three key areas:

#1: Invest in the blue economy 

Scaling blue finance investments is essential to implementing ocean-based solutions. With a predicted gross value of around US $3 trillion by 2030, ocean industries have the opportunity to strengthen value chain resilience, target sustainable profitability and gain competitive advantages by aligning their operations with and investing in the transition to a net-zero future. 

#2: Secure a Just Transition for maritime workers

The transition to a net-zero ocean economy is an opportunity to create decent, fair and safe new green jobs — including those arising from offshore renewable energy and the broader decarbonization of shipping, including the production of zero emission fuels. Critical to the agenda at COP 27, the Maritime Just Transition Task Force - the first global sectoral task force dedicated to Just Transition - has launched a 10-point action plan to achieve a just transition for seafarers. 

#3: Collaborate to help the ocean

To address the climate crisis, we need meaningful collaboration and knowledge-sharing across a diversity of public and private sector stakeholders. Since 2018, the Ocean Stewardship Coalition has been a convening point for ocean-related industries, academia, financial actors, Governments and UN institutions.