It’s a broad topic we’ve written about extensively — from drought and deforestation, to emissions and the environment. Amongst all the chaos and indecision, it’s promising to reflect on the critical thresholds we’ve collectively crossed, including countries in Europe starting to break ranks and pledge $13 million towards a loss and damages fund; the UN 30×30 agreement being signed into effect at COP15; and, just last week, the landmark treaty agreed in New York to establish marine protected areas (MAPs) in the high seas.

Then, late last Friday, a ping announced the arrival of a note from a friend landing in my inbox, letting me know that the United States State Department was announcing a $6 billion funding commitment to protect oceans and fight climate change. The promise, encompassing 77 different commitments in all, included $3 billion in climate resilience and research, over $665 million for sustainable fisheries, and more than $200 million for tackling marine pollution — all announced by Washington’s climate envoy, John Kerry, at the “Our Ocean 2023” conference in Panama, where representatives from over 190 countries had come together to discuss ocean conservation and climate change.

Excellent news, I thought, and about time too. Our oceans have been significantly underinvested in. A recent study from Deloitte and Whale and Dolphin Conservation (WDC) found that even at best, the amount of climate finance received by nature is less than 3% of the total investments made worldwide. For the ocean, it is less than 1%.

But, and there always seem to be a “but” these days, while this pledge and others that have been made recently are certainly positive steps towards addressing the global pressure being placed on the ocean, we need to be brutally honest with ourselves: they won’t move the needle in any significant way without deep systemic change around how we think about, and treat, our oceans and seas.

Here are some things that keep me up at night:

1. Insufficient political will — The ocean crisis is a political issue, and political will is essential to addressing it. Even with significant financial resources, progress will be limited without adequate and further political support for policies and regulations that prioritise environmental protection over profit.
2. Unsustainable fishing practices — The fishing industry is a major contributor to the depletion of marine resources, including overfishing, bycatch, and destructive fishing practices. Without significant changes to fishing practices and regulations, funding efforts will be limited in their ability to address these issues.
3. Ecosystem disruption — Beyond fishing, the exploration and drilling of oil and gas in the ocean can lead to significant ecosystem disruption, including oil spills, habitat destruction, and harm to marine life. Even with funding for cleanup and restoration efforts, the damage caused by these activities can be irreversible.
4. A lack of enforcement — Even with positive policies and regulations in place, their effectiveness depend on enforcement. Without adequate monitoring and enforcement of regulations, unsustainable fishing practices and harmful exploration activities will continue to cause harm.
5. Lack of public awareness — Many people are still unaware of the threats facing our oceans and the urgent need for action. While funding can support education and outreach efforts, it cannot replace the need for a deep, systemic shift in how we think about our oceans and the environment more broadly.
6. Lack of global cooperation — The ocean crisis is a global issue that requires a global response. Without adequate cooperation and coordination between countries and international organisations, there are limits to addressing the many complex and interconnected issues facing our oceans.

This isn’t a slight at the need for funding. If anything, we need more (and better) allocation of money to the areas and communities being affected the most — mainly in the Global South. However, as the adage goes, it’s not just what you have, it’s what you do with it that counts. And right now, it feels like we don’t have the right systems in place to ensure the right shifts take place, and make the case for more substantial investments to be made in the future.