The world's oceans cover 70% of the Earth's surface and generate 50% of the oxygen necessary to sustain life on the planet. Yet unlike forests, which generate the other 50% and are credited for being the 'lungs of the earth', the oceans get very little credit. The ocean is home to an abundance of phytoplankton, tiny plant-like cells that contain chlorophyll which captures sunlight and uses it as a source of energy to convert nutrients and carbon dioxide into organic matter (biomass) during the process of photosynthesis. Phytoplankton are responsible for removing 10 Gigatons of carbon from the atmosphere every year, while producing the oxygen we breathe as a byproduct of the process.
Not only do the oceans absorb more than 25% of the earth's CO2 emissions, serving as the world's largest carbon sink, they have also absorbed 90% of the heat associated with global warming, providing a buffer against climate change. However, while this offers some benefits to the planet and its inhabitants, it is causing changes in sea water chemistry that are negatively impacting marine ecosystems and the organisms that live there. Rising CO2 levels is responsible for ocean acidification, which is harmful to marine life such as corals, while warmer ocean temperatures results in few nutrients available to phytoplankton near the surface, leading to a drop in ocean productivity.
The oceans, which are continuously exchanging heat, moisture, and carbon with the atmosphere, also have a significant influence on the Earth's weather patterns and climate, both in the short term and long term.
"The ocean and the atmosphere are one big fluid mass. Completely connected," said Aulani Wilhelm, assistant director for ocean conservation, climate and equity with the Office of Science and Technology Policy, Executive Office of the President, at a recent Verge 22 keynote. "The ocean is what created all life on the planet, and it drives all living systems on Earth. When we think about climate, we often think about the atmosphere, and we think about the impacts that are happening above water. But those impacts that we're experiencing on land are really because of the impacts that have already occurred and are continuing to occur in the ocean. Simply put, climate change is ocean change."
Yet, while there is growing interest in climate tech investment, the amount of money channelled towards ocean-based solutions is just a drop in the ocean (pardon the pun). Despite the important role the oceans play in maintaining planetary health and wellbeing, funding of ocean conservation projects accounted for a mere 9% of financial investment in nature-based solutions in 2022, according to a recent UNEP report. However some forward-thinking investors are starting to undertake initiatives to fill this gap.
The Blue Action Accelerator
The Blue Action Accelerator, which has established a $10 million funding kitty, focuses on investing in technologies that build ocean and coastal resilience. It does this by bringing together investors, policymakers, and climate innovators to fund the development of technologies that can help coastal ecosystems and communities mitigate against climate change impacts. The Blue Action Accelerator provides an investment of $150,000 in seed funding for ocean-focused climate tech start ups, together with 6 months operational support and follow-on capital. It also provides access to their real-world rapid testing facilities and natural laboratory based in the Grand Bahamas.
Propeller
Propeller, a blue investment initiative — which was co-founded by Brian Halligan, co-founder of software company HubSpot, and is affiliated with the Woods Hole Oceanographic Institution — has established a $100 million fund to scale up new scientific innovations that address ocean-climate challenges. Propeller has also launched The Ocean MBA program to help ocean-based startups quickly learn crucial business skills that will help them get their business up and running with speed, and put them on the road to success.
S2Gventures
S2Gventures is another venture capital outfit whose business lies in investing in projects that are beneficial to the people and the planet. They have four focus areas, including investments that focus on improving ocean health by building the ocean economy, food security, and climate resilience.
Ocean-Climate Tech Offers Potential Solutions
Innovators and entrepreneurs have the ability to solve the climate crisis, but they need financial support to develop, test, scale-up, and market their innovations. As more investors come on board to support the development of ocean-climate technologies, there is hope that we may soon find the solutions we need to address the climate change challenges the world is facing.
Reece Pacheco, a partner at Propeller sums it up aptly inan interview with TechCrunch: "We're confident in the ocean's resilience here. It's simply one of the best resources we have in the fight against climate, and that means opportunity. We won't achieve our climate goals without the ocean. Full stop."
Sources:
https://www.greenbiz.com/article/why-ocean-climate-tech-deserves-more-respect
