Funds for ocean research are misallocated, says Jonas Svensson, former head of Global Innovation and Technology at UNOPS’ S3i
With ocean temperatures increasing year by year as a result of climate change, so is the number of extreme weather events such as hurricanes, typhoons and cyclones. An estimate by the National Oceanic and Atmospheric Administration (NOAA) in the US put the cost of a single hurricane hitting the US mainland at US$21bn. In 2021 we are estimating that around US$10bn annually goes to funding research and development targeting oceans—and a large portion of that goes towards resource exploration.
The gap between hurricane cost per event and spending on prevention is alarming. Researchers at the Norwegian Institute of International Affairs and the University of Sussex in the UK showed that between 1990 and 2018 climate research accounted for only 2.4-4.6% of total global research funding. The European Investment Bank has allocated €2.5bn (US$3bn) for 2019-23 to building a sustainable ocean economy, following the allocation of €750m to green shipping in 2016. By contrast, it has only pledged €75m (with the European Commission) to the BlueInvest Fund to support venture companies’ investments in startups. However, investor selection is risk-averse, so it is likely that only a small proportion of the funds will be invested in innovation with a high impact.
Total approximate cost of damages from weather and climate disasters in the US (US$bn, 2017-20)
Forward-thinking ocean research
More targeted investments and greater resource allocation towards forward-thinking ocean research and development are required in order to restore ocean biodiversity and address climate change. “The current focus of ocean research and public spending needs to shift from resource exploration and offshore wind to new technologies—new renewable-energy concepts using wave, tidal and ocean currents—and research enhancing our understanding of the oceans”, says Martin Edlund, CEO of Minesto, a marine-energy technology company, who also lectures at the Chalmers University of Technology.
Dr Edlund cites a hopeful story about a shrimp farmer he met in Bali. The farmer said he could grow his business, but was reluctant to do so because fishing large amounts of shrimp today could eventually undermine the sustainability of future stocks.
When small-scale businesses understand the finite amount of our resources, we have come a long way towards preserving our oceans and our planet. But the same acknowledgment is needed from big business, too. If resource exploitation such as large-scale underwater mining is done without regard for sustainable development, it carries risks that are hard to assess. For example, there are numerous still-undiscovered species underwater. Hence exploring and exploiting the oceans need to be done in a balanced, environmentally friendly way.
The ocean offers resources that can help boost sustainability. Hydrogen is an example of energy production that holds a multitude of potential uses and benefits. It can be produced from fossil fuels from the byproducts of existing chemical factories, as well as from reformulating or gasifying oil, natural gas and coal. “Blue hydrogen” fuel is zero-emission energy that can be extracted from the ocean in a safe way. Hydrogen’s potential extends beyond power generation: it has the ability to work as an “energy carrier” that allows energy to be stored and transported.
New alliances and partnerships
Bridging research by knowledge centres, universities and stakeholders across the globe to find and foster practical and useful solutions needs greater focus and wider support. This should not be the sole responsibility of the public sector—the private sector needs to be engaged and encouraged to get involved, as a multitude of business opportunities in the field exist.
“It is evident that more could be put towards ocean research, but capital alone cannot solve this,” says Nick Provenzano, CEO of Custom Corals, an Antigua-based startup using tailored designs to restore corals. “We need more people with ideas targeting ocean issues. We also need to engage everyone, and get them excited about saving the oceans.”
