US State Department Reveals USD6bn in Global Funding Commitments for Ocean Protection and Climate Change

The US State Department has revealed details of USD6bn in funding commitments to protect oceans and fight climate change globally, as reported by Reuters on March 3. This was announced by Washington’s climate envoy John Kerry at the Our Ocean 2023 conference in Panama. The commitments cover 77 different initiatives, including USD3bn in climate resilience and research commitments and over USD665m for sustainable fisheries. Over USD200m will be invested in initiatives aimed at tackling marine pollution. Of the total, 30 initiatives worth around USD5bn are directed at climate change. Among the US commitments is a USD530m investment to reduce carbon emissions from the maritime sector and support innovation in sustainable shipping. The funding will also support ocean science and research, highlighting the importance of collaboration between different sectors to protect the oceans and address climate change.

Kerry emphasized that the climate and ocean crises are intertwined and that both issues need to be tackled together. Addressing the conference, he stated that the funding commitments will support various initiatives, including marine protected areas, empowering women and promoting ocean conservation, and reducing plastic pollution. Some of the commitments still require authorization from the US Congress. The announcement by the US comes alongside commitments worth EUR816.5m (USD867.45m) announced by the European Union on Thursday.

Sources:

https://www.reuters.com/world/us/us-details-6-bln-pledges-climate-ocean-investments-2023-03-03/

https://www.state.gov/u-s-delegation-announced-6-billion-usd-in-commitments-to-address-threats-to-our-ocean-doubling-last-years-pledge-at-eighth-our-ocean-conference/