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As the largest and most complex ecosystem on the planet, the ocean plays a key role in efforts to address the interrelated challenges of biodiversity collapse and climate change. Despite this, its dynamics have only been inadequately included in financial approaches intended to mitigate them. Financial regulators are increasingly aware of the multiple links between the climate and biodiversity crisis and the financial system and how nature is impacted by financial flows. They now need to fully integrate ocean biodiversity into their approaches.

Thirty years ago today, world leaders came together to launch the European Bank for Reconstruction and Development (EBRD), a bold initiative to foster change in an economic system that was degrading both the environment and indeed entire societies. Today, with the ocean facing unprecedented threats, a similarly bold initiative is required.

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The ocean plays a fundamental role in regulating global temperatures. Not only does the ocean absorb 93 percent of the heat trapped by rising anthropogenic carbon dioxide (CO2), but it also absorbs approximately 25 to 30 percent of anthropogenic CO2 emissions that would otherwise remain in the atmosphere and increase global warming.