Sustainable Development Goal (SDG) 14, Life Below Water, is the least-funded of all SDGs.Of the official development assistance spent on all SDGs through 2019, just 0.01% went to SDG 14. And of the funding estimated to be needed to achieve SDG 14, just 15% was secured by 2020.
The Ocean Decade, under the coordination the Intergovernmental Oceanographic Commission of UNESCO (IOC), seeks to raise awareness of the need for more ocean science investment. Central to this is building evidence that such investment creates real benefits for society, including helping to achieve the 2030 Agenda.
A new initiative led by IOC with the International Hydrographic Organization (IHO) posits the need for a common framework for measuring returns on ocean science investments. This framework would help track investment progress over time and identify critical gaps in priority regions like Small Island Developing States (SIDS) and Least Developed Countries (LDCs).
In service to the initiative, this position paper provides a concise description of the global landscape for ocean science investment, including by governments, the private financial sector, and philanthropies. It illustrates the benefits that can accrue from investing in ocean science, and examines how the needs of various investment sectors could be met more effectively. It also offers the voices of several leaders in the blue economy and ocean science, providing their insights on how more finance for ocean science could be unlocked.