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Ocean Appreciation Program - Funds for the Ocean

The Ocean Appreciation Program has been created by Ocean Recovery Alliance and its partners as a way to create an annual funding mechanism for the ocean, which is a perfect opportunity for companies around the world to be engaged in the Sustainable Development Goals, particularly #14, and the protection of our ocean environment.

The ocean is a key enabler of the world’s prosperity. It not only offers natural resources, but also cost-effective means of shipping goods and materials.  Today, approximately 90% of the world’s trade is carried by sea, and each year hundreds of millions of shipping containers cross the world’s ocean, generating trillions of dollars in economic value.  Given this importance, however, it is ironic that there is no long-term ocean protection mechanism ensuring preservation.

Unregulated, increasingly polluted and over-exploited in some areas, the ocean takes a heavy toll in exchange for its contribution to the world’s economy. Rebalancing the ocean P&L is the rationale behind the “$5 for 20” contribution, whereby a small fee of $5 is levied on each 20ft equivalent unit (TEUs) shipped across the ocean. This innovative financial contribution aims at unlocking over US$3 billion in ocean conservation funding, based on the over 650million TEUs that traverse the ocean annually.   The funds generated would be administered by a transparent, specifically designated “Ocean Endowment Foundation,” with the money used for critically underfunded marine conservation, coastal recovery and resilience projects, all while having virtually no impact on consumer prices. The stakes for the ocean are high, and this project proposal will allow for the necessary implementation studies to assess its feasibility, durability and scalability.

Image: Shipping containers around the world at any given point in time.

For more information, contact Doug Woodring: doug@oceanrecov.org

Project Partner: Global Ocean Trust

 

 

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