COP 27: OceanPact discusses relationship between oceans and climate

“It’s time for the oceans to take center stage on the global climate agenda.” This statement was made by Fernando Borensztein, OceanPact’s new business and sustainability director, who represented the company at the 27th United Nations Climate Change Conference (COP 27). “The oceans are great allies in mitigating global warming, but they are the hardest hit by the climate crisis,” he added.

Held in Sharm El Sheikh, Egypt, from November 6th to 18th, COP 27 brought together heads of state, companies and representatives of academia and the third sector to discuss climate change.

The main step forward at this edition of the United Nations Climate Change Conference was the creation of a “Loss and Damage Fund.” Designed for countries that are underdeveloped and highly vulnerable to climate change, this reparation fund will mean that the nations most responsible for the climate crisis will bear the costs involved in mitigating harm caused by extreme weather events.

The energy transition was highlighted in discussions at the global summit as an essential way of tackling the climate crisis. Attention was also paid to the targets, still timid, agreed upon by nations in an attempt to limit global warming to 1.5 degrees Celsius, as set out in the 2015 Paris Agreement.

For the first time, the conference allocated time to debate the oceans. The Ocean Pavilion emphasized the relationship between the seas and global warming. The oceans produce more than 70% of the planet’s oxygen and they absorb around 90% of the heat from global warming.

“It will definitely not be possible to move the climate agenda forward unless we guarantee protection for the oceans and their ability to perform their regulatory functions,” Borensztein warned.

He took part in discussions on offshore renewable power generation, carbon markets and opportunities for the development of a new Blue Economy, together with technological innovation and international cooperation, offered by the challenge of decarbonizing the maritime sector.