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Humanity is the ocean’s deadliest predator
- In 2015, the World Wildlife Fund reported that there was a near 50% decline in marine life populations between 1970 and 2012.
- In 2018, Sir David Attenborough’s documentary Blue Planet II spread awareness that more than 8 million tonnes of plastic reaches the oceans annually.
- In 2019, Greenpeace reported that fishing gear (such as nets, pots and traps) make up the majority of large plastic pollution in the oceans.
- In 2021, Nature reported that the global population of sharks and rays has fallen more than 70% since 1970 – and cited overfishing as the main driver of the decline.
- The Reefs at Risk Revisited report states that 75% of coral reefs are under threat from direct human activity and climate change combined – a figure that could rise to 90% by 2050.
Addressing ocean health and climate change – it’s not ‘either/or’
A focus on overfishing
Fishing isn’t inherently bad for the ocean. But overfishing (catching fish faster than stocks can replenish) is one of the biggest drivers of declining ocean wildlife populations and the degradation of marine ecosystems. The UN Food and Agriculture Organization estimates that just over one-third of fish stocks are either fished to capacity or overfished. Meanwhile, bottom trawling (dragging heavy nets across the ocean floor to catch large quantities of fish) is extremely damaging to natural habitats, and bycatch (whereby unwanted sea life is captured while fishing for a different species) causes the needless loss of billions of species – many of which are endangered and protected.
The search for sustainable solutions
One such way to restore our oceans is by better protecting them to encourage wildlife to thrive. Currently only 2-6% of the ocean is classified as a Marine Protected Area. The UK government has launched the Global Ocean Alliance along with 42 other member nations, calling for at least 30% of the ocean to be in Marine Protected Areas by 2030. But it’s not just governments that have an important role to play in the protection and restoration of the ocean – so too do investors.
Our industry can drive positive change by investing in companies creating sustainable solutions for ocean health, such as those that promote the circular economy and a move away from single-use plastic use, waste management or sustainable fishing practices. Investors must also engage with companies to adapt their business models to better support the ocean – whether directly or through the adoption of more environmentally or climate-friendly practices.
At BMO GAM, our engagement focuses on land-based pollution, including that of plastic waste, pesticide and nutritional run off from agriculture, oil spills and chemical leaks. On plastics, we ask companies to reduce the amount of unnecessary single-use plastic, improve the recyclability of plastic, invest in packaging redesign and new materials, implement circular economy models and improve recycling infrastructure.
Final thoughts
In 2018 Sir David Attenborough shed light on the ocean crisis during Blue Planet II, and more recently Netflix documentary Seaspiracy aggressively condemned fishing practices (although not without criticism). Governments, corporates and investors now must urgently address the ocean crisis and use their positions of influence to effect real, positive change. We cannot achieve the United Nations 2030 Sustainable Development Agenda without finding a fair, just way to protect and restore our ocean.
“To protect and preserve the ocean and all it sustains, we must create a new balance, rooted in true understanding of the ocean and how humanity relates to it. We must build a connection to the ocean that is inclusive, innovative, and informed by lessons from the past.”
Oceanic Global, the official partner to the UN for World Oceans Day
National Geographic – facts about our ocean and the threats of overfishing and climate change
World Wildlife Fund – further information on the threat of overfishing
World Wildlife Fund – further information on fisheries subsidies
New York Times – more detailed information about sea slavery
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The information, opinions, estimates or forecasts contained in this document were obtained from sources reasonably believed to be reliable and are subject to change at any time.
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Risk warnings
Views and opinions have been arrived at by BMO Global Asset Management and should not be considered to be a recommendation or solicitation to buy or sell any companies that may be mentioned.
The information, opinions, estimates or forecasts contained in this document were obtained from sources reasonably believed to be reliable and are subject to change at any time.
BMO Global Asset Management’s voting, engagement and public policy work is conducted independently of the wider BMO Financial Group. Positions taken by BMO Global Asset Management may not be representative of the views of the BMO Financial Group as a whole or of the other lines of business.
Use our handy glossary to look up any technical terms you are unfamiliar with.
