Nice, France — As the third United Nations Ocean Conference (UNOC) commences in Nice, France, Energy Shift Southeast Asia – a regional network of environmental and climate groups – called for the integration of a fossil-free ocean agenda in global ambitions to conserve the ocean, as critically biodiverse marine regions globally confront threats from continued fossil fuel expansion.
UNOC brings together governments, civil society, scientists, and the private sector to accelerate action and mobilize sectors to conserve and sustainably use the ocean, including discussions such as financing for ocean actions.
“The conservation of the ocean cannot be achieved while fossil fuel financing continues in the most vulnerable marine ecosystems, such as the Coral Triangle, the Mekong Delta, and the Verde Island Passage. The buildout of fossil gas and LNG projects endangers the livelihoods of over 120 million people who depend on these waters,” said Gerry Arances, Convenor of Energy Shift Southeast Asia.
A new report reveals that French banks, along with Global North financial institutions, are financing fossil fuel expansion in the Coral Triangle from 2016 to 2014 with a total amount of USD 71.743 billion in loans and underwriting.
This stands in contrast to the ocean conservation leadership France seeks to deliver at UNOC3, as the report finds five French banks, BNP Paribas, Crédit Agricole, Société Générale, Groupe BPCE, and Crédit Mutuel, poured a total of USD 4.929 billion into the gas sector in the Coral Triangle, positioning them as the second-largest among European nations.
The Coral Triangle is known as the world’s most biodiverse marine ecosystem, boasting 76% of the world’s coral species and 37% of reef fish species. However, a massive 64,383 MW capacity of gas power plants, export capacity of 24 million tons per annum (mtpa), and import capacity of 25.9 mtpa are proposed within the Coral Triangle.
“At least seven marine protected areas in Malaysia, including transboundary protected areas like the Turtle Islands Wildlife Sanctuary, are under threat from fossil fuel exploration and production from carbon majors financed by French banks. We need oceans free not just from plastic, but from wells, platforms, pipelines, and shipping routes that threaten our economic security, culture, and climate resilience,” said Adam Farhan, Director of RimbaWatch, a Malaysia-based climate watchdog.
The opening of UNOC takes place on Coral Triangle Day. This area encompasses the waters of Southeast Asia and the Pacific Ocean that surround Indonesia, Malaysia, Papua New Guinea, the Philippines, Timor Leste, and the Solomon Islands.
CONTACTS:
Reiven Pascasio | +639682249425 | media@ceedphilippines.com (in Nice, FR)
Anj Dacanay | +63 915 782 8118 | energyshiftsea@gmail.com (in Manila, PH)