18 December 2012 — Immediate action is needed to mitigate or reverse grave threats to the world’s oceans, United Nations Development Programme and Global Environment Facility experts say. The announcement came after the launch of a new report on how strengthened markets and policies could better protect oceans and coastal areas. Catalysing Ocean Finance: Transforming Markets to Restore & Protect the Global Ocean shows how sustainable ocean management could become a legacy of today’s decision-makers if proven ocean planning and policy instruments are scaled up. GEF chief executive officer and chair Dr Naoko Ishii said an initial public investment of $5 billion over the next 10 to 20 years could be sufficient to catalyse many hundreds of billions of dollars in public and private finance. The world’s oceans and coastal areas are the source of a variety of life-sustaining goods and services—including food, transport, oil and gas, tourism, and minerals. Marine and coastal resources directly provide at least US$3 trillion annually in global economic output. Both Volumes I and II of Catalysing Ocean Finance can be downloaded here.