This World Water Day, a call for philanthropists to protect our water bodies
5 min read 22 Mar 2023, 07:40 PM ISTA group of fishermen in Goa were patiently, but eagerly waiting for the new treasure that their net brings to them that morning. As the early morning sun started to warm up the muggy air, they started dragging their traditional fishing dogger out of the ocean.
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A group of fishermen in Goa were patiently, but eagerly waiting for the new treasure that their net brings to them that morning. As the early morning sun started to warm up the muggy air, they started dragging their traditional fishing dogger out of the ocean. The group were exhausted, presumably because they had spent the better part of the night out at sea- and the first glimpse of their catch did not help at all. The look of dejection in their eyes reflected how bad the catch had been. The men had pulled out more plastic than fish, and the few fish they managed to catch were significantly undersized. Pascal, one of the veterans in the group, picked up a small, palm-sized fish and pointed at its underbelly. “Look at this shevtto (a local species). Selective fishing of the bigger specimens by industrial fishing trawlers is leading to smaller catch sizes every year". Pascal then plucked a broken plastic bottle from one of the nets and crushed it in his hand. “The sea and estuaries are full of this rubbish. The plastic breaks down and the fish swallow it. We often find pieces of plastic in our fish. Very soon our fish will have less meat and more plastic".
The declining state of India’s fisheries is a symptom of a much larger problem. Since the 1800s, anthropogenic-related GHG emissions have led to an increase in global temperatures which is beyond our oceans’ absorption capacity. This is particularly concerning as thermal and chemical changes to the ocean have massive repercussions on our planet’s biosphere. Ocean warming leads to deoxygenation which creates dead zones which are further exacerbated by ocean acidification and bleaching. A recent study by ISRO analyzed data of sea surface temperatures since 1982 and found that three mass coral bleaching events occurred in 1998, 2010, and 2016, impacting five major Indian coral reef regions, in Andaman, Nicobar, Lakshadweep, Gulf of Mannar, and Gulf of Kachch. Coincidentally, these core fishing areas are home to some of the most vulnerable coastal fishing communities in India.
Ocean activity is also a key controller of the monsoons. Studies have shown that rainfall trends are almost directly influenced by sea-surface temperatures over the Niño 3.4 region and the tropical Indian Ocean. Even ∼1.5◦ cooling or warming of these regions can approximately double or negate the influence of climate change on rainfall over the next two decades. This is particularly problematic because the monsoon contributes to nearly 80% of the total annual rainfall received over the country.
India’s philanthropic efforts toward tackling ocean-related issues have been at best, lackluster and at worst, almost non-existent. 'Ocean Conservation' in India has largely been driven by government action and policy change with very little input from private stakeholders. UHNIs and Family Offices have historically shied away from funding the ocean due to the lack of available information, a lack of interest, or a combination of both.
Ocean-related issues are multidimensional and thus need multidimensional, flexible funding which, coincidentally, is exactly the kind of philanthropic capital that Indian family offices and UHNIs are currently sitting on. Indian philanthropy has the potential to significantly change the way ocean issues are tackled:
- Blended finance and the blue economy: One of the key barriers to investing in ocean-related projects is the high risk. Projects in this space are models with unreliable revenue streams and funding sources. Blended finance (that uses philanthropic capital to leverage /underwrite commercial capital) can be strategically used to provide risk protection, making both, investment, and grant terms more attractive to investors and funders. Unfortunately, it is estimated that less than 1% of total blended finance flows in emerging markets is directed towards SDG 14: Life below water. Philanthropists have the flexibility of capital to come in as either risk investors or outcome funders with the kind of patient capital needed to see these models come to fruition. However, blended finance proliferation will need regulatory support, product design, and significant investor education and handholding.
- Research funding: Funding towards research, ocean-focused or otherwise, has historically been a very low priority to funders, largely due to a perceived lack of ‘tangible’ outcomes. However, complex issues need a deep dive into the problem and long-term, sustainable solutions (such as geoengineering, deepwater oil cleaning, ocean mapping, etc) require funding for policy intervention and unexplored solutions. Philanthropy, especially backed by genuine curiosity and interest, has the potential to fund research, often with significant social returns on investment. Research-focused funding also allows for more informed decision-making and better long-term project outcomes.
- Restoration: Currently, there are several NGOs and organizations dotting the Indian coastline that are actively working on ocean-related issues. Most of these organizations work on bare-bone budgets, with almost no private funding. Partnering with these organizations allows for a unique opportunity to get one’s hands dirty by funding projects with tangible, time-tested results. Funding with active participation also allows philanthropists to get locally involved with communities and to see first-hand the impact of the ocean on the lives of its various dependents.
- Education and network building: Philanthropists, with their vast network effect, are perfectly placed to be evangelists. Increasing awareness of the impacts of climate change, overfishing, pollution, etc is vital in bringing together multiple stakeholders as well as galvanizing private action. Creating a cohort of like-minded funders will help solve multiple issues in tandem and have a much larger impact.
The Indian philanthropic community has been a massive source for good. With a growing number of individuals and families coming into wealth, there is a significant opportunity for funding to be directed towards tackling ocean related issues at scale. The oceans potential to act as a tool to fight climate change, inequality and poverty is as massive as it is obscure. Only through a shift in funders mindset will we truly be able to tackle this unique problem at scale and maybe someday, in the near future, old Pascal’s children will have a cleaner, bluer ocean to fish in.
Author: Prabhir Correa, Head of Philanthropy and Impact Investing, Waterfield Advisors
