New Delhi, June 6 -- The world needs to invest $15.8 billion annually to achieve the 30x30 target of protecting 30 per cent of the global oceans by 2030, according to a new report. This figure represents approximately 0.5 per cent of annual global defence budgets.

However, current annual investment in ocean protection stands at a mere $1.2 billion, creating a substantial funding gap of $14.6 billion, according to the report The Ocean Protection Gap: Assessing Progress toward the 30x30 Target, prepared by a consortium of nongovernmental organisations and funders. The report comes ahead of the United Nations Ocean Conference 3 (UNOC3) to be held in France between June 9 and 13.

The 30x30 target is one of 23 goals outlined in the Kunming-...