Unesco has launched an emergency plan to save the world’s reefs amid warnings they will all disappear by the end of the century.
Audrey Azoulay, Unesco's director-general, is calling for an international effort to help safeguard the vital reefs.
The threat level has been raised after significant amounts of coral bleaching has occurred as a result of ocean warming, acidification and extreme weather.
The process of coral bleaching occurs when water is too warm and the algae the coral expels from its tissues causes it to turn completely white.
"Reefs are bleaching far more rapidly than the initial science suggested," Unesco, the UN cultural agency, said.
"These bleached corals are highly vulnerable to starvation and disease and have an increasingly high mortality rate. This year, for the first time, mass coral bleaching also occurred in a traditionally cooler period.
"Under the current emissions scenario, all World Heritage-listed reefs are at risk of disappearing by the end of this century."
Coral reefs play a critical role in absorbing carbon emissions and protect coastlines from storms and erosion.
"I call for an international mobilisation to prevent coral reef extinction and announce a strong contribution from Unesco: an emergency plan to boost the resilience of World Heritage-listed reefs, in particular those in developing countries," Ms Azoulay said.
"Unesco is partnering with the Global Fund for Coral Reefs to help finance this commitment."
The partnership between Unesco and the UN-led private/public Global Fund for Coral Reefs will step up investment for climate resilience strategies across World Heritage-listed reefs in developing countries.
The actions will focus on reducing local drivers of degradation, strengthening the sustainable management of marine protected areas, and supporting local communities.
"Global warming means that local reef conservation practices are no longer enough to protect the world's most important reef ecosystems," Fanny Douvere, head of Unesco's Marine Programme, said.
"But a healthy, resilient reef can regenerate after a bleaching incident and survive."
The new large-scale plan will build on the success of the Resilient Reefs Initiative launched in 2018, which has been working on four World Heritage reef pilot sites in Australia, Belize, France and Palau.
The project has shown that local pressures can be reduced through active intervention and that empowering local communities helps them to adapt their income and livelihoods to the changing realities.
In Palau, the Southern Lagoon of the Rock Islands, the initiative involved rangers and communities trained in the latest science and skills in fisheries management, adaptation and resilience.
It led to the design of a fishing permit system to control access; the implementation of fish size limits to increase spawning biomass; and the protection of habitats, ensuring the life history of species to help to create the conditions in which fish stocks can rebound.
The new initiatives are set to include using water quality monitoring to protect coral reefs in Tanzania, and deploying nanotechnology to make reefs more resilient in the Caribbean.
Unesco World Heritage coral reefs cover over half a million square kilometres worldwide – the equivalent of the size of France – exhibiting exceptional biodiversity.
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How to play the stock market recovery in 2021?
If you are looking to build your long-term wealth in 2021 and beyond, the stock market is still the best place to do it as equities powered on despite the pandemic.
Investing in individual stocks is not for everyone and most private investors should stick to mutual funds and ETFs, but there are some thrilling opportunities for those who understand the risks.
Peter Garnry, head of equity strategy at Saxo Bank, says the 20 best-performing US and European stocks have delivered an average return year-to-date of 148 per cent, measured in local currency terms.
Online marketplace Etsy was the best performer with a return of 330.6 per cent, followed by communications software company Sinch (315.4 per cent), online supermarket HelloFresh (232.8 per cent) and fuel cells specialist NEL (191.7 per cent).
Mr Garnry says digital companies benefited from the lockdown, while green energy firms flew as efforts to combat climate change were ramped up, helped in part by the European Union’s green deal.
Electric car company Tesla would be on the list if it had been part of the S&P 500 Index, but it only joined on December 21. “Tesla has become one of the most valuable companies in the world this year as demand for electric vehicles has grown dramatically,” Mr Garnry says.
By contrast, the 20 worst-performing European stocks fell 54 per cent on average, with European banks hit by the economic fallout from the pandemic, while cruise liners and airline stocks suffered due to travel restrictions.
As demand for energy fell, the oil and gas industry had a tough year, too.
Mr Garnry says the biggest story this year was the “absolute crunch” in so-called value stocks, companies that trade at low valuations compared to their earnings and growth potential.
He says they are “heavily tilted towards financials, miners, energy, utilities and industrials, which have all been hit hard by the Covid-19 pandemic”. “The last year saw these cheap stocks become cheaper and expensive stocks have become more expensive.”
This has triggered excited talk about the “great value rotation” but Mr Garnry remains sceptical. “We need to see a breakout of interest rates combined with higher inflation before we join the crowd.”
Always remember that past performance is not a guarantee of future returns. Last year’s winners often turn out to be this year’s losers, and vice-versa.