BNP Paribas Fund Involved in the Protection of Coral Reefs

With climate change and the impact on coral reef ecosystems, the International Year of the Reef (IYOR) is gaining popularity and marks the 2018 official International Year of the Reef.

IYOR is a global movement aimed at raising awareness and understanding of the value of coral reefs, the threats they face, and supporting efforts to conserve, explore and manage coral reefs. More than 225 organizations in 50 countries have become participants in this movement, more than 700 articles have been published in newspapers and magazines, and hundreds of scientific studies have been conducted.

The BNP Paribas Fund is involved in IYOR 2018 with Reef Services. What future can we foresee for coral reefs that are threatened by climate change? This project ReeF Services with CRIOBE is trying to solve with the support of the BNP Paribas Foundation and the Climate Initiative Program. The goal of Reef Services is to measure and forecast the effects of global warming on coral reefs.

“Climate change affects ecosystems of coral reefs. The rise in water temperature and the oxidation of the ocean have destroyed the coral reefs of our planet over the past three decades. As a result of climate change and local anthropogenic pressure, coral reefs are one of the ecosystems on the planet that are under great threat,” — said Yanina Olkhovska, Head of the Brand and Communications Service of UKRSIBBANK BNP Paribas Group.

Indeed, high water temperatures caused by climatic changes have led to deterioration in coral conditions, given the high sensitivity to temperature changes. As the climate continues to change and the water temperature does not change, coral reefs become unable to fight disease, and bleaching is becoming more common.

In addition, climate change also affects the chemical composition of the ocean, which leads to its oxidation. A significant portion of carbon dioxide, which is produced by man and enters the atmosphere, dissolves in water. As carbon dioxide is present in the ocean, the pH level decreases — water becomes more acidic.

The main goal of IYOR was to gather significant global efforts aimed at raising awareness and understanding of the value of coral reefs. The International Coral Reef Initiative declared 2018 the Third International Year of the Reef and calls on all stakeholders:

• strengthen the global awareness of the value of coral reefs and the threats they face;
• involve all stakeholders and encourage partnerships between local authorities, private companies, schools and universities, and civil society to manage collective action;
• identify and implement management strategies for conservation, share best practices for more sustainable use of ecosystems.

2018 can become a defining turning point in the conservation of marine biodiversity!