This report focuses on ocean degradation and makes the case for (1) increased attention and action from businesses and financial institutions, and (2) a more integrated approach across climate change, biodiversity loss and ocean degradation. It starts by examining the significance of the ocean from environmental, economic and social perspectives and the current state of play. This is followed by a deep dive into the root causes of negative impacts on oceans, which is then mapped to industries – both marine and land-based. Almost all industries contribute to ocean degradation through one or more of three key “stressors”: climate change, pollution, and land/sea use change & direct exploitation. We then discuss the risks and opportunities for businesses and financial institutions, as well as relevant regulations and initiatives that are in place and on the horizon. The note concludes with a set of recommendations for the private, public and finance sectors.