The beginning of the song almost sets this whole thing up to be about humans poluting the earth. "I filled my cup with the rising of the sea" - Sea levels are rising with the melting of the poles. "I poured it out in an ocean of debris" - still now, we use the ocean as a dumpsite for waste.
The 'blood of innocence' could be the oil we drill from the ground, it being the 'blood' of the world.
We are losing the world, but we ruined it to begin with. What the speaker is saying here is how he knows he's losing the world, but he also realize by the way he treated the world, he didn't deserve it in the first place.