The United Nations has emphasized the critical need for sustainable management of the ocean economy, which not only supports hundreds of millions of people but is also under significant threat from overfishing, pollution, and climate change. In the lead-up to the anticipated UN Ocean Conference in June 2025, UNCTAD has underscored the essential role that oceans play in sustaining biodiversity and regulating climate, along with their economic potential in job creation and food security.
The value of ocean-related exports reached a remarkable $2.2 trillion in 2023, marking a rapid growth of 250 percent since 1995. This growth is attributed to an increase in global trade, particularly in fresh and processed fish products. Presently, around 600 million individuals depend on the fishing industry, a significant portion of whom are in developing nations.
However, despite this growth, the ocean economy faces considerable challenges, including poor governance, climate hazards, and inadequate funding for conservation efforts. Notably, less than 1 percent of global development assistance is directed toward ocean sustainability, leading to a stark contrast with the $22 billion spent annually on harmful fishing subsidies that exacerbate overfishing. The UNCTAD has called for an annual investment of $175 billion to meet Sustainable Development Goal 14, which focuses on ocean life preservation. Yet, only a fraction of this amount, about $4 billion, has been allocated from public and private sources.
To tackle these pressing issues, UNCTAD advocates for integrating ocean-based sectors into climate policies, reducing trade barriers, enhancing data collection on ocean emissions, and finalizing treaties to combat plastic pollution. Initiatives such as a renewed Ocean Trade Database and the establishment of a UN task force for seaweed development are proposed to drive sustainable practices in ocean management.
As global discussions progress, the emphasis on collaboration, innovation, and responsible resource management offers a hopeful outlook for the future of the ocean economy. This collective effort aims not only to protect marine ecosystems but also to secure sustainable livelihoods for millions of people reliant on ocean resources. By amplifying voices from regions significantly impacted by ocean management, such as the Pacific Islands, the international community stands to benefit from a united approach that promotes resilience and sustainability for generations to come.
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