The United Nations has highlighted the urgent need for sustainable management of the ocean economy, which plays a pivotal role in supporting millions of people and is currently facing significant threats from overfishing, pollution, and climate change. Ahead of the upcoming UN Ocean Conference scheduled for June 2025, UNCTAD has stressed the importance of oceans in maintaining biodiversity, regulating climate, and their potential for job creation and food security.
In 2023, ocean-related exports reached an impressive value of $2.2 trillion, representing a remarkable 250 percent increase since 1995. This surge can be largely attributed to a rise in global trade, particularly in fresh and processed fish products. Currently, approximately 600 million people depend on the fishing industry, with a large proportion residing in developing nations.
Despite this encouraging economic growth, the ocean economy faces several critical challenges, including ineffective governance, climate-related risks, and insufficient funding for conservation efforts. Alarmingly, less than 1 percent of global development assistance is allocated to ocean sustainability, highlighting a stark discrepancy compared to the $22 billion spent annually on harmful fishing subsidies that worsen overfishing. UNCTAD has called for a significant annual investment of $175 billion to achieve Sustainable Development Goal 14, which aims to conserve and sustainably use the oceans, seas, and marine resources, yet currently only about $4 billion is being sourced from both public and private channels.
To address these pressing challenges, UNCTAD recommends integrating ocean-related sectors within climate policy frameworks, reducing trade barriers, improving data collection concerning ocean emissions, and finalizing treaties to combat plastic pollution. Proposed initiatives include a renewed Ocean Trade Database and the establishment of a UN task force specifically focused on seaweed development, aimed at promoting sustainable practices in ocean management.
As discussions among global leaders continue, the emphasis on collaboration, innovation, and responsible resource management provides a hopeful perspective for the future of the ocean economy. This collective effort not only seeks to safeguard marine ecosystems but also aims to secure sustainable livelihoods for millions dependent on ocean resources. By amplifying the voices of communities, particularly from regions heavily impacted by ocean management like the Pacific Islands, the global community can benefit from a unified approach promoting resilience and sustainability for future generations.
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