Trade policies, social entrepreneurs and partnerships are crucial to harnessing the ocean’s vast potential for economic growth, environmental and human well-being.

Key takeaways:

• Trade for a sustainable ocean– Aligning trade and investment policies with ocean conservation can drive economic growth and resilience.

• Decarbonizing maritime sectors– Cutting emissions in shipping and fisheries is crucial, especially for small island nations adapting to climate change.

• A "Blue Deal" for funding– Urgent need to close a $145 billion annual investment gap in sustainable ocean sectors.

• Innovation and data for impact– Artificial intelligence, fresh ocean trade data, and circular economy solutions can boost sustainability and economic opportunities.

• Scaling up seaweed and marine industries– A proposed UN task force aims to unlock seaweed’s $17 billion market and promote sustainable marine-based sectors.

The ocean, which covers some 70% of Earth’s surface, is essential to all life but also under unprecedented strain.

Climate change, overfishing and pollution threaten marine ecosystems and the 600 million people worldwide who rely on fisheries for their livelihoods.

But development gains can go hand in hand with efforts to conserve, and sustainably use, the oceans and marine resources, as highlighted by the 5th UN Ocean Forum concluded on 5 March.

Convened by UN Trade and Development (UNCTAD), more than 500 participants from 80 countries – ministers, government representatives, experts, entrepreneurs and social and solidarity entities, civil society and international organizations – explored ways to better align trade and economic policies with ocean sustainability.

“Our goal is to balance two important considerations – prosperity and sustainability – and to prove that these two forces do not contradict but complement each other,” said UN Trade and Development Secretary-General Rebeca Grynspan in her address to the forum.

Forging consensus on a sustainable ocean economy

The three-day forum provided a pivotal platform to shape trade-related ocean policymaking and will directly inform discussions at the United Nations Ocean Conference taking place in Nice, France, in June, through main recommendations that the co-chairs – France and Costa Rica – have extracted from the event. A summary of recommendations by co-chairs of the forum is available online.

It will also inform the Blue Economy and Finance Forum in Monaco, and UNCTAD16 – UN Trade and Development’s 16th quadrennial conference – later in the year.

The forum highlighted the importance of decarbonizing ocean-based sectors and helping countries use trade and investment policies to better implement national climate action plans, also known as Nationally Determined Contributions (NDCs). This will be of particular importance to small island developing states (SIDS), as 70% of their ocean-related NDC measures focus on climate change adaptation.

It called for strengthening maritime transport and port infrastructure to improve livelihoods and equity.

It underscored the need for a new “blue deal” to urgently scale up public and private investment and finance in sustainable ocean sectors which remain severely underfunded. These sectors, crucial to achieving the Sustainable Development Goal 14, “Life Under Water”, require $175 billion annually. But only $30 billion has been disbursed in total since 2010.

The forum spotlighted promoting sustainable South-South trade in fisheries and aquaculture for value addition and diversification, as well as enabling innovation and entrepreneurship opportunities in food and non-food marine-based sectors to tackle food insecurity and pollution.

It also features an expo showcasing how marine-based products and services – from circular economy innovations and sustainable fisheries initiatives to pioneering alternatives to conventional plastics – can contribute to the stewardship of oceans while creating coastal livelihoods.

“We are here to set the course for sustainable use of our ocean that benefits all,” said Luz María de la Mora Sánchez, director of international trade and commodities at UN Trade and Development.

“The policies we enact, the technologies we develop and the partnerships we forge - will define the health of our oceans for generations to come.”

Fresh data insights on ocean trade

An updated database of ocean trade in goods and services from UN Trade and Development will continue to inform evidence-based policymaking with comprehensive statistics on global, regional and national ocean trade flows.

The database includes key indicators such as export and import growth of ocean-based goods and services, per capita exports and imports, revealed comparative advantage, as well as indices of product and market concentration.

It disaggregates data by sector, sub-sector and individual economies, as well as economic and geographic groupings, seeking to help countries better track their ocean-based economic activity. More analysis and policy recommendations are available on UNCTADStat Data Insights.

Data and artificial intelligence for ocean climate action

The forum announced a new project jointly led by UN Trade and Development and the UN Department of Economic and Social Affair, with support from various other UN entities.

It aims to bolster evidence-based climate action by leveraging artificial intelligence and data innovation and developing tools to estimate carbon emissions from the shipping and fisheries sectors of four Caribbean SIDS namely Barbados, Belize, the Dominican Republic, and Trinidad and Tobago.

Besides, the project will offer policy recommendations to support decarbonization in such sectors and seek to expand similar initiatives to more regions worldwide. 

Proposal for a UN task force on seaweed development 

The forum highlighted the significant potential of seaweed to address global food security, biodiversity and climate resilience within sustainable ocean economies.

A proposal by Madagascar and the Republic of Korea, supported by various international organizations including UN Trade and Development and the UN Compact, was presented for the creation of a UN-led task force.

This task force would aim to map regulatory standards and identify potential gaps related to the cultivation, processing, and trade of seaweed—a $17 billion market.

Additionally, it would seek to enhance global coordination and knowledge-sharing, bolster investments and provide countries with guidance to responsibly expand the seaweed sector for economic, social, and environmental sustainability.