Geneva: The 5th UN Ocean Forum will convene global leaders, experts, and stakeholders to align trade and economic policies with ocean sustainability and the sustainable use of marine resources. The forum focuses on the critical role that oceans play in sustaining biodiversity, regulating climate, and supporting global trade and food security. However, challenges such as climate change, overfishing, and pollution are threatening marine ecosystems and the livelihoods of 600 million people worldwide who depend on fisheries.
According to Emirates News Agency, the forum, scheduled from 3 to 5 March, will feature a high-level segment opened by UNCTAD Secretary-General Rebeca Grynspan. It will include five thematic sessions on trade trends, Nationally Determined Contributions for ocean sectors, South-South trade, innovative marine products, and blue finance. These sessions aim to address the rapid growth of the ocean economy and the new opportunities it presents, especially for developing countries and vulnerable coastal communities.
The ocean economy has expanded 2.5 times since 1995, outpacing the global economy, which has grown by 1.9 times in the same period. In 2023, ocean trade in goods and services reached a record $2.2 trillion in exports, demonstrating a strong recovery from the COVID-19 pandemic. South-South trade in fisheries has shown significant growth, with primary fish exports increasing by 43% to $19 billion and processed fish exports soaring 89% to $23 billion from 2021 to 2023.
The forum also highlights the potential of marine-based substitutes for plastics, presenting a $10.8 billion market opportunity. This can reduce plastic pollution and create new business avenues. Despite these opportunities, the ocean economy faces challenges due to governance gaps and environmental and climate pressures that threaten its long-term sustainability.
The ocean economy currently accounts for 11% of global CO2 emissions and remains underfunded in terms of Sustainable Development Goals. Goal 14, which focuses on life under water, requires $175 billion annually, yet only $30 billion has been disbursed since 2010. Furthermore, $22 billion in harmful fishing subsidies continue to deplete fish stocks and threaten marine biodiversity.