Secretary-General Rebeca Grynspan underscored the ocean's central role in global trade, economic development, food security and climate regulation.
©IISD/ENB Kiara Worth | Rebeca Grynspan speaking on 11 June at the 3rd UN Ocean Conference in Nice, France.
At the 3rd UN Ocean Conference held in Nice, France, UN Trade and Development chief Rebeca Grynspan delivered a powerful call for stronger governance of the ocean economy.
She underscored the ocean's central role in global prosperity, with over 80% of global trade moving by sea, alongside its critical contributions to climate regulation, food security and economic development for coastal communities, including women and Indigenous Peoples.
Ocean economy remains underdeveloped
Despite these vital contributions, Ms. Grynspan pointed out that the ocean economy remains underdeveloped and under-regulated.
“There are no global or regional frameworks to advance policies, standards, research or technical cooperation,” she warned, stressing the urgent need to address these gaps.
A new vision for ocean finance
As part of her broader appeal, Grynspan called for the transformation of ocean finance.
She proposed the launch of a One Ocean Finance Facility to pool resources and reduce financial costs, which would help boost sustainable ocean initiatives across the globe.
“We need to redirect harmful subsidies and invest in solutions that promote long-term sustainability,” she said.
A $2.8 trillion Blue Deal
She outlined a bold “Blue Deal” worth $2.8 trillion, focusing on four key areas:
- Seaweed and mangrove conservation and restoration
- Decarbonization of shipping and fisheries
- Sustainable ocean-based food and non-food production
- Coastal and offshore wind energy development
Global cooperation and solidarity
Ms. Grynspan called for greater regional cooperation and South-South trade, and the scaling up of blue finance – essential for building resilience in vulnerable communities.
She also made a strong plea for global solidarity in ratifying pivotal international agreements, including the High Seas Treaty, the Cape Town Agreement, and the World Trade Organization Fisheries Subsidies Agreement.
“It can be done” she concluded.