Geneva: A new initiative has been unveiled by the 5th UN Ocean Forum, collaboratively spearheaded by the United Nations Trade and Development (UNCTAD) and the UN Department of Economic and Social Affairs, with backing from several other UN organizations.
This project is designed to enhance climate action grounded in evidence by utilizing artificial intelligence and innovative data solutions, focusing on creating tools to assess carbon emissions from the shipping and fisheries industries in four Caribbean Small Island Developing States: Barbados, Belize, the Dominican Republic, and Trinidad and Tobago.
Additionally, the initiative will provide policy guidance aimed at facilitating decarbonization in these sectors and aims to replicate similar efforts in other regions around the globe.
Moreover, the forum underscored the remarkable potential of seaweed in tackling global challenges such as food security, biodiversity loss, and climate resilience, all within the framework of sustainable ocean economies.
A joint proposal from Madagascar and the Republic of Korea, with backing from several international organizations like UN Trade and Development and the UN Compact, was introduced to establish a UN-led task force.
This initiative aims to map out regulatory standards and pinpoint gaps in the cultivation, processing, and trade of seaweed, which represents a lucrative $17 billion market. Furthermore, the task force intends to enhance global collaboration and knowledge exchange, stimulate investments, and offer guidance to nations on how to responsibly grow the seaweed industry, ensuring economic, social, and environmental sustainability.
The ocean, which spans approximately 70% of the Earth’s surface, is vital for all forms of life, yet it faces unprecedented challenges. Climate change, overfishing, and pollution pose significant threats to marine ecosystems and the livelihoods of 600 million people globally who depend on fisheries.
However, it is possible to achieve development while simultaneously conserving and sustainably utilizing ocean resources, a point emphasized during the forum.
Organized by the UN Conference on Trade and Development (UNCTAD), the forum brought together over 500 participants from 80 nations, including ministers, government officials, experts, entrepreneurs, and representatives from civil society and international organizations, to discuss strategies for harmonizing trade and economic policies with ocean sustainability.
In her address, UNCTAD Secretary-General Rebeca Grynspan stated, “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.”
Forging consensus on a sustainable ocean economy
The three-day forum that concluded on March 5, 2025, served as a crucial venue for influencing ocean-related trade policies, directly impacting the upcoming discussions at the United Nations Ocean Conference in Nice, France, this June. The co-chairs, France and Costa Rica, have distilled key recommendations from the event, which are now accessible online. Additionally, the insights gained will play a significant role in the Blue Economy and Finance Forum in Monaco, as well as at UNCTAD16, the 16th quadrennial conference on trade and development later this year.
The discussions emphasized the urgent need to decarbonize ocean-based industries and assist nations in leveraging trade and investment strategies to effectively implement their national climate action plans, known as Nationally Determined Contributions (NDCs). This focus is particularly vital for small island developing states (SIDS), where 70% of ocean-related NDC initiatives are centered on adapting to climate change. The forum also advocated for the enhancement of maritime transport and port infrastructure to foster improved livelihoods and social equity.
Moreover, it called for the establishment of a new “blue deal” aimed at significantly increasing both public and private investments in sustainable ocean sectors, which are currently facing a funding shortfall. To meet the Sustainable Development Goal 14, “Life Below Water,” an annual investment of $175 billion is necessary, yet only $30 billion has been allocated since 2010. The forum also highlighted the promotion of sustainable South-South trade in fisheries and aquaculture, encouraging value addition and diversification, while fostering innovation and entrepreneurial ventures in both food and non-food marine sectors to combat food insecurity and pollution. An expo showcased various marine-based products and services, demonstrating how innovations in the circular economy and sustainable fisheries can enhance ocean stewardship while supporting coastal communities.
“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 enhanced database detailing ocean trade in goods and services, developed by UN Trade and Development, will persist in guiding evidence-driven policymaking through extensive statistics on ocean trade flows at global, regional, and national levels.
This database features essential metrics, including the growth rates of exports and imports related to ocean-based goods and services, per capita trade figures, revealed comparative advantages, and indices that measure product and market concentration.
It breaks down data by various sectors, sub-sectors, and individual economies, along with economic and geographic classifications, aiming to assist countries in effectively monitoring their ocean-related economic activities.
– global bihari bureau
