Geneva [Switzerland], March 2: The 5th UN Ocean Forum will unite global leaders, experts and stakeholders to align trade and economic policies with ocean sustainability and the sustainable use of marine resources.
The ocean is essential to all life. It sustains biodiversity, regulates the climate and generates oxygen while supporting food security, creating jobs and driving global trade. But climate change, overfishing and pollution threaten marine ecosystems and the 600 million people worldwide who rely on fisheries for their livelihoods.
From 3 to 5 March, the 5th Ocean Forum will feature a high-level segment opened by UNCTAD Secretary-General Rebeca Grynspan and five thematic sessions focused on:
Trade trends
Nationally Determined Contributions for ocean sectors
South-South trade
Innovative marine products
Blue finance
UNCTAD says the ocean economy is growing fast, creating new opportunities, particularly for developing countries and vulnerable coastal communities.
The ocean economy is outpacing other sectors, expanding 2.5 times since 1995 compared to 1.9 times for the global economy.
Ocean trade in goods and services hit a record of $2.2 trillion in exports in 2023, showing a strong recovery from the COVID-19 pandemic.
South-South trade in fisheries is surging, with primary fish exports growing 43% to $19 billion from 2021 to 2023, while processed fish exports soared 89% to $23 billion in the same period.
Marine-based substitutes for plastics offer a $10.8 billion market opportunity that can help cut plastic pollution while creating new business avenues.
However, governance gaps and mounting environmental and climate pressures threaten the ocean economy's long-term sustainability.
The ocean economy accounts for 11% of global CO2 emissions yet remains one of the least-funded Sustainable Development Goal areas. Goal 14 (live under water) requires $175 billion annually, but only $30 billion has been disbursed since 2010. $22 billion in harmful fishing subsidies continue to deplete fish stocks and threaten marine biodiversity.
Source: Emirates News Agency
