Why does this matter? The five-day meeting, co-hosted by France and Costa Rica, was attended by 15,000 participants – triple the turnout seen at UNOC2 in Lisbon 2022, demonstrating a significant rise in global interest in Ocean issues and renewed confidence in multilateral cooperation. The US, however, did not participate, opting instead to send observers, a reflection of President Donald Trump’s intention to permit deep-sea mining in North American and international waters.

Nevertheless, strong progress was made with the launch of new initiatives such as the Ocean Tourism Pact and the One Ocean Finance Facility. Pledges came in from the European Commission, which committed €1 billion ($1.2 billion) for ocean conservation, science and sustainable fisheries, while Germany launched a €100 million initiative to clear munitions from the Baltic and North Seas.

New Zealand committed $52 million to Pacific Ocean governance, Spain declared five new MPAs, and Indonesia and the World Bank launched a “Coral Bond” for reef protection. A 37-nation coalition led by Canada and Panama also introduced the High Ambition Coalition for a Quiet Ocean to address underwater noise pollution.

Additional pledges included €3 billion from development banks, including the European Investment Bank and the Asian Development Bank, to combat ocean plastic pollution and $2.5 billion from the Development Bank of Latin America and the Caribbean for sustainable ocean economies. French development bank AFD committed €2 million to extend coastal preservation in North Africa, and a grant of €1.8 million was allocated to support MPAs in Costa Rica and the Mediterranean.

Ocean 14 Capital was also active at the conference, organising an event in collaboration with the Blue Marine Foundation, where Chile pointed to its commitment to expand its MPA in Juan Fernández, adding 350,000 sq km of protection. The move will see Chile’s Exclusive Economic Zone (EEZ) protection rise beyond 50%, making it one of the world’s leading ocean guardians.

Co-founder Chris Gorell Barnes also spoke at six sessions covering a variety of topics, including delivering finance at scale, innovation and investment in the blue economy, investing in the future of the ocean, measuring progress and cross-sector collaboration where he reminded the audience that despite a $175bn shortfall in ocean financing, the ocean economy holds a potential value of $3tn.

Immediately preceding UNOC3 was the Blue Economy & Finance Forum (BEFF) in Monaco where Chris sat on a panel with HRH Prince of Wales. The session, which also included participants from Conservation International, Builders Vision, Coral Vita and The Nature Conservancy, discussed how innovative blue economy solutions present long-term opportunities for investors. Chris highlighted various blue economy investment themes that also have potential to boost food security and tackle climate change.

The event, where the Ocean Risk and Resilience Action Alliance (ORRAA) was also in attendance, saw an €8.7 billion pledge to support the development of a sustainable blue economy. Backed by public banks, private investors and philanthropists, €1 billion has already been deployed or is investment-ready. Additionally, 80 organisations from 25 countries, representing $600 billion in turnover, backed the Business in Ocean call to action, which is supported by ORRAA. The initiative includes commitments to integrate ocean-related risks and opportunities into their strategies, report on their impacts on marine ecosystems, and invest in ocean-positive solutions. They must also support a just and inclusive transition for communities that depend on the ocean.

Meanwhile, the #BackBlue Ocean Finance Commitment, co-led by ORRAA and the World Economic Forum, was recognised as a formal BEFF outcome, now covering $3.4 trillion in assets under management. The Commitment gained three new members – BNP Paribas, Eurazeo and Mirova – joining existing supporters such as Standard Chartered, Deutsche Bank and AXA. The BEFF meeting also identified €25 billion in existing blue investments across ocean transition projects spanning multiple sectors, including the decarbonisation of maritime transport and ports, marine ecosystem restoration, ocean energy and biotechnology.

Additionally, the Philanthropists and Investors in Ocean alliance was launched at BEFF to focus on impact investment in projects with high ecological and social value, particularly across the Global South. The Finance in Common alliance was also created, involving a group of 20 development banks that will jointly mobilise over $5 billion annually for ocean protection.

It is promising to see growing momentum for ocean action, and it will be interesting to see how the commitments made this year progress into real-world outcomes. The fourth UNOC will be co-hosted by Chile and South Korea in 2028. It will provide further opportunities to make headway before the Sustainable Development Goal 14 to conserve and sustainably use oceans, seas and marine resources reaches its deadline in 2030.