Stockholm (NordSIP) – The 3rd United Nations Ocean Conference (UNOC3) concluded on 13 June 2025 in an atmosphere of cautious optimism and the expectation of greater momentum in international efforts to protect the marine environment. What was achieved during the negotiations and what themes should institutional investors focus on that might affect areas of their portfolio exposed to the blue economy?
With 3 billion people relying on the sea for their living, the oceans being the planet’s largest carbon sink and a major source of oxygen, the increased international focus on marine protection is long overdue. Industrial overfishing, pollution, climate change linked acidification and warming, are some of the threats combining to potentially cause irreversible damage to the seas that cover almost three quarter of the globe, with serious knock-on effects on land-based environments and populations.
As UNOC3’s 15,000 participants, including more than 60 Heads of State and Government return home, most observers are hailing the commitments made while cautioning that much remains to be done to meet the objectives set by the Kunming-Montreal Global Biodiversity Framework (GBF).
Marine Protected Areas key to 30×30
The GBF states that 30% of the world’s surface should be restored and protected by 2030 – the ‘30×30’ target. The expansion of Marine Protected Areas (MPAs) was therefore a key agenda point at UNOC3. Prior to the event only 8% of the world’s oceans were designated as MPAs, with only 2.8% considered effectively protected given the prevalence of damaging fishing practices within many MPAs. During UNOC3 several countries announced new or expanded MPAs. These included Chile, Colombia, Tanzania, and French Polynesia. The latter’s proposed 5 million km2 MPA will be the planet’s largest and include 1.1 million KM2 where only traditional low-scale coastal fishing will be permitted, along with ecotourism and scientific projects. The United Kingdom also announced plans to ban controversial bottom trawling in half of the country’s MPAs.
‘The deep sea is not for sale’ – President Macron
With most MPAs currently residing within national territorial waters, much attention was focused at UNOC3 on the largely unregulated high seas. During the week-long event in Nice, France, a further 19 countries ratified the UN-sponsored Agreement on Marine Biological Diversity of Areas beyond National Jurisdiction (BBNJ). The BBNJ is now ratified by 50 nations and the European Union (EU), but still a minimum of 60 for the agreement to enter into force. The high seas treaty is considered essential to combat industrial overfishing as well as the growing threat of deep-sea mining.
Although US president Trump, whose government was not formally represented at UNOC3, has recently signed an executive order encouraging deep sea mining, most other nations are urging caution. Speaking at the opening session in Nice French President Emmanual Macron described deep-sea mining as ‘madness’ and called for an international ban, although this was not included in the final UNOC3 declaration.
Further progress was made at UNOC3 on the conservation of coral reefs, the clear-up of legacy munitions from European waters, and steps to reduce underwater noise levels that adversely affect ecosystems. Many nations pledged to incorporate ocean-related clauses with their National Biodiversity Strategies and Action Plans (NBSAPs) and climate-related Nationally Determined Contributions (NDCs).
A potential boost to the Plastic Treaty negotiations
The global plastic pollution crisis also took centre stage at UNOC3. With more than 8 million tonnes of plastic waste entering the oceans each year, more than 95 countries took the opportunity to express their support for a global plastic treaty. The fifth and supposedly final session of the Intergovernmental Negotiating Committee to develop an international legally binding instrument on plastic pollution, including in the marine environment (INC-5.1), ended in December 2024 without success. The UN will be hoping that the renewed impetus provided at UNOC3 will help get the plastic treaty across the finishing line at the extraordinary INC-5.2 that will be held from 5 to 14 August 2025 in Geneva, Switzerland.
These international negotiations will ultimately have an impact on institutional investors’ portfolios in terms of investee companies exposed to the resulting risks and opportunities. Producers and users of raw plastics, companies extracting or depending on mineral resources, food and agriculture firms, as well as tourism and leisure all stand to be affected by the measures either agreed or proposed at UNOC3.
Laura Clarke, CEO of ClientEarth welcomed the outcome of the session with cautious optimism: “At a time of great tension in geopolitics, it was a heartening manifestation of multilateralism from countries, organisations and individuals around the world who reject the ‘tragedy of the commons’, and strive, together, to protect what the UN Convention on the Law of the Sea describes as the common heritage of mankind. But declarations, commitments and even laws are nothing without proper implementation and enforcement.”
Greenpeace representatives also expressed hope that good intentions expressed at UNOC3 regarding deep-sea mining will be followed by concrete action at the forthcoming 30th Session of the International Seabed Authority. Megan Randles, Greenpeace Head of Delegation regarding the High Seas Treaty said: “We’ve heard lots of fine words here in Nice, but these need to turn into tangible action. Countries must be brave, stand up for global cooperation and make history by stopping deep sea mining this year. They can do this by committing to a moratorium on deep sea mining at next month’s International Seabed Authority meeting. We applaud those who have already taken a stand, and urge all others to be on the right side of history by stopping deep sea mining.”
