By Thuku Kariuki
Two months may have passed since the Third United Nations Ocean Conference (UNOC3), but the conversations it sparked continue to echo today. When I caught up this week with Cyril Gomez, Deputy Director General of the Oceanographic Institute of Monaco, his reflections carried the urgency of an agenda that can’t wait.
“The ocean is 70 percent of Earth. It regulates our climate, feeds billions of people, and carries the goods we trade. It was unthinkable that it had no global agenda before,” Gomez said, looking back at how far international politics has come in just over a decade.
Fifteen years ago, the ocean barely registered in global negotiations; today, it is at the heart of climate, biodiversity, and economic debates.
Much of this shift, he emphasized, owes to persistent advocacy by figures like Prince Albert II of Monaco. Their efforts paved the way for breakthroughs such as the Biodiversity Beyond National Jurisdiction (BBNJ) Agreement, which finally allows marine protected areas in international waters.
“Without protecting the high seas, there is no way to reach the global target of conserving 30 percent of the ocean by 2030,” Gomez said.
While climate summits chase binding treaties, UNOC3 offered something different—a space for governments, NGOs, scientists, and businesses to align priorities. The discussions were framed by two major side events: the One Ocean Science Congress and the Blue Economy and Finance Forum, which drew 2,000 leaders from across sectors.
“The purpose was clear: how do we finance the conservation and regeneration of the ocean? How do we make the blue economy both sustainable and profitable?” Gomez recalled.
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But here lies the sticking point. OECD estimates put the price tag for sustainable ocean management at $175 billion a year. Right now, only about $25 billion is on the table.
“We need to multiply ocean finance by seven. Governments alone cannot do this—you must convince the private sector that investing in the ocean is not only necessary but profitable,” he said.
The transformation he envisions isn’t about shutting down industries. “Nobody is saying stop fishing or shut down shipping. What we are saying is: do it in a sustainable way. You can still create wealth without destroying the sea,” Gomez insisted.
Still, he warned that harmful subsidies distort the playing field. Industrial fishing and unsustainable aquaculture often survive on subsidies, money that could instead drive resilient, self-sustaining models.
Another less visible hurdle is insurance. Many maritime ventures are deemed too risky to cover, further stalling innovation. Gomez urged reforms to open fair coverage and backed blended finance approaches—mixing public, private, and philanthropic resources—as the most realistic way to close the gap.
The debate over deep sea mining, one of UNOC3’s flashpoints, remains alive. Several states pressed for a moratorium, and Gomez agreed. “Deep sea mining could release stored carbon and destroy biodiversity we haven’t even discovered yet. A moratorium is the prudent path,” he cautioned.
Even beyond the seas, Gomez reminded leaders that rivers and lakes ultimately determine ocean health. “Water is water. If you don’t manage rivers sustainably, you cannot expect healthy oceans,” he noted, urging joined-up solutions from land to sea.
Two months on, UNOC3 feels less like a closed chapter than the start of a sharper campaign. The ocean is no longer the forgotten child of multilateral diplomacy—but financing, regulation, and political will remain unfinished business.
For Monaco and other champions, the race continues. “We are talking about something urgent,” Gomez said. “The money is needed not tomorrow, but today. And we have to make sure it goes to the right solutions.”
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