The ocean underpins planetary life-support systems and the functioning of the global economy, enabling over 80 per cent of global trade and supporting the livelihoods of more than 3 billion people. Yet, despite its economic and ecological centrality, the ocean remains structurally undervalued within global financial and economic frameworks. This misalignment has contributed to a persistent and widening gap between ambition under Sustainable Development Goal 14 (SDG14 – Life Below Water) and the scale of financing required for effective implementation, with SDG 14 remaining the least funded of the 2030 Agenda.
Against this backdrop, the UNEA-7 High-Level Ministerial Roundtable on One Ocean Finance, cohosted by Chile, Kenya and Palau, and convened by the United Nations Environment Programme (UNEP), marked a critical milestone in advancing a coherent global ocean finance architecture. The roundtable formally launched the co-design phase of the One Ocean Finance Facility (OOFF), initiating a structured political and technical pathway toward the Fourth UN Ocean Conference in 2028, which will be co-hosted by Chile and the Republic of Korea.
Political convergence on the need for coherent ocean finance
Ministers and heads of delegation from Canada, Chile, Costa Rica, Denmark, Fiji, Ghana, Grenada, Jamaica, Kenya, Mexico, New Zealand, Palau, Seychelles and the United Kingdom expressed strong convergence on the need to move beyond fragmented and project-based approaches to ocean finance.
Several delegations underscored that existing public and blended finance mechanisms are no longer fit for purpose in an era defined by accelerating climate risk, biodiversity loss, pollution and coastal vulnerability. The roundtable highlighted the urgency of embedding ocean values into economic decision-making and aligning global financial flows with ocean health, leveraging public and concessional capital to crowd in private investment at scale.
In this context, the One Ocean Finance Facility was broadly welcomed as a potential coordinating platform capable of pooling resources, de-risking innovation and translating policy ambition into investable pipelines across ocean-dependent sectors.
Linking ocean use with financial responsibility
A central theme of the discussion was the need to reconsider the long-standing assumption of the ocean’s free use. Multiple delegations emphasized that continued free use cannot remain the default if sustainability and equity objectives are to be achieved.
Participants articulated strong support for the principle that those who derive value from the ocean should contribute financially to its protection and long-term resilience. Importantly, delegations stressed that while responsibility must be shared, it cannot be equal: financial contributions should reflect differences in capacity, historical benefit and intensity of ocean use. Several countries expressed interest in further technical work to explore how large-scale ocean-dependent industries, including shipping, could be systematically engaged within a unified global platform.
Ensuring a responsive architecture
Small island developing states (SIDS) played a prominent role in shaping the discussion. Delegations from Palau, Grenada and Fiji emphasized that any future global ocean finance mechanism must be designed around accessibility, predictability and responsiveness to national realities.
Key priorities included simplified access modalities, improved coordination across financing instruments and governance arrangements that translate global ambition into delivery on the ground. Participants stressed that without SIDS-responsive design, global ocean finance risks reinforcing existing inequities rather than addressing them.
Scaling proven models and accelerating delivery
Several delegations highlighted the importance of building on mechanisms and partnerships that are already delivering results. The United Kingdom and New Zealand encouraged the facility’s design process to draw on proven blended finance models and practical examples, including the Global Fund for Coral Reefs, to accelerate learning and implementation.
There was broad agreement that political alignment already exists at the highest levels. The priority now is to move decisively from dialogue to delivery, with early pilots and tangible investment models used to build confidence and demonstrate impact ahead of the Fourth UN Ocean Conference.
Next steps
Building on the momentum generated at the Third UN Ocean Conference (and the Blue Economy and Finance Forum), partners agreed on a set of immediate next steps. These include advancing tangible investment models for priority seascapes, deepening engagement with ocean-dependent industries, and developing a clear roadmap with political and technical milestones toward the Fourth UN Ocean Conference.
Further discussions are planned for June 2026 at the Our Ocean Conference in Kenya, alongside structured consultations and a dedicated convening in the Republic of Korea. To sustain momentum and coordination, the OOFF stakeholder group will reconvene on the margins of the UN General Assembly to review progress and align next actions.
Together, these outcomes signal a transition from fragmented efforts toward a unified, science-aligned and scalable ocean finance architecture, capable of delivering the scale, integration and accountability required to secure a resilient, inclusive and sustainable ocean economy.
About The One Ocean Finance Facility
The One Ocean Finance Facility (OOFF) was initiated through a call for engagement launched at the Blue Economy and Finance Forum and the Third United Nations Ocean Conference by the UN Environment Progamme, the UN Development Programme, UN Capital Development Fund, the UN Department of Economic and Social Affairs, UN Global Compact, UN Scientific, Education and Cultural Organization-Intergovernmental Oceanographic Commission, UN Tourism, UN Trade and Development, International Union for the Conservation of Nature and World Resources Institute. The OOFF is being designed to establish a coherent global financial architecture that links ocean use to long-term reinvestment.
At its core, OOFF applies a co-investment logic to the global ocean commons: when economic activity relies on ocean space, a modest and predictable contribution can be generated and reinvested into the ocean health, resilience, and infrastructure that sustain that activity. These proceeds are blended with public, philanthropic, and private capital to create scalable, investment-grade financing flows capable of leveraging capital markets and supporting long-term transition pathways.
