The recently concluded UN Ocean Conference, in Nice, has delivered a unified call to action and strong commitments, setting the stage for COP30. The political declaration titled Our Ocean, Our Future: United for urgent action, together with voluntary commitments by States and other entities, constitutes the Nice Ocean Action Plan.

Even as United Nations Under-Secretary-General for Economic and Social Affairs Li Junhua, who served as the Conference Secretary-General, said, “The momentum we have generated must carry us forward to COP30, global and regional ocean forums, and national decision-making, and translate into decisive national action.” Can it translate into justice and lasting change for the oceans and the communities that depend on them?

This year’s conference, which saw about 60 heads of state, has made significant progress compared to the Lisbon 2022 conference. The political declaration, within the Nice Action Plan, calls for concrete steps to expand marine protected areas, decarbonize maritime transport, combat marine pollution, and mobilize finance for vulnerable coastal and island nations, among others.

At Nice, the Agreement under the United Nations Convention on the Law of the Sea on the Conservation and Sustainable Use of Marine Biological Diversity of Areas beyond National Jurisdiction (BBNJ Agreement) had 19 additional ratifications and 20 more signed it, bringing the total number of signatures to 136, and ratifications to 50 States plus the European Union. Ten more ratifications are needed for the Agreement to enter into force.   

Private investors have emphasized the need for strong enforcement mechanisms and clearer governance in the high seas, where no single sovereign is responsible.

Robert-Alexandre Poujade from BNP Paribas Asset Management says that the High Seas Treaty must have “lots of teeth” to gain investor confidence and prompt enforcement.

In addition to the voluntary commitments announced at the Conference, a range of financial instruments, including public-private partnerships, results-based bonds, and multilateral funding platforms like One Ocean Finance, are being mobilized to help close the estimated $175 billion annual ocean finance gap.

What is Ocean Finance?

A co-designed UN-led platform launched to unlock billions in finance from ocean-based industries, shipping, tourism, and fisheries, by coordinating across governments, finance, and civil society

Its goals:

• De-risk investments in ocean health.
• Deliver triple wins: sustainable industries, restored ecosystems, and protected communities 

What is a Coral Bond?

Indonesia, the World Bank, and other partners launched a Coral Bond. This financial instrument is designed to mobilize private capital to conserve coral reef ecosystems within marine protected areas in Indonesia. 

Here is how it works:

• Investors forego coupons, which fund conservation in four Marine Protected Areas (totaling more than 5 M hectares).
• If targets (reef health, governance) are met, investors get a success payment at maturity, funded by grants.

Looking ahead to COP30, the Nice Action Plan has laid a strong foundation. However, the real test lies in how these declarations are enforced, how finance flows are distributed, and whether they truly reach the communities on the frontlines of climate risk.

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