By Faridat Salifu
A new global initiative, One Ocean Finance, was announced at the Blue Economy Finance Forum in Monaco to address the chronic underfunding of ocean-related priorities under Sustainable Development Goal 14.
With less than $10 billion invested between 2015 and 2019 well below the $175 billion needed annually the platform seeks to mobilise new capital flows through a purpose-built financing mechanism backed by multiple UN agencies and international partners.
The initiative aims to drive three core outcomes: accelerating sustainable transitions in ocean-dependent industries, restoring ocean ecosystems, and supporting the resilience of coastal communities.
According to its architects, the platform will be agile, scalable, and designed to aggregate underutilised funds into blended financial instruments capable of de-risking innovation and crowding in private investment.
Central to the launch is a Call for Engagement an open invitation to governments, financial institutions, private sector leaders, and civil society actors to co-design a fit-for-purpose ocean finance facility.
This consultative process will culminate in the platform’s expected launch at the Fourth UN Ocean Conference in 2028, following ongoing dialogue at the Third UN Ocean Conference in Nice.
“The ocean regulates our climate, feeds billions, and powers global trade, yet it is undervalued, underfunded, and overexploited,” said Achim Steiner, Administrator of the United Nations Development Programme (UNDP). “We need to redesign ocean finance grounded in equity, guided by science, and powered by ocean-linked industries.”
The facility is being developed jointly by the UN Environment Programme (UNEP), UNDP, and the UN Capital Development Fund (UNCDF), in collaboration with the Intergovernmental Oceanographic Commission of UNESCO (IOC-UNESCO), the UN Global Compact, UN Tourism, the International Union for Conservation of Nature (IUCN), and the World Resources Institute (WRI).
Once operational, One Ocean Finance is expected to draw the majority of its capital from ocean-linked sectors such as shipping, ports, tourism, insurance, and marine cables through mechanisms like user fees, solidarity levies, payments for ecosystem services, and dynamic pricing models. These funds will be deployed via grants, patient capital, and blended finance tools aimed at enabling high-impact, locally led solutions.
“This collaborative process will bring together governments, financial institutions, ocean industries, the United Nations, and civil society to collectively shape a new financial future for the ocean,” said Inger Andersen, Executive Director of UNEP.
UNCDF Executive Secretary Pradeep Kurukulasuriya noted that the facility will prioritise catalytic investments in vulnerable states, especially Least Developed Countries and Small Island Developing States. “One Ocean Finance will accelerate sustainable transitions, drive climate-smart innovation, and empower the communities working to protect and restore ocean ecosystems,” he said.
UNESCO-IOC’s Executive Secretary Vidar Helgesen emphasized the role of science and data in shaping investment decisions. “A One Ocean Finance Facility would embed ocean health and natural capital into financial systems, ensuring decisions are based on robust science,” he said.
Sanda Ojiambo, CEO of the UN Global Compact, said the platform represents an opportunity to engage ocean-dependent industries as active contributors to sustainability. “It can help decouple growth from degradation and align business practices with ocean stewardship,” she stated.
Zurab Pololikashvili, Secretary-General of UN Tourism, added that the platform could help tourism evolve into a more sustainable and community-centered sector. IUCN’s Minna Epps called the effort a step toward “systems-level transformation” in global finance, while Cynthia Barzuna of WRI highlighted the potential for the platform to support job creation, emissions reductions, and resilience.
If successful, One Ocean Finance could serve as a centralised mechanism to reduce fragmentation across existing funds, align capital with nature-positive outcomes, and deliver more equitable finance flows to the communities most impacted by ocean degradation.
