A high-level ministerial roundtable at UNEA-7 has formally launched the co-design phase of the One Ocean Finance Facility (OOFF), a unified initiative aimed at overhaulng the “structurally undervalued” blue economy. Cohosted by Chile, Kenya, and Palau, the move marks a transition from fragmented, project-based funding to a coherent global architecture ahead of the Fourth UN Ocean Conference in 2028.
Despite the ocean supporting the livelihoods of 3 billion people and 80 per cent of global trade, Sustainable Development Goal 14 (Life Below Water) remains the least funded of the 2030 Agenda. Ministers from nations including the UK, Canada, and Fiji warned that existing public and blended finance mechanisms are no longer fit for purpose amidst accelerating climate risk and biodiversity loss.
A central theme of the talks was the rejection of the “free use” of the ocean. Delegations argued that industries deriving value from marine resources must contribute to their protection. However, participants stressed that financial responsibility should not be equal, but rather reflect differences in “capacity, historical benefit and intensity of ocean use.” Technical work is now expected to explore how sectors such as shipping can be systematically engaged in this new financial framework.
Small Island Developing States (SIDS), including Palau and Grenada, emphasised that any new mechanism must prioritise accessibility and predictability to avoid reinforcing existing inequities. The United Kingdom and New Zealand further urged the facility to scale proven models, such as the Global Fund for Coral Reefs, to accelerate delivery.
The OOFF stakeholder group is scheduled to reconvene during the UN General Assembly to review progress. Immediate next steps include developing investment models for priority seascapes and deepening engagement with ocean-dependent industries, with further consultations set for the 2026 Our Ocean Conference in Kenya.
