UNOC3: Key outcomes and resources for business
In the run-up to the UN Ocean Conference, the Business Call to Action for the ocean led by EPE was signed by 80+ signatories from 25 countries, including 55+ businesses representing over EUR600 billion in turnover and 2 million employees, sending a clear signal that businesses are ready for ambitious policies to protect and restore the ocean.
A moment for cautious optimism
The third UN Ocean Conference (UNOC), which concluded last week in Nice, was a moment for cautious optimism for ocean protection and restoration. It was also a sign of progress for environmental multilateralism and for science, despite global headwinds and geopolitical pressures.
The building momentum, policy decisions and united business voice helped drive change on issues from the high seas to deep-sea mining. At the same time, newly launched ocean guidance and resources will make it easier for business to lead the way to an ocean-positive future for all.
For business leaders and policymakers, the outcomes from Nice signal a potential shift in the tide, but businesses and governments must continue to collaborate beyond the conference. We must keep ambition high and the pace fast, especially on developments like the High Seas Treaty, which is so close to becoming an important ocean protection treaty.
Key outcomes and policy breakthroughs
The Business Call to Action
Business leaders demonstrated a powerful, unified voice, signalling their readiness to collaborate with governments and accelerate change. This leadership was evident in the Business Call to Action: “Land and Sea, a Vital Connection for a Thriving and Resilient Economy”.
The Call to Action has already been endorsed by more than 80 organizations representing collective revenues of over EUR600 billion and 2 million employees. This sends a strong signal to policymakers that businesses are ready for ambitious policies to protect and restore the ocean.
The declaration was presented to the Heads of State on Juneat UNOC and was mentioned in the closing Statement of French President Macron. It is also included in the UNOC official output: the Nice Ocean Action Plan.
The High Seas Treaty
One of the most hopeful developments at UNOC was for the High Seas Treaty. The treaty reached a historic 50 ratifications, edging closer to the 60 needed for it to come into force, though ultimately falling short of crossing the finish line during the conference itself.
With the high seas making up 64% of our oceans’ surface, the treaty would not only create an imperative for nature-positive practices in ocean sectors like shipping, fishing and technology, but also in value chains across the economy. Its implementation is also essential to protect 30% of the ocean by 2030, one of the key targets of the Global Biodiversity Framework.
The unified voice of business is now essential to provide policymakers with the confidence to make the final push that will bring the treaty into effect.
New Marine Protected Areas (MPAs) and 30 x 30 progress
Progress also accelerated toward the global "30x30" goal of the Global Biodiversity Framework. More than 20 New Marine Protected Area (MPA) designations were announced for waters in Samoa, Colombia, Tanzania and São Tomé and Príncipe, a move crowned by French Polynesia's announcement of the world's largest MPA.
Not only do these protections directly benefit ocean-dependent business success, they are also direct investments in the long-term viability of the assets and interconnected supply chains of the entire global economy.
Coral reefs in NBSAPs
Marine Protected Area commitments were reinforced by new pledges from 11 countries to protect the world's most climate-resilient coral reefs, backed by over USD25 million in new funding. Facing a fourth mass global coral bleaching event, these actions represent a critical investment in protecting the immense economic and biodiversity value of reef ecosystems, which provide services valued at up to USD 9.9 trillion annually.
Pledges include integrating reef protection into National Biodiversity Strategies and Action Plans (NBSAPs) and Nationally Determined Contributions (NDCs), which will provide further momentum, direction and clarity for business.
Deep-sea mining
At the same time, momentum continued to build against destructive practices, though the conference stopped short of the binding global bans many had called for. The UK’s planned ban on bottom trawling in its Marine Protected Areas and a growing 37-country coalition against deep-sea mining signal regulatory momentum, while 64 companies have also signed the business statement led by WWF, calling for a moratorium on deep seabed mining activities to date.
For businesses and investors, these are signs of growing recognition of the risks and uncertainty for industries looking to mine the deep sea. However, without a legally binding global moratorium, the threat remains.
Overfishing
Brought up during various discussions at UNOC, the WTO Agreement on Fisheries Subsidies aims to curb government funding for fishing practices that drive overfishing and harm the environment. Only nine more countries need to ratify the agreement for it to come into effect – with 102 countries of the 111 needed currently having ratified.
With USD2.6 trillion (or 2.5% of the global GDP) being spent on environmentally harmful subsidies per year, this is an important step to protect fish stocks and food security.
Resources for business leaders
The conference was also a launchpad for tools designed to help businesses navigate ocean-related reporting, risks and opportunities.
TNFD ocean-related issues guidance
The TNFD guidance provides the tools for businesses to integrate the ocean into their risk management and strategic planning, thereby meeting rising consumer, investor and regulatory demands for transparency and nature-positive action.
SBTN oceans methodology
Though not launched at the conference, the Science-Based Targets Network (SBTN) Oceans methodology is a set of targets focused on the seafood value chain to help companies move beyond traditional sustainability commitments, scale their action and build business resilience.
Measuring nature-positive outcomes for the ocean
Following the pilot launch of the terrestrial state of nature metrics, the Nature Positive Initiative, Ocean Risk and Resilience Action Alliance and World Economic Forum are convening initial discussions about what is needed to accurately and meaningfully measure nature positive in the ocean.
Looking ahead, from Nice to COP30 and UNCBD COP17
The outcomes of Nice are encouraging, but momentum needs to be maintained to ensure progress and increased ambition in upcoming global negotiations. The progress on MPAs and the High Seas Treaty directly feeds into the implementation of the Global Biodiversity Framework and discussions at the upcoming CBD COP17. But it’s important to remember that these decisions at UNOC only represent a fraction of all the progress needed, especially in terms of nations committing concrete finance and resources.
In the lead up to COP17, the strong business voice showcased in Nice can give governments the confidence to accelerate the implementation of their national biodiversity strategies.
Similarly, the conference's focus on the ocean, climate and nature nexus provides momentum heading into Climate COP30 in Belém, Brazil. Protecting and restoring blue carbon ecosystems, such as mangroves and seagrasses, as well as conserving great whales in the high seas, are powerful nature-based solutions for climate change mitigation and adaptation that must be central to ongoing climate discussions.
Business-ocean action beyond the COPs
But businesses can take action beyond the negotiations. Organizations that have begun their nature journey should develop a credible nature strategy to deliver concrete, long-term actions.
We also encourage businesses to assess and prioritize their dependencies and impacts on the ocean, using science-based tools like the Science-Based Targets Network (SBTN) Oceans methodology and the new TNFD Ocean-Related Issues Guidance to set credible nature and ocean targets.
The wave of action that began in Nice must continue to build, with both governments and business playing their part. Governments must also secure and showcase political will to ensure that commitments are translated into concrete action.
Pledges and plans are essential, but they are not outcomes. With policies being strengthened and a clear business case, the final ingredient is continued, ambitious and collaborative action from all leaders in both private and public sectors globally, to secure the health of our ocean and our economy.
Supporting Partners
Business for Nature in collaboration with Entreprises pour l’Environnement, UN Global Compact, International Chamber of Commerce, World Economic Forum, Pacte Mondial, We Mean Business, Medef