How the ocean rewards us when coastal communities take the lead

As governments, businesses and organizations gather in Nice, France, for the UN Ocean Conference 2025, we can count ourselves lucky to participate in the life of a thriving coastal city for a short while. Whenever I visit coastal communities around the world, I’m struck by the remarkable energy of these special places where the sea is integral to daily life and the economy.

And, it’s not just those who live on the coast whose lives and livelihoods depend on the sea; the ocean is critical to all life on Earth – supplying oxygen, regulating the climate and feeding billions of people. It is also an engine for economic development with an annual ‘gross marine product' of $2.5 trillion, equivalent to the world’s eighth largest economy.

Yet, decades of mismanagement, pollution and overextraction are undermining marine and coastal resources and creating environmental, social and economic risks for governments, businesses and – most of all – dependent coastal communities. Despite their role as stewards of the ocean, too often it is Indigenous Peoples, small-scale fishers and local communities who bear the brunt of overfishing from distant water fishing fleets, unchecked coastal development and the impacts of climate change.

Investing in the protection and resilience of the ocean is essential to secure sustainable economies, help mitigate and adapt to climate change and boost biodiversity. This won’t happen on its own. We need to rethink the business-as-usual approach and change our game plan if we’re going to meet the 2030 goals and targets we’ve set ourselves under the Sustainable Development Goals, the Paris Agreement and the Global Biodiversity Framework.

None of this can happen without targeted finance, and the blue economy remains severely underfunded, despite its potential to yield great benefits and reduce risk if managed sustainably.

Money is a game changer and, while there may be some big numbers announced in Nice, it is essential that governments and financial institutions investing in the blue economy demonstrate a commitment to inclusive decision-making, equitable benefit-sharing and the protection of human rights – including the right to clean, healthy and sustainable oceans. Otherwise, there is a risk that new funding will perpetuate inequities and injustices.

Another vital step is to ensure that public funds in the form of subsidies do not support damaging activities, like overfishing. These harmful subsidies can be repurposed and redirected towards a regenerative blue economy.

Financial institutions can contribute to delivering a healthy ocean that offers opportunities by making responsible lending and investment decisions. I encourage members of the financial community to join over 80 institutions that are already part of the Sustainable Blue Economy Finance Initiative, representing over $11 trillion in combined assets under management. The Sustainable Blue Economy Finance Principles are a key element of this initiative, providing a guiding framework for banks, insurers and investors to direct future ocean financing towards sustainable blue economy pathways. Financial institutions and their clients also need to disclose how they take action to mitigate their ocean-related risks. They can do this using the Taskforce on Nature-Related Disclosures framework.

Sound finance decisions can future-proof banks and companies by reducing risk and building the confidence of the finance sector. At the same time, investment in local ventures can benefit Indigenous Peoples and local communities, many of whom see little economic ‘trickle down’ from the system at present and can face significant barriers to obtaining finance themselves.

To overcome these barriers, WWF and partners are seeking to build capacity in coastal communities to attract private sector finance. The SWIO Venture Builder, for example, aims to develop a pipeline of sustainable, community-led enterprises in the South-West Indian Ocean, especially those benefiting women and young people, and create finance opportunities at different stages of business development.

Focusing on micro, small, and medium-sized enterprises, the SWIO Venture Builder seeks to incubate a range of promising enterprises in coastal communities in Kenya, Tanzania, Madagascar, Mozambique and South Africa. This area is the world's second-most biodiverse ocean region and home to some of the most climate-resilient coral species on the planet, but its ecosystems are under pressure. I saw this first-hand when I visited Madagascar last year and heard from fishers and communities about the challenges they face and the solutions they have employed to help manage fishing activities on their reefs and diversify their incomes.

In some coastal communities, lack of electricity and refrigeration can rob small-scale fishers of over 30% of their total catch. This post-harvest loss leads to greater fishing pressure and lower incomes, as fishers are forced to sell off their catches for cheap before they go bad. WWF and our partners are supporting the provision of energy efficient, off-grid solar refrigeration systems and ice machines. These systems provide business opportunities, while reducing wasteful fishing and increasing incomes. Initial assessments in Kenya indicate that the deployment of ice machines could result in at least a 30% increase in annual income for over 14,000 fishers.

Incubation opportunities, like those provided by the SWIO Venture Builder, have the potential to create real change on the water and new opportunities for coastal communities. But national governments have an essential role and right now, with few exceptions, they are not doing enough to protect their ocean assets.

Heading to Nice, financial institutions and businesses can play a crucial role in advocating for change by joining WWF in urging governments to develop ambitious national plans to uphold their commitments to protect 30% of marine areas by 2030, to ratify and implement the High Seas Treaty, to finalize a Global Plastics Treaty and to agree to a pause on deep sea mining until the science is in place and the effective protection of the marine environment can be guaranteed. These are essential steps to sustain the health and resilience of nature, communities and the climate, while helping to derisk future transactions and creating a level playing field.

The ocean’s bounty can bring rich rewards for all of us for generations to come, but only if it is managed sustainably and in partnership with local communities. We’ve got the science, the strategies and the solutions. Now we need to accelerate the execution. It will take collaboration across borders, sectors and communities, but I am confident we can succeed if we can just keep our eyes on the prize. Join us on Team Ocean here.