U.N. Ocean Conference Spurs New Funding Initiatives

At the third U.N. Ocean Conference held in France last week, various financial commitments were announced, aiming to protect the world's oceans despite a significant funding shortfall. The estimated annual need is around $175 billion, yet current pledges strive to bridge this gap.

Among the notable commitments, the European Investment Bank and the Asian Development Bank plan to allocate 3 billion euros by 2030 to combat plastic pollution. Similarly, the Development Bank of Latin America and the Caribbean (CAF) has earmarked $2.5 billion for sustainable marine activities between 2025 and 2030.

Multinational efforts continue with initiatives like the French development bank AFD and World Bank mobilizing 119 million euros for Guinea's coastal communities. In North Africa, preserving Mediterranean ecosystems received a boost with an additional 2 million euros from AFD, while Costa Rica's marine areas secured 1.8 million euros for enhanced protection.

(With inputs from agencies.)