The recent United Nations Ocean Conference (UNOC 3) in Nice, France, concluded with declarations and pledges but little tangible progress, especially for vulnerable coastal regions like Ennore in Chennai, which continues to face the devastating effects of erosion, mangrove loss, and unchecked industrialisation.
In Ennore, the destruction is visible and worsening. Once protected by 889 hectares of wetlands and mangroves, the region has lost over 70% of that cover in just six years, leaving it exposed to rising seas and frequent flooding. A 2006 report already recorded the loss of 350 hectares of shoreline a crisis that has only grown.
Despite these ground realities, SDG 14, the UN’s goal to conserve oceans and marine resources, remains the least funded of all Sustainable Development Goals. According to the Sustainable Development Report 2024, no country has met its targets under SDG 14, with India facing “major challenges.” Experts say the core barrier is financial: while an estimated $175 billion per year is needed globally to meet SDG 14 targets by 2030, less than $10 billion was invested between 2015 and 2019.
Even as Tamil Nadu draws up a mangrove restoration plan for Ennore, funding remains a major hurdle. The state recently secured a World Bank loan for coastal resilience, but locals await its results amid urgent needs.
At the global level, UNOC 3 saw high-profile pledges: the EU committed $1.14 billion and various stakeholders announced $10 billion for the blue economy. However, most of these are repackaged commitments, not new money. OceanCare’s Fabienne McLellan called them “insufficient,” warning that voluntary finance without accountability won’t close the ocean protection gap.
The Kunming-Montreal 30×30 target, which calls for protecting 30% of the planet’s land and ocean by 2030, also faces a $14.6 billion annual shortfall. Despite the ocean immense economic value estimated at $1.5 trillion annually aid flows are dwindling. Official development assistance fell 7.1% in 2024, and major donors like the US and UK are slashing aid budgets.
Innovative financing ideas were floated like blue bonds, debt-for-nature swaps, and parametric insurance but all come with caveats. Experts warn that debt-ridden nations cannot sustain new bond issuances and that data reliability challenges parametric payouts.
The proposed One Ocean Finance Facility, set to launch in 2028, aims to unlock capital from ocean industries like shipping and tourism. But critics question whether it will arrive too late to meet 2030 deadlines.
While the IMO’s Net-Zero Framework promises emission pricing for ships starting 2028 potentially raising $10 billion annually for developing nations it still falls far short of the $60 billion a year needed through a stronger carbon levy.
Overall, UNOC 3 offered more conversation than commitment. As Ennore’s shores erode and global marine health declines, the gap between pledges and action continues to widen. Experts like McLellan warn that without grants, knowledge sharing, and sustainable financing for the Global South, we risk deepening financial dependence and ecological collapse.
For coastal communities like Ennore, the promises of global conferences mean little without immediate action and equitable support. With time running out before 2030, the need for real solutions not recycled rhetoric is more urgent than ever.