Statement by President Lula at the Blue Economy and Finance Forum, in Monaco

It is a pleasure to take part in this Forum in Monaco on the day we celebrate World Ocean Day.

Projected over the waters of the Mediterranean Sea, your Oceanographic Institute is one of the oldest and most important institutions dedicated to the study and preservation of this biome.

More than 80% of global trade is transported by sea.

Submarine cables carry 97% of the data transmitted through global networks.

If it were a country, the ocean would rank as the fifth-largest economy in the world.

Each year, it generates 2.6 trillion dollars.

The ocean floor harbors vast and incalculable natural resources.

Its waters play a crucial role as the planet’s main climate regulator.

Major migrations and voyages have shaped the course of human history across the seas.

The lives of fishers and traditional communities are deeply intertwined with the ocean.

Yet the ocean does not receive the recognition it deserves for all that it provides.

SDG 14, which focuses on the conservation and sustainable use of marine resources, is among the least funded of the entire 2030 Agenda.

Its implementation faces an estimated annual shortfall of 150 billion dollars.

The lack of sufficient funding is a chronic issue for many multilateral initiatives.

Last year, we left COP in Baku with results that fell short of expectations.

To change this scenario, the Brazilian Presidency of COP30 and Azerbaijan are working together on a Baku–Belém roadmap.

Despite the efforts of the Government of Spain, the Seville Conference on Financing for Development is also expected to face similar challenges.

In 2024, wealthy countries reduced Official Development Assistance by 7%.

Their military spending, however, increased by 9.4%.

This shows that the problem is not a lack of resources. What is lacking is political will and a genuine commitment to finance development.

According to UNCTAD, developing countries rely more on the blue economy than industrialized nations.

Rising sea levels and extreme weather events in coastal cities disproportionately affect the most vulnerable individuals and communities.

Among the 33 countries of Latin America and the Caribbean, 23 have larger maritime than land territories.

Africa has 13 million square kilometers of maritime territory—equivalent to the combined land area of the European Union and the United States.

Strengthening the blue economy—making it more diverse and sustainable—contributes to the prosperity of the developing world.

During Brazil’s G20 Presidency, we made the ocean one of our key priorities.

International financial institutions have a role to play.

We continue to stress the need for stronger, more effective, and better-resourced multilateral development banks.

Instruments such as debt-for-development swaps and the issuance of Special Drawing Rights can help mobilize significant resources.

Access to climate funds must be urgently streamlined.

Multilateral initiatives such as the Third Ocean Conference, which begins tomorrow in Nice, are essential.

The adoption by the International Maritime Organization of binding targets to achieve zero carbon emissions in shipping by 2050 is expected to significantly increase the demand for renewable energy.

This historic decision would reduce global dependence on fossil fuels and accelerate a just transition.

We have yet to conclude a binding instrument to end plastic pollution in the oceans and to advance the ratification of the new treaty on biodiversity in areas beyond national jurisdiction.

Next month’s BRICS Summit in Rio de Janeiro will be a milestone in the defense of sustainable development.

The BRICS New Development Bank has expanded its focus on climate financing.

Over 2.6 billion dollars have already been disbursed for water and sanitation projects.

In Brazil, we are committed to combining public and private investment.

Our Bolsa Verde program provides income support to more than twelve thousand families who contribute to the preservation of marine conservation units.

Brazil’s National Development Bank (BNDES) manages a portfolio of more than 70 million dollars dedicated to the blue economy.

We finance projects for marine spatial planning, coastal conservation, and the decarbonization of naval fleets and port infrastructure.

We are restoring mangroves and coral reefs, and investing in sustainable fishing and the management of water resources.

Brazil’s sustainable finance taxonomy will guide private investment in activities that contribute to social and environmental goals, including the sustainable use of marine resources.

In Brazil, when we want to mobilize efforts around a shared goal, we use a word of Indigenous origin: “mutirão”.

This Forum renews the call to increase financial commitments to the Ocean.

The planet can no longer bear the weight of unfulfilled promises.

There are no isolated solutions to challenges that demand collective action.

Either we act—or we put the planet at risk.

Thank you very much.