Foreign Secretary Addresses ‘Blue Finance and Innovation’ at Commonwealth Heads of Government Meeting (CHOGM)

May I begin by expressing my sincere gratitude to you, Prime Minister, for graciously hosting us in your remarkable country. The Commonwealth Heads of Government Meeting (CHOGM) has been truly exceptional thus far, and I can sense the positive atmosphere that you have fostered.

Allow me to share a little secret: during our meeting in my office a few weeks ago, I inquired about the key to your notable political success. You mentioned the four-hour phone-in sessions you conduct every Saturday with your constituents. I must admit, I have relayed this to several other world leaders here, who appeared both astonished and impressed.

Let us give a warm round of applause, ladies and gentlemen.

I would also like to extend my gratitude to the Commonwealth Secretariat, the Association of Commonwealth Universities, the Centre of Excellence for Oceanography and the Blue Economy, and all the sponsors of today’s event.

As I stand before you, I am filled with a profound sense of humility, as I recognise the extraordinary expertise present among us, particularly those who have participated in our panels. My role here is not one of expertise, but rather to demonstrate political commitment regarding the critical issues facing our oceans.

It is evident that our oceans are at the heart of many global challenges. They are significantly impacted by the climate crisis, absorbing 80% of temperature increases, and play a vital role in the prosperity of numerous nations. Furthermore, oceans are crucial to addressing issues of security, trade, and conflict worldwide.

The Commonwealth’s Role in Ocean Conservation

Just as oceans are central to the challenges we face, so too is the Commonwealth vital to oceanic issues. The Commonwealth encompasses a third of the world’s oceans under national jurisdiction and nearly half of the globe’s coral reefs.

With this in mind, I believe we are confronted with a significant challenge. My aim is to elevate oceans from what often appears to be the periphery of discussions on climate, prosperity, and security to a position of prominence at the centre of those debates.

On behalf of the United Kingdom, I acknowledge our responsibility as a government, particularly as an island nation, to take decisive action on these matters.

Let me highlight a few areas where I believe our efforts can be particularly impactful.

Firstly, it is clear that healthy oceans are not merely an environmental concern; they are an economic imperative. They are essential for global food security, supporting the world’s most significant fisheries, providing employment for millions, and forming an integral part of the culture and identity of maritime nations worldwide.

I was particularly intrigued by the presentation regarding the green transition and the opportunities it presents for numerous nations. I wholeheartedly recognise both the necessity and the potential of this transition. The graph illustrating the net cost of the transition was an excellent depiction of why pursuing this path is economically sound.

However, we must be candid. Important meetings are forthcoming at the International Maritime Organization (IMO) regarding these matters.

I want to stress that the UK is fully committed to collaborating with the IMO to facilitate a fair and effective global transition to green shipping practices. Later this month, the IMO will convene in London to discuss the implementation of its greenhouse gas strategy, and we remain steadfast in our commitment to the aims of the IMO’s net zero framework, which we believe is the most effective means to decarbonise the sector.

We understand that some countries may have concerns, but we must not compromise our ambition. As the earlier chart indicated, diluting our commitment will only lead to increased costs, which is counterproductive.

The Urgency of Addressing Sea Level Rise

This brings us back to Lord Stern’s original insight regarding the climate crisis: the cost of inaction far exceeds the cost of action. This is a principle we must keep at the forefront of our discussions. The economic arguments supporting this transition are compelling.

My second point pertains to the issue of sea level rise, which the Prime Minister articulated so eloquently, as well as the warming of our oceans, which poses challenges to the territorial integrity of maritime nations competing for limited resources.

In this regard, the UK remains fully committed to the United Nations Convention on the Law of the Sea. We have ratified the biodiversity beyond national jurisdiction agreement and aim to ensure the success of the upcoming Conference of the Parties (COP) in January.

At COP31, alongside Bermuda, we will urge all interested parties to endorse the Hamilton II Declaration, which acknowledges the global significance of the Sargasso Sea and the necessity of its protection. We are also backing international initiatives to combat plastic pollution.

Issues of sovereignty are paramount, and respecting sovereignty is absolutely critical in our current global landscape.

Financial Commitment to Ocean Initiatives

The third point I would like to make, which reflects something the Prime Minister and Diana Fox Carney highlighted, is that scaling up action requires an increase in financial resources. I want to acknowledge this necessity.

The UK is dedicated to partnering with Commonwealth nations and the broader financial ecosystem, including development banks and international funds, to mobilise private capital and create further opportunities for growth within the blue economy.

Our new Planet Fund is designed to support innovation, enhance data collection, and facilitate the development of investment-ready opportunities. Additionally, our support for the Outrigger Facility aims to assist early-stage enterprises in Small Island Developing States in becoming investment-ready.

It is also important to recognise, as part of our G20 presidency next year, that while private capital is essential, we must also address the unsustainable debt burdens faced by many countries in the Global South through our collaboration with multilateral development banks.

I recently spoke with Ajay Banga and mentioned that Gordon Brown was also eager to engage with him—perhaps a more daunting prospect than my own interest—in exploring how we can maximise resources from institutions like the World Bank.

While significant progress is being made, it is clear that further efforts are required. One key takeaway from this CHOGM is the need to consider both vulnerability and income levels when discussing concessional finance, a message that has been clearly communicated by many of our partner nations.

Political Commitment and Ocean Advocacy

In conclusion, I wish to emphasise that political ambition and commitment are crucial in addressing ocean-related issues. It is essential to recognise that Commonwealth governments, particularly Small Island Developing States, are at the forefront of the threats facing our oceans.

The existential challenges that many countries are grappling with demand acknowledgment in all our discussions.

At the same time, as highlighted in the presentations, these nations are also leading in innovation, demonstrating leadership, and taking action to manage risks while seizing opportunities.

Thus, my final message is one of humility. We are eager to learn from you and collaborate closely with you.

With COP31 commencing next week, I will have the opportunity to discuss these pressing issues further. We have a unique chance to keep the ocean at the heart of our collective efforts.

Lastly, as part of our G20 presidency, the UK stands ready to contribute to maintaining the focus on oceans, resilience, and economic opportunities at the forefront of the global agenda.

Thank you very much.