Prime Minister, I would like to extend my heartfelt gratitude for graciously hosting us in your splendid country. The Commonwealth Heads of Government Meeting (CHOGM) has been truly remarkable thus far, and I can genuinely sense the positive atmosphere you have cultivated.
Allow me to share a little secret: when we met in our office a few weeks ago, I inquired about the key to your impressive political success. You revealed your engaging four-hour phone-in sessions with the public every Saturday. I must admit, I have mentioned this to several other world leaders here, who appeared both astonished and impressed.
Let us all applaud this initiative, ladies and gentlemen.
I would also like to express 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 feel a profound sense of humility. The panel of experts we have with us today is truly remarkable, and I do not consider myself an expert. Instead, my purpose here is to convey a political commitment regarding the oceans.
The Oceans: Central to Global Challenges
The oceans are, in many respects, at the heart of numerous global issues. They are significantly affected by the climate crisis, absorbing a staggering 80% of temperature increases. Moreover, they play a vital role in the prosperity of countless nations and are crucial in matters of security, trade, and conflict.
Just as the oceans are integral to the challenges we face, the Commonwealth is pivotal in addressing these oceanic issues. It encompasses a third of the world’s oceans under national jurisdiction and nearly half of the planet’s coral reefs.
This reality compels me to acknowledge a significant challenge: it is imperative to elevate the discourse surrounding oceans from the periphery of discussions about climate, prosperity, and security to the forefront of these debates.
On behalf of the United Kingdom, I accept our responsibility, particularly as an island nation, to take a leading role on these critical matters.
Economic Necessity of Healthy Oceans
Firstly, it has become abundantly clear from various presentations that healthy oceans are not merely an environmental priority; they are an economic necessity. They are essential for our collective security.
The oceans are fundamental to our food security and the productivity of the world’s most vital fisheries. They provide employment for millions and are at the core of the culture and identity of maritime nations worldwide.
I was particularly intrigued by the insights shared regarding the green transition and the opportunities it presents to numerous nations. I wholeheartedly recognise the necessity of embracing this opportunity, especially in light of the compelling graph illustrating the net costs associated with the transition, which effectively underscores its economic rationale.
However, we must be candid about the challenges ahead. Significant meetings are forthcoming at the International Maritime Organization (IMO) regarding these issues.
The UK is firmly committed to collaborating through the IMO to facilitate a fair and effective global transition to green shipping. Later this month, the IMO will reconvene in London to deliberate on implementing its greenhouse gas strategy. We remain steadfast in our support for the IMO’s net-zero framework, as we believe it represents the most effective path to decarbonising the sector.
While we acknowledge that some nations harbour concerns, we are resolute in our stance against diluting ambition. As the data clearly demonstrates, any reduction in ambition will ultimately escalate costs, which is counterproductive.
This harkens back to Lord Stern’s original insight regarding the climate crisis: the cost of inaction exceeds the cost of action. It is imperative to keep this in mind as we navigate these challenges, and I believe the economic opportunities associated with this transition are well understood.
Addressing Sea Level Rise and Resource Competition
The second point I wish to address pertains to the issue of sea level rise, which the Prime Minister articulated so eloquently, alongside the warming of our oceans. These phenomena pose significant challenges to the territorial integrity of maritime nations and intensify competition for scarce resources.
In this context, the UK remains wholly committed to upholding the United Nations Convention on the Law of the Sea. We have ratified the biodiversity agreement beyond national jurisdiction and aim to ensure the success of the upcoming COP in January.
From COP31, in collaboration with Bermuda, we will invite all interested parties to endorse the Hamilton II Declaration, recognising the global significance of the Sargasso Sea and the imperative to protect it. We are also backing international efforts to combat plastic pollution.
Issues surrounding sovereignty are of paramount importance, and it is essential that we respect sovereignty in the current global landscape.
Financing the Blue Economy
The third point I want to make, reflecting the sentiments of the Prime Minister and Diana Fox Carney, is the necessity of scaling up actions to match the scale of financing required. I wholeheartedly acknowledge this need.
The UK is dedicated to working alongside Commonwealth nations and the broader financial ecosystem, including development banks and international funds, to mobilise private capital and unlock further growth opportunities within the blue economy.
Our new Planet Fund is designed to support innovation, enhance data utilisation, and build essential pipelines for investment-ready opportunities. Furthermore, our support for the Outrigger Facility aims to assist early-stage enterprises in Small Island Developing States in becoming investment-ready.
Additionally, I wish to emphasise that, as part of our G20 presidency next year, while private capital is indeed vital, we must also address the unsustainable debt burdens faced by many countries in the Global South through our collaboration with multilateral development banks.
Earlier, I had the opportunity to chat with Ajay Banga, and I expressed the need to discuss how we can leverage more from the World Bank and other institutions. While he is doing commendable work, we recognise there is still much more to be achieved. A key takeaway from this CHOGM is the necessity of considering vulnerability alongside income levels when it comes to concessional finance, which has resonated strongly with many of our partner countries.
Political Commitment to Ocean Preservation
In conclusion, I want to stress that political ambition and commitment are absolutely vital when it comes to addressing ocean-related issues. It is crucial to acknowledge that Commonwealth governments, particularly Small Island Developing States (SIDS), are on the front lines facing threats to our oceans.
The existential challenges confronting many nations warrant serious consideration in all our discussions. However, as highlighted in the presentations, these nations are also at the forefront of innovation, leadership, and action, working to both manage risks and seize opportunities.
In closing, I express my humility and determination to learn from you and collaborate effectively. As COP31 approaches next week, I look forward to discussing these issues further. We have a unique opportunity to place the oceans at the centre of our collective efforts.
Lastly, as part of our G20 presidency, the UK stands ready to contribute to keeping the issues of oceans, resilience, and economic opportunity at the forefront of the global agenda. Thank you very much.