At the recent United Nations Ocean Conference in Nice, nearly $10 billion in deals were announced to protect and restore marine ecosystems. While that number sounds impressive, it barely scratches the surface of what experts say is needed—an estimated $175 billion per year—to truly safeguard the oceans that sustain life and livelihoods around the world.

Despite growing awareness and urgency, the private sector remains largely on the sidelines when it comes to financing ocean sustainability. One of the key reasons? Uncertainty. Investors are calling for clearer ocean governance—rules and regulations that provide confidence, reduce risk, and create an investible landscape.

Many of the world’s most ecologically critical areas lie in international waters. These areas fall under the recently negotiated High Seas Treaty, which is intended to offer protections beyond national jurisdictions. However, only 50 countries have ratified the treaty so far, and some of the largest economies, including the United States, have not. Without widespread ratification and enforcement, the treaty lacks the strength investors need to see.

Another challenge is the lack of reliable ocean data and monitoring. Investors cannot properly assess risk or return without clear visibility into the projects they are funding. Furthermore, harmful subsidies—particularly those that incentivize overfishing—remain in place in many regions, further deterring sustainable investment.

For now, it is public sector institutions that are keeping ocean financing afloat. Latin American development banks have committed $2.5 billion to support marine protection, while major institutions like the European Investment Bank and the Asian Development Bank announced €3 billion in funding aimed at tackling marine plastic pollution.

But to scale ocean impact meaningfully, the private sector must be brought in. That means developing investible pipelines, from blue bonds to ocean-tech start-ups to marine impact funds. It also means creating financial frameworks that reward sustainable behavior and discourage environmental harm.

Ultimately, unlocking ocean finance depends on strengthening and streamlining global governance. Treaties must be enforceable, data must be accessible, and incentives must align with the long-term health of marine ecosystems. Without those guardrails, private investment will continue to lag—leaving the burden of ocean protection to the public sector and civil society.

The ocean economy is vast, valuable, and vulnerable. Clear governance could be the missing current that turns the tide.