Okonjo-Iweala: “Redirect $2Trillion In Wasteful Subsidies To Save Our Oceans”

NICE – World Trade Organization Director-General Ngozi Okonjo-Iweala called for ocean-friendly trade policies at the Oceans Conference in Nice.

Speaking on a high-level panel, she urged support for Small Island Developing States (SIDS) and small coastal nations.

“We must help these countries access the $2.6 trillion blue economy and unlock their trade potential,” Okonjo-Iweala said.

She explained the WTO’s Fisheries Agreement and its importance in protecting marine resources while enabling sustainable development.

“Fair trade and environmental protection can go hand-in-hand,” she added during the panel discussion.

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The panel featured Salesforce CEO Marc Benioff and Lynne Benioff, UNEP Executive Director Inger Andersen, and IUCN President Razan Al Mubarak.

Chaired by Brazil’s Environment Minister Marina Silva and Greece’s Energy Minister Stavros Papastavrou, the session emphasized multilateral action.

Kristian Teleki, CEO of Flora & Fauna, moderated the discussion, which drew leaders across ocean research and policy.

Okonjo-Iweala stressed ending harmful subsidies. “Nearly $2 trillion in wasteful subsidies must be redirected to support ocean biodiversity and climate goals,” she said.

President Moetai Brotherson of French Polynesia and WHOI President Peter de Menocal also took part.

Tiago Pitta e Cunha, CEO of Oceano Azul Foundation, highlighted innovative approaches to marine conservation.

Okonjo-Iweala also met Ed Russo, Chair of the White House Environmental Advisory Task Force, during the conference.

She concluded, “The ocean is not just a victim of climate change. It must become part of the solution.”