November 2, 2018 — Global participants in the fifth Our Ocean Conference have pledged the highest amount of funding yet for new initiatives and commitments on the protection of a combined expanse of ocean eight times the size of Alaska.

The event, hosted by the Indonesian government on the island of Bali, generated 287 pledges in bilateral and multilateral agreements between governments, the private sector, civil society organizations, and philanthropic foundations. The pledges were valued at more than $10 billion to protect some 5.4 million square miles of the world’s oceans, according to Luhut Pandjaitan, Indonesia’s coordinating minister for maritime affairs.

To date, the Our Ocean Conference has raked in commitments totaling $28 billion and covering 10.2 million square miles of ocean.

“These numbers are beyond our expectations,” Luhut said in his closing remarks on October 30th. “We are thankful for your collective contributions and making our ocean healthier and (more) sustainable.”

The impacts of illegal, unreported, and unregulated fishing and climate change on the world’s oceans were the key focuses during the two-day conference. Data from the United Nations Food and Agriculture Organization showed that the value of fish captured illegally was about 26 million tons, or up to $23 billion annually. The world’s maritime resources are valued at around $24 trillion.

“Illegal fishing globally still decimates fisheries at an unsustainable pace,” said former United States Secretary of State John Kerry in his speech on October 29th.

“Illegal fishing continues on an unmitigated, unsustainable pace and almost one-third of the world’s fisheries are still overexploited,” he said. He added that the remainder of fisheries “are either at peak or nearly at peak with more and more people in the middle class, more and more people with money, more and more people demanding fresh fish on their table in their restaurants in their country.”

Read the full story at the Pacific Standard