EU announces $865 mn for ocean protection in 2023

The European Union on Wednesday announced it would dedicate 816.5 million euros ($865 million) to ocean conservation in 2023.

At the Our Ocean global conference in Panama, the EU confirmed its "strong commitment to protect, restore and take care of the ocean" backed by funding of 816.5 million euros this year.

"The ocean is part of who we are, and it is our shared responsibility," EU environment, oceans and fisheries commissioner Virginijus Sinkevicius said in a statement.

Political and business leaders, environmental activists and academics were gathered in Panama City for two days of talks on how best to deal with multiple threats facing the world's oceans -- from climate change and pollution to overfishing and mining.

Covering three-quarters of the Earth, the oceans are home to 80 percent of all life on the planet, and provide nourishment for more than three billion people as well as a crucial avenue for global trade.

Topics on the Our Ocean agenda include expanding marine protected areas (MPAs), assuring a sustainable ocean-derived "blue economy", and reducing stressors on an invaluable but at-risk resource.