A new UN Trade and Development body UNCTAD's Trade and Environment Review 2023, published on Monday, says the livelihoods of 3 billion people in coastal developing countries who rely on the ocean for food and income are at stake

The report emphasized on urgent need for a global "Blue Deal" to boost investment in protecting the ocean and sustainably using its resources.

The UNCTAD's 2023 review 2023 published on Monday looks at the ocean economy globally, and assesses how human activity and multiple global crises have impacted sectors like fishing, seafood, shipping and coastal tourism.

UN says the ocean economy is worth between $3 trillion and $6 trillion and offers vast opportunities for developing countries to build resilience, but marine resources are under threat from climate change, pollution and overfishing.

According to the report, about 11 million tonnes of plastic flow into the ocean each year, and 34% of fish stocks have fallen to levels that are biologically unsustainable.

The report recommends that governments adopt and ratify the Marine Biodiversity Beyond National Jurisdiction agreement of 4 March this year.

According UN estimates, $2.8 trillion investment now in four sustainable ocean solutions, namely conservation and restoration of mangroves, decarburization of international shipping, sustainable ocean-based food production and offshore wind production would produce net benefits of $15.5 trillion by 2050.