Now, Emma-Louise, how do you see the BBNJ agreement reshaping the way industries operate in the oceans? What does that mean for the future growth and structure of the ocean economy?

Thank you.

This is still actually an emerging question because so far the attention has focused on the institutional implication of the BBNJ agreement at state level.

But from a business perspective, I think the argument could gradually reshape how industries operate at sea because it's marked a broader shift in logic from freedom of access towards responsibility, stewardship, and environmental accountability.

The ocean is no longer seen simply as an open and lightly regulated space, but increasingly as a shared global commons that requires collective governance and more structural environmental management.

In practical terms, that could mean stronger environmental due diligence for sectors operating or depending on marine areas, particularly those already under scrutiny, such as shipping, offshore energy, pharmaceutical, biotechnology, as we mentioned before.

Deep sea mining, for example, may also become even harder to legitimize in areas of high biodiversity.

And Emma-Louise, to what extent is economic activity in the ocean currently aligned or misaligned with ecological limits?