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Cyprus EU Presidency: Steering Sustainable Ocean Recovery For Europe

Strategic Moment For Marine Policy

As Cyprus assumes the rotating presidency of the Council of the European Union, industry experts and environmental advocates alike see a pivotal opportunity to shape the future of EU marine policy. Leading conservation group Oceana is urging the island nation to cement decades of progress in rebuilding fisheries and to embed ocean health as a strategic pillar for EU security, climate resilience, and sustainable livelihoods.

Policy Framework And Legislative Priorities

Since its inception in 2001, Oceana has championed science-based campaigns to combat overfishing, reduce plastic pollution, and preserve critical marine habitats worldwide. The organization emphasizes that the first half of 2026 will be crucial for finalizing fisheries legislation and establishing a coherent framework that protects both marine ecosystems and the communities they support.

Key initiatives include the evaluation of the Common Fisheries Policy (CFP) by the European Commission, the development of the EU Ocean Act, the publication of a 2040 vision for EU fisheries, and efforts to enforce internationally agreed marine protection targets while curbing illegal fishing practices.

Economic And Environmental Imperatives

Vera Coelho, Oceana’s executive director and vice president in Europe, has described Cyprus as being “on the frontline of the devastation caused by climate change and the depletion of fish stocks in the Mediterranean.” As both a Mediterranean island and the home country of the European Commissioner for Fisheries and Oceans, Costas Kadis, Cyprus stands at a unique juncture. This dual role presents an opportunity—and a significant responsibility—to spearhead a transformative agenda in ocean policy over the coming decade.

Coelho warns that the hard-fought gains in ocean recovery are now at risk, cautioning against a “simplification” agenda driven by industrial lobbies. Such policies could undermine the sector’s recovery, jeopardizing food security, employment, and resilience in the face of the climate crisis.

Strategic Call To Action

Oceana is calling on the Cypriot Presidency to lead Council discussions that support the establishment of an Ocean Act to harmonize EU marine policies, enforce new measures, and incorporate internationally agreed targets into EU law. The organization advocates for securing the implementation of the CFP, accelerating the transition to low-impact fishing methods, rebuilding fish populations, and eliminating destructive practices in marine protected areas and deep Mediterranean waters. Additionally, it suggests revising the Common Market Organisation regulation to ensure consumer transparency for all seafood products.

In a period marked by geopolitical uncertainty, maintaining robust and coherent environmental policies is essential. Any delay or dilution of critical legislation not only risks reversing environmental recovery but also erodes the EU’s regulatory certainty and its overall strategic advantage. For European coastal communities, these policies are not just environmental imperatives—they are vital to securing a resilient and independent blue economy.

Meta’s Reality Labs Deepens Its Losses Even As Revenue Climbs

Meta Platforms’ Reality Labs division reported an operating loss of $4.62 billion in the second quarter, highlighting the continued cost of the company’s investments in virtual and augmented reality technologies. The unit generated revenue of $431 million, up from $370 million a year earlier and above analysts’ expectations of $423.4 million, according to StreetAccount. Operating losses widened from $4.53 billion in the same quarter of 2025.

Revenue Grows As Losses Continue

Despite higher revenue, Reality Labs remains one of Meta’s biggest cost centres. Since late 2020, the division has accumulated more than $80 billion in operating losses as the company continues investing in hardware and software for its long-term computing strategy.

Focus Shifts Toward AI Wearables

Reality Labs develops the Quest virtual reality headsets and Ray-Ban Meta smart glasses in partnership with EssilorLuxottica. While Meta originally positioned the division around its metaverse vision, the company has increasingly focused on AI-powered wearables as demand for virtual reality devices has grown more slowly than expected.

Long-Term Investment

Meta renamed Facebook to Meta in 2021 to reflect its strategy of expanding beyond social media through immersive technologies. Although Reality Labs continues to report multi-billion-dollar quarterly losses, Zuckerberg has maintained that investments in AI, wearable devices and next-generation computing platforms are central to the company’s long-term growth strategy.

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