On the 1st of June 2017 the Swedish Government decided to start developing a new strategy for global action on the environment, climate, oceans and natural resources. This is the first time oceans are explicitly highlighted as a focus area. The forthcoming strategy will enable the Swedish International Development Cooperation Agency (Sida) to support global action for Sustainable Oceans, including support to normative processes and institutional capacity building, during the period 2018-2022. The funds, preliminary totalling up to 750 million USD in grants over the 5 year period, amount to significantly raised ambitions for this strategy as a whole but in particular regarding oceans. Possibilities to use innovative finance, such as guarantees, to leverage additional finance will also be explored.