Capital to finance the transformation to a sustainable ocean economy is readily available. US $90 trillion is projected to be invested over the next decade on infrastructure alone, much of which will be on the coast. If grounded in global principles and standards, finance can catalyse responsible policy and business practices across the land-sea interface. Strong examples of such principles include the "UN Environment Programme Finance Initiative’s Sustainable Blue Economy Finance Principles" and the UN Global Compact’s "Sustainable Ocean Principles". We need to ensure that access to finance is equitable and supports sustainability, recognising the needs of developing countries, particularly Small Island Developing States and Least Developed Countries. Public sector finance can help unlock private sector financing.
Sustainable ocean finance is accessible for all and drives ecologically sustainable and socially equitable economic growth.
- Direct public sector financing and development assistance to investments in the sustainable ocean economy, including for the development and implementation of Sustainable Ocean Plans, to unlock private sector financing.
- Support the use of sustainable ocean finance principles and other voluntary mechanisms led by the private sector and multilateral financial institutions in recovery and stimulus efforts, to guide, de-risk, incentivise and monitor investment in sustainable ocean activities to increase transparency and ensure reporting consistency.
- De-risk investments by creating focused blended finance capacity that combines concessional finance from the public and private sectors with innovative private insurance products.
- Support the development and application of a global 'ocean risk map' and 'risk index' to catalyse a responsible and sustainable ocean insurance market and investments in the resilience of islands and coastal communities.