The Ocean Panel’s Transformations agenda outlines a set of ambitious, yet practical recommendations to reshape the way we safeguard and utilise the ocean over the next decade—and ultimately manage humanity’s impacts on it—through transformative actions across these 5 key pillars: Ocean Wealth, Ocean Health, Ocean Equity, Ocean Knowledge, and Ocean Finance.
Transformations Agenda
Key Pillars
Ocean Finance
Mobilising Capital for an Inclusive and Regenerative Ocean Economy
Mobilise and equitably distribute capital investments, guided by sustainable principles, to catalyse the transformation towards a regenerative and socially inclusive ocean economy, while addressing the unique needs of developing coastal nations and unlocking public-private financing opportunities.
Encouraging Progress
Analysis indicates momentum in mobilising investments and sustainable financing to drive the transition towards a regenerative and equitable blue economy. Fifteen countries have made at least some progress in directing financing to sustainable ocean economy investments and 14 countries are working to support sustainable ocean finance principles. Shifting government spending and fiscal policies to prioritise nature-based solutions, coastal resilience and responsible blue sectors is gaining traction across the Ocean Panel.
Active Case Studies
Several countries are leading by example in ocean finance. Canada, for instance, is investing $75 million CAD (US$55 million) over five years for the Aquatic Ecosystems Restoration Fund to restore aquatic ecosystems and mitigate human impacts on Canadian coastal and marine environments, while Australia is investing $30.6 million AUD (US $20 million) across four years into the Blue Carbon Conservation, Restoration and Accounting Program. Additionally, the UK government has launched several marine official development assistance (ODA) programmes to support Small Island Developing States (SIDS) and coastal developing states in better protecting the marine environment, supporting climate change adaptation in coastal areas and growing sustainable blue economies that alleviate poverty. These include the £154 million (US$198 million) Climate and Ocean Adaptation and Sustainable Transition programme, the £36 million (US$46 million) SIDS-focused Sustainable Blue Economies Programme and investments into the Global Fund for Coral Reefs and the World Bank’s PROBLUE Multi-Donor Trust Fund.
Ocean Finance:
Ocean-related Official Development Assistance
As part of the Sustainable Ocean for All initiative, the Organisation for Economic Cooperation and Development (OECD) has created a comprehensive tracker of funds directed towards initiatives related to the ocean economy. Utilising data from the OECD Development Assistance Committee Creditor Reporting System (CRS), offers estimates of the financial resources allocated advancing a sustainable ocean economy through the provision and receipt of official development assistance (ODA).
Ocean Panel Countries' Contribution to Sustainable Oceans
Ocean Panel countries (Australia, Canada, France, Japan, Norway, Portugal, the UK, and the United States) made up 40 percent of sustainable ocean economy ODA between 2021 and 2022, a decrease of 18 percent compared with the 2019–20 period.
Maritime Transport, Marine Protection, and Fisheries Sustainability Efforts
For 2021–22, Ocean Panel countries’ ODA for the ocean economy focused predominantly on three sectors: maritime transport (US$596.44), marine protection (US$445.80 million), and fisheries (US$172.83 million). For maritime transport, only 17.7 percent of the share of the ocean economy integrated sustainability considerations; for marine protection, this was 100 percent, and for fisheries this was 94.9 percent.
Sustainable Ocean ODA Trends
Total sustainable ocean economy ODA commitments have been on an increasing trend since 2010, peaking in 2020 at US$2.46 billion.
Trend in Sustainable Ocean ODA Committed by Ocean Panel Providers Compared to All Sustainable Ocean ODA (USD billion) Recorded Between the Years 2010-2022
Increase in Sustainable Ocean ODA Received by Ocean Panel Countries
Ten Ocean Panel countries were recipients of ODA in 2021–22 and received 19 percent of the ODA committed towards the sustainable ocean economy. This, however, may not be a true representation of all the sustainable ocean ODA received given challenges in tracking the final recipients of several regional funds, or in some cases where recipients are unspecified.
The High Level Panel for a Sustainable Ocean Economy (Ocean Panel) is a global initiative led by 14 world leaders committed to creating a sustainable ocean economy that balances effective protection, sustainable production, and equitable prosperity. Since its establishment in 2018, the Ocean Panel has collaborated with governments, businesses, scientists, and civil society to develop bold, practical solutions for ocean sustainability. Co-chaired by Norway and Palau, the Ocean Panel’s work includes comprehensive research and partnerships aimed at achieving the UN Sustainable Development Goals and shaping a resilient future for both people and the planet.
