The ocean economy is currently at risk from multiple stressors, ranging from overextraction, direct habitat damage, pollution and climate change. Continuing with this ‘business-as-usual’ trajectory poses great risks to the health and integrity of the ocean and therefore to the world’s population. Ocean finance can play a critical role in changing this trajectory and helping to achieve a sustainable ocean economy (SOE).
However, current investments fall well below what is needed to transition to a SOE. In the last 10 years, less than 1 percent (US $13 billion) of the total value of the ocean has been invested in sustainable projects through philanthropy and official development assistance.
This paper finds that many potential actions can be taken by the private and public sectors to remove existing barriers and open the pipeline to investment in a SOE. The paper proposes priority opportunities for action to remove existing barriers and open the pipeline to investment into a sustainable ocean economy, including:
Achieving a robust ocean finance supportive of a SOE requires that the public and private sectors create and better mobilise a full suite of financial tools and approaches, insurance, and fiscal and market incentives as well as strengthen key aspects of the enabling environment. These actions will support the transition to an ocean economy that is sustainable and inclusive by making the benefits it generates available to all, especially women, youth and marginalised communities.