Financing the Ocean: Blue Economy

93

Article extracted from Asian Diver Issue 02/2020 (155)

Aiming to conserve and sustainably source the ocean, seas and marine resources for sustainable development, the blue economy‘s growing importance is not surprising as the ocean is a significant wealth generator estimated at an annual value of $1.5 trillion per year, making it the world’s seventh-largest economy. Blue finance, in particular blue bonds, are an innovative ocean financing instrument whereby funds raised are earmarked exclusively for projects deemed ocean-friendly.

Here are the four main resources:

SUSTAINABLE BLUE ECONOMY FINANCE INITIATIVE

The United Nation Environment Programme (UNEP) is a sustainable blue economy finance initiative that lends money and insurance practices to account for the health of our ocean. In order to raise awareness of the role that banks, insurers, and investors can play in finding innovative solutions to support marine ecosystems and to provide a guiding framework for financing a viable ocean economy.

CIRCULATE CAPITAL OCEAN FUND

Circulate Capital is an investment management firm working towards safeguarding and financing companies that mitigate ocean plastic in the South and Southeast Asia. It is the world’s very first investment fund committed to looking into Asia’s plastic crisis. It is also one of the biggest ASEAN-based Venture Capital Funds.

PROBLUE

PROBLUE a Multi-Donor Trust Fund is stationed at the World Bank and backs the creation of healthy and sustainable marine and coastal resources. They add to the implementation of the UN Sustainable Development Goal 14 (SDG 14) and lines up with the World Bank’s aims of curbing extreme poverty and raising income and welfare of the poor.

ALLIANCE TO END PLASTIC WASTE

The organisation comprises of more than 40 companies who have dedicated more than $1 billion, with the aim of investing $1.5 billion in five years, to mitigate plastic waste. The Alliance develops and calibrates solutions to reduce plastic waste and encourage solutions for used plastics. Working with governments at national, regional and municipal levels and organisations of civil society, they’re trying to bring in fresh ideas.

Like this post? Share us on social media and stay tuned for more exciting content!