Ocean Finance: Financing the Transition to a Sustainable Ocean Economy
This paper examines how the next generation of financing mechanisms can support the ocean transition in an inclusive manner and how catalytic funds can be mobilised to finance that transition. It demonstrates the role insurance can play in accelerating the transition; and how ocean-related subsidies contribute to or detract from the sustainable ocean economy, recommending approaches to be phased out and new solutions that incentivise sustainable management.
The authors for this paper are: U. Rashid Sumaila, Melissa Walsh, Kelly Hoareau, Anthony Cox, Patrízia Abdallah, Wisdom Akpalu, Zuzy Anna, Dominique Benzaken, Beatrice Crona, Timothy Fitzgerald, Louise Heaps, Katia Karousakis, Glenn-Marie Lange, Amanda Leland, Dana Miller, Louise Teh, Karen Sack, Durreen Shahnaz, Torsten Thiele, Niels Vestergaard, Nobuyuki Yagi, and Junjie Zhang.
'Ocean Finance: Financing the Transition to a Sustainable Ocean Economy' was launched via a webinar 'Financing for a Sustainable Ocean Economy: High-Level Dialogue' on 22nd October 2020. The webinar was moderated by Justin Mundy, Senior Fellow at the World Resources Institute and featured a keynote speech from Mari Elka Pangestu, Managing Director of Development Policy and Partnerships, World Bank and Co-Chair Expert Group. The Panel Minister Luhut B. Pandjaitan, Indonesian Coordinating Minister for Maritime Affairs and Investment, the Hon. Nigel Clarke, DPhil., MP, Jamaica’s Minister of Finance and the Public Service and Ingrid van Wees, Vice-President for Finance and Risk Management, Asian Development Bank alongside co-lead authors Rashid Sumaila and Anthony Cox as well as contributing author Louise Heaps. Blue Paper authors Rashid Sumaila and Melissa Walsh also publish a WRI Insights Blog '7 Ways to Bridge the Blue Finance Gap'.
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