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. The paper recommends approaches to be phased out and new solutions that incentivise sustainable management.
The lead authors of this paper are U. Rashid Sumaila, Melissa Walsh, Kelly Hoareau and Anthony Cox. Contributing authors include 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 through a webinar, 'Financing for a Sustainable Ocean Economy: High-Level Dialogue', on 22 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 of the Expert Group. The Panel Minister Luhut B. Pandjaitan, Indonesia’s Coordinating Minister for Maritime Affairs and Investment; the Honourable Nigel Clarke, DPhil., Member of Parliament, Jamaica’s Minister of Finance and the Public Service; and Ingrid van Wees, Vice-President for Finance and Risk Management, Asian Development Bank; alongside authors Rashid Sumaila, Anthony Cox and Louise Heaps.Read more in the WRI blog post '7 Ways to Bridge the Blue Finance Gap', by Blue Paper authors Rashid Sumaila and Melissa Walsh; and Secretariat team members Mansi Konar and Ben Hart. In June 2021, an adapted version of this paper was published in Nature Communications, 'Financing a sustainable ocean economy.'
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