Major industries such as shipping, tourism, seafood and renewable energy rely on a healthy ocean, and a healthy flow of finance and insurance, to underpin their operations. Banks, insurers and investors have significant leverage to transform such sectors at pace. Financial institutions are increasingly seeking ways to lower their risk exposure to unsustainable ocean practices while supporting ocean businesses in transitioning towards a sustainable blue economy.
Nevertheless, “While some inspiring innovation from a few pioneers can be observed, the scale of the challenge requires a redoubling of global efforts. Several issues continue to hold back progress and mainstreaming of sustainable “ocean finance” across the global financial community.” To truly tackle the ocean funding crisis, we need action at all levels and across all sectors. Governments can help de-risk ocean investments and integrate the blue economy in national budgets and policy.