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34 | SOLUTIONS FOR THE OCEAN / THE BLUE ECONOMY

MONACO BLUE INITIATIVE
Accelerator

of blue finance

How can we accelerate the transition towards a Sylvie Goulard, Deputy Governor of the Banque de
positive economy for the ocean? This was the key France, tempered the remarks of the panel, poin-
question that was the main focus on the 3 ses- ting out that finance was only part of the solution.
rd
sion of this event, devoted to blue finance. The first “Although it may be a trigger, it is governments that
conclusion was that public and philanthropic funds call the shots for making decisions and leading ne-
alone cannot provide the substantial and sustainable gotiations”. Long overlooked in international climate
funding necessary to reach crucial ocean restoration discussions, “the link between ocean health and the
and conservation targets. The blue finance maritime climate has only just been acknowledged”, pointed
landscape has evolved since the Monaco Blue Initia- out the Portuguese Minister for Maritime Affairs, Ri-
tive 2021: banks and insurers are being urged to play cardo Serrão Santos, in his introductory address to
a leading role. the panel at the climate conference in Glasgow in
November 2021. Financial risks ensue, policy and fi-
They are supporting awareness and decision-making nancial levers exist. But they have to be put in place.
in the blue economy, not only to encourage activities “If we do not radically change the financial system’s
promoting the ocean but to withdraw funding for har- current risk/return framework, we will not be able to
mful practices. “We also need to put an end to har- move the thousands of billions necessary”, proclai-
mful subsidies – over 30 billion dollars of public funds med Bertrand Badré, Managing Partner and Founder
is spent every year on destructive fisheries – and to of Blue like an Orange Sustainable Capital.
reinvest these funds in ensuring 30% of the ocean
space is protected by 2030 and the guarantee of a
100% sustainable ocean”, pointed out Karen Sack,
Director of the Ocean Risk and Resilience Action Al-
liance.

RE-DESIGNING FINANCE?
The panellists focused on the ways in which financial
resources from the private sector could be targeted
to ocean conservation and sustainable activities.
Re-designing the bank system to manage the transi-
tion towards a low-carbon economy, assess the im-
pact of climate risks, channel finance so that it is pro-
ductive and non-predatory, thus contributing towards
a green economy rather than perpetuating the status
quo… All these issues were discussed from a techni-
cal and philosophical point of view. From left to right: Lucy Holmes, WWF / Karen Sack, Ocean Risk and Resilience Action Alliance /
Elsa Palanza, Barclays / Bertrand Badré, Blue like an Orange Sustainable Capital / Sylvie Goulard,
Banque de France / Yalda Hakim, BBC World News.