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36 | THE BLUE ECONOMY AND FINANCE

MONACO BLUE INITIATIVE
Building back blue

A real precursor to upcoming international negotiations on the future of the
ocean, the 12 edition of the Monaco Blue Initiative was held on 23 March 2021,
th
led by HSH Prince Albert II of Monaco, on the theme of the blue economy.

More than 200 participants worldwide were able to Led by renowned and experienced moderators, three
connect and follow the busy day of conferences and themed sessions served as the basis for discussions
debates in hybrid format (in-person/digital), with a between stakeholders in finance and industries linked
small group of participants in attendance at the ple- to the ocean, scientists, representatives from govern-
nary room of the Oceanographic Museum of Monaco. ments, international organisations, and members of
civil society. At the start of each session, government
At the start of this event, co-organised by the Oceano- officials from the United States, France, the European
graphic Institute, the Prince Albert I of Monaco Foun- Union, Portugal, Colombia and Norway gave opening
dation and the Prince Albert II of Monaco Foundation, addresses, reviewing their country’s involvement in the
the Sovereign reiterated the backdrop of current in- issue of the financialisation of the ocean and its sustai-
ternational negotiations on sustainable ocean gover- nable management.
nance, and prospects for post-pandemic economic
recovery. “We have an unprecedented opportunity to
build back better”, the Sovereign argued, as a keen
supporter of the oceans.

The Monaco Blue Initiative - which leverages the ex-
pertise of leading figures in ocean conservation and
governance - has once again offered an invaluable
platform for discussions on sustainability and res-
ponsibility of the blue economy and finance. But these
new pillars - which largely rely on a healthy ocean -
must be strengthened. “We can see opportunities for
the biggest economic transformation witnessed since
the Industrial Revolution”, confirmed H.E. John Kerry,
United States Special Presidential Envoy for Climate,
confirming commitments made by President Biden’s
government, which is keen to rejoin the Paris Agree- “The blue economy must be the cornerstone
ment. of countries’ post-COVID recovery plans. We
must build back better, and blue, develop
new means of investment such as blue
bonds , as well as risk sharing mechanisms
3
between public and private stakeholders to
finance more advanced technologies.”

Annick Girardin, Minister of the Sea, France

3. ”Blue bonds” are an innovative form of ocean finance which allow
funds to be allocated to projects deemed ocean-friendly.