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40 | THE BLUE ECONOMY AND FINANCE

MONACO BLUE INITIATIVE
The development

of a sustainable and

transparent blue economy

“The COVID-19 pandemic has underlined the fact that Having reached the point of no return, Thomas
there is no option other than hastening our transition Thune Andersen, from the Danish company Ørsted
towards sustainable development”: this conclusion (the world’s leading offshore wind operator), argued
by moderator Marie-Claire Daveu, Chief Sustainability for a long-term global framework which can protect
Officer and Head of International Institutional Affairs the ocean’s potential. New tools were presented
at Kering, set the tone for the second panel discus- which could help companies and investors to align
sion on the transition to a blue and sustainable eco- their objectives with the SDGs and map their services
nomy. How can we incorporate ocean issues and the and products, considering the specific nature of the
Sustainable Development Goals (particularly SDG 14) oceans, like a roadmap offering guidelines to compa-
into CSR strategy? Representatives from businesses nies. “Corporate social responsibility must be consi-
or NGOs in the blue economy working in sectors dered at all levels of a company. These objectives
as diverse as offshore wind energy, ocean start-up must be part of the company’s mission statement,
incubation, aquaculture or development consulting with support from NGOs to create genuine momen-
discussed the challenges linked to aligning economic tum”, added the lawyer Bruno Monteferri, Execu-
performance and healthy oceans. tive Director of Conservamos por Naturaleza, which
seeks to tackle bluewashing and promote universal
access to the ocean.
RETHINKING THE PRIVATE
SECTOR FROM INNOVATION
In the private sector, it has become a priority to help TO THE BUSINESS MODEL
companies incorporate objectives on the sustainable
management of marine resources. The challenge of The momentum of any innovative company attemp-
this fledgling sustainable blue economy is to rea- ting to tackle the challenges of the future will come
lise environmental objectives: improving pollution up against the fundamental question of economies of
tracking, identifying shortcomings, tangibly reducing scale. The co-founder and director of the company
impacts, involving all sectors, from the business mo- Innovafeed, Clément Ray, presented the example of
del to incorporating sustainable practices across the his insect-based alternative protein production model
entire supply chain and amongst all partners. for aquaculture.