Page 44 - Livre_MOW2021_EN

42 | THE BLUE ECONOMY AND FINANCE

MONACO BLUE INITIATIVE
Blue finance

What is the financial sector’s role in managing risks The speakers agreed that we need to bring together
linked to the loss of biodiversity? What are the spe- scientific communities and economic policy-makers
cific financial motivations of the blue and sustainable to identify opportunities for private investment in key
economy? Moderated by Sylvie Goulard, Second ocean sectors (offshore wind power, sustainable food
Deputy Governor of the Bank of France, panellists production, decarbonisation of maritime transport,
at the MBI’s third session dove into the relatively eco-responsible tourism, ecosystem conservation
unexplored waters of blue finance. Drawn from the and restoration), all in view of SDG 14.
insurance, private banking, conservation finance and
consultancy sectors, they discussed the specifics of
this fledgling financial sector and ways to increase RISKS TO BE CONSIDERED
sustainable investment in the oceans, particularly in
the context of an economic recovery after the CO- Several obstacles were identified, starting with the
VID-19 pandemic. financial sector’s lack of expertise, the need to de-
termine suitable economies of scale and manage-
ment of economic risks linked to ocean damage. The
BLUE VS. GREEN option of establishing a more symbiotic relationship
between blue finance and the global economy was
Will blue finance follow the path taken by green fi- put forward. Mixed finance systems lead the way,
nance, an initiative which emerged around fifteen like the Global Fund for Coral Reefs, combining pu-
years ago? The panellists agreed that the existing blic, philanthropic and private financing to breathe life
principles and instruments of green finance could be into profitable projects which can finance long-term
tailored to blue finance, without changing the para- conservation. Finally, to be sustainable and profitable
digm. The two could be considered as inseparable whilst supporting ocean health, blue finance must
parts of the global economy. However, some natural support resilient economies within the most closely
features and legal aspects specific to the ocean - a involved communities.
widely shared, freely accessible resource liable to be
damaged - must be taken into consideration. Seve-
ral recent guides on blue finance looking further into
these questions were referenced.