Robert Calcagno, CEO of The Oceanographic Institute Foundation Albert I, Prince of Monaco., Fondation Albert Ier, Prince de Monaco speaks ahead of the Blue Economy Finance Forum – it is time for action.
Summary of the video
After many years of working to support science, civilization, and international agreements, it is now time to move to action. And for action, we need to mobilize both corporations and financing.
That’s why we organized the Blue Economy and Finance Forum in Monaco—right before the upcoming United Nations Ocean Conference.
Unfortunately, ocean financing—or blue economy financing—is not yet happening at scale. Sustainable Development Goal 14, which focuses on a healthy ocean, is currently the least financed of all the SDGs. Today, only $25 billion per year is directed toward the blue economy, while we actually need at least $175 billion annually. That means we need to mobilize seven times more capital.
A strong and clear message I want to emphasize is this: we are not asking for philanthropy or charity. We want to demonstrate that investing in the blue economy can be good business—it can be profitable.
However, we must be thoughtful in our approach. Often, we are faced with two choices. Solution A might be easy and fast, but it’s harmful to nature. Solution B, on the other hand, can offer the same or even greater profitability while being much better for the ocean and the environment.
Video Credit: Blue Economy Finance Forum
