DLA Piper at the UN Ocean Conference 2022
The Blue Finance Breakfast featured a series of panellists from governments, NGOs, financial institutions, and the private sector discussing two key topics: (1) increasing ocean literacy to finance the sustainable ocean economy; and (2) scaling up ocean investment. The event was well attended including attendance from several dignitaries – Her Royal Highness Princess Victoria of Sweden, Antonio Costa Silva, Portugal's Minister of Economy and Ocean, and Bjørnar Selnes Skjæran, Norway's Minister of Fisheries and Ocean Policy.
On increasing ocean literacy, panellists highlighted the need for clear taxonomies to ensure issuers and investors are "speaking the same language" when it came to developing ocean initiatives. All panellists emphasised the need for investors to be able to monitor and measure KPIs to promote certainty in their investment. In respect of scaling up ocean investment, panellists considered different ways the private sector could get involved in supporting ocean initiatives, including investing in sustainable finance products such as blue bonds. Importantly, taxonomies and promoting ocean literacy would help to bridge the gap between industry and investors, leading to greater scaling up of ocean investment. As one panellist noted, "every USD1 invested in sustainable ocean solutions yields at least USD5 in return". Our oceans play a crucial role in our economy, generating an annual economic value of approximately USD3 trillion.
Finance is one of the most significant factors in bringing about changes to climate mitigation for "small island-big ocean" States. It was clear from the panel discussions that blue financing will represent a turning point in mobilising private sector capital as small island-big ocean States look to transition ocean infrastructure to be more climate resilient whilst promoting economic development.
Look out for our upcoming article on DLA Piper's further insights from the UN Ocean Conference. To learn more about the role of sustainable finance in the ocean economy, you can read our article, Shades of blue in financing: Transforming the ocean economy with blue bonds, here
DLA Piper would like to thank Suzanne Johnson, Erik Giercksky and all those involved at United Nations Global Compact for hosting such a fantastic and thought provoking event.