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FOA and the European Investment Bank at #COP24

posted Dec 8, 2018, 12:54 PM by Marina N'Deye
Future Ocean Alliance participate in the European Investment Bank event “No Green Without Blue – How to scale up finance for #OurOceans?” at the UNFCCC #COP24, on 8 December, 13.15-14.45, Benelux-EIB Pavilion

Isabel Tores de Noronha was a live with the European Investment Bank VP Jonathan Taylor at #COP24 - Video

According to OECD projections, by 2030, the ‘Blue Economy’ — defined as all economic sectors which have a direct or indirect link to the ocean — could outperform the growth of the global economy as a whole, both in terms of value added and employment. In the coming decade, marine energy, marine biotechnology, coastal tourism, transport and food production sectors could offer unprecedented development and investment opportunities. However, there is increasing evidence that losses in the ocean’s natural capital resulting from unsustainable economic activity is eroding the resource base on which such growth depends.

As such, there is a growing recognition that following a “business as usual” trajectory, that neglects the impacts on marine ecosystems, entails great risk, not only to business, but also to our planet and our future wellbeing. By contrast, investment decisions that incorporate sustainability elements to ensure environmentally, economically and socially sustainable outcomes will help to secure the long-term health and integrity of our ocean, and the shared social, ecological and economic functions that are dependent upon it. Financial markets and institutions can therefore play a pivotal role in driving the ocean sustainability agenda.

The international community has recently reaffirmed its strong commitment to conserve and sustainably use the ocean and its resources and to reduce the adverse impacts of land-based activities. The G7, the G20, other countries and markets acknowledge that scaling up finance and ensuring the sustainability of such investments are fundamental to achieving sustainable development and climate goals. Investment capital, both public and private, is therefore fundamental to unlocking a sustainable approach to the development of the Blue Economy.

Lead organisation: European Investment Bank

Contact person: Bruno Hoyer, b.hoyer@eib.org, +352621886056