Private Sector Takes Interest in Ocean Economy at Finance Forum in Monaco

Its involvement could unlock more funding for emerging frontier in sustainable finance

- Audrey Tan

MONACO - The protection of marine ecosystems like coral reefs and mangroves, long championed and funded by governments and philanthropic organisations, has found a new ally in the private sector.

Some of the world's top financial institutions gathered in Monaco at an event on June 7 and 8 spotlighting the economic opportunity from investing in the health of the ocean and the perils of inaction.

The Blue Economy and Finance Forum was expecting to host about 2,000 delegates from major banks, asset management funds and other financial institutions.

The involvement of the private sector can help to unlock more funding for the ocean economy, which is fast emerging as one of the latest frontiers in sustainable finance.

A UN report published in October 2024 found that only 8.4 per cent of the ocean and coastal areas globally are within documented protected and conserved areas.

A separate report found that US$15.8 billion (S$20.4 billion) is needed annually.

Government funding alone is often insufficient for conservation, given other national priorities, while philanthropic funding often focuses on small-scale and individual projects.

How to spur more private sector involvement was a key point of discussion during the first day of the forum.

The forum was a special event held ahead of the third UN Ocean Conference, taking place in Nice, France, from June 9 to 13.

A key focus at both events is on how the protection and restoration of the ocean can be scaled up to meet the global target of ensuring that 30 per cent of lands and seas are protected by 2030, and, more critically, who will be funding these efforts.

A key point that emerged on the first day of forum discussions was the cost of inaction.