HOW TO FINANCE A SUSTAINABLE OCEAN RECOVERY
How to finance a sustainable ocean recovery. The UN Environment Programme Finance Initiative (UNEP FI) has just released a new guidance on blue finance to help banks, insurers and investors take action on the transition of ocean sectors to a sustainable future.
‘Turning the Tide: How to finance a sustainable ocean recovery’ is a practical toolkit for financial institutions in five key ocean sectors: seafood, shipping, ports, offshore renewables and coastal tourism. It provides a road map with a detailed breakdown of which client activities to seek out as best practice, which activities to challenge, and which activities to avoid completely due to their damaging nature.
The guidance is funded by the European Commission and builds on the Sustainable Blue Economy Finance Principles, a keystone in the market for financing a sustainable blue economy. These principles were developed in 2017 by the European Commission in partnership with WWF, the Prince of Wales’ International Sustainability Unit and the European Investment Bank. They are now hosted by UNEP FI.
Earlier this year, UNEP PI has published the Rising Tide Report (Feb 2021), which mapped the ocean finance space, providing an entry point for financial institutions to shift the impact of their activities towards rebuilding ocean prosperity, restoring biodiversity and regenerating ocean health.