Navigating Ocean Investments: Unlocking the Blue Financing Potential
The U.N. ocean investment conference yielded $10 billion, far below the needed $175 billion annually. Challenges include lack of clear governance and robust data. Political leaders push for better regulation to attract private finance, while nations work to ratify the High Seas treaty and combat harmful practices.
Despite efforts by the U.N., the push for ocean investments fell short, achieving only $10 billion against the estimated $175 billion needed annually. The conference highlighted the urgent need for clearer regulations in ocean management to attract more private investors.
Although significant steps were taken at the United Nations conference in Nice to address overfishing and pollution, ratifying the new High Seas treaty remains a formidable challenge. Only 50 countries have signed on, with the United States notably absent. The treaty aims to enhance governance over international waters and eliminate detrimental practices.
Oliver Withers of Standard Chartered emphasized the complexities of ocean finance, given no single nation governs the high seas. Meanwhile, figures like Francine Pickup from the U.N. Development Programme stress the importance of regulatory improvements and investment pipelines to foster market growth. As the oceans face rising threats from climate change, robust policy collaboration remains critical.
(With inputs from agencies.)
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- governance
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- climate change
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