26 January 2022 | Virtual
The Asia Development Bank Healthy Oceans Tech and Finance Forum aimed to promote and share innovative technologies, good practices, case studies, as well as practical solutions to protect and enhance the health and resilience of ocean ecosystems and coastal communities in the region.
The three-day forum covered 4 thematic tracks: (1) Plastic-free Oceans, (2) Coastal Resilience, (3) Ocean Finance, and (4) Blue Foods. GOAP participated in the Ocean Finance Track.
Ocean Finance Track: The global community has set ambitious commitments and targets for achieving healthy marine ecosystems. While science and policy are important tools to protect the oceans, the biggest challenge for ocean protection in finance. The cost to save the oceans and scale up investments is massive. However, funding for oceans is small, piecemeal, and generally focused on mitigating the impacts of industry. The funding gap widens as domestic and donor resources are being redirected to immediate relief and stimulus packages for COVID-19. The scale of the problem requires a transition from small deals to transformative market changes. Ocean finance will help address financing challenges and boost investment toward marine ecosystems.