One Ocean Finance, a visionary and transformative initiative designed to harness untold billions in capital from ocean-reliant enterprises and the burgeoning blue economy sectors, was ceremoniously unveiled by a coalition of UN agencies and esteemed partners. This pioneering endeavor aspires to achieve a triumvirate of unparalleled benefits: uplifting the livelihoods of coastal communities, rejuvenating the ailing vitality of our oceans, and propelling the swift metamorphosis of industrial practices. Through its resounding Call for Engagement, it beckons governments, financial institutions, corporate entities, and civil society to unite in forging a more equitable and encompassing ocean finance framework—one that truly mirrors the immeasurable worth of our planet's life-giving seas.
SDG 14 persists as the most grievously underfunded of the Sustainable Development Goals, with a paltry sum of less than $10 billion pledged between 2015 and 2019—a mere fraction of the staggering $175 billion required each year—even as the ocean's indispensable contributions to global commerce, climate regulation, sustenance, and livelihoods remain incontrovertible. Endeavoring to redress this egregious disparity, the One Ocean initiative aspires to galvanize transformative change by deploying sophisticated, integrated financial instruments designed to mitigate risk, catalyze innovation, and entice private capital, with particular emphasis on sectors intrinsically tethered to the marine realm.
Proclaimed with resounding clarity at the illustrious Monaco Blue Economy Finance Forum, the Call for Engagement stands as a clarion summons, beseeching member states, titans of the private sector, custodians of financial institutions, and stalwarts of civil society to unite in harmonious concert. Through a tapestry of inclusive and visionary dialogue, they are entreated to weave the very fabric of a transformative global finance mechanism—a noble endeavor destined to unfurl its sails at the hallowed 2028 UN Ocean Conference, where the tides of change shall rise to meet the shores of destiny.
A multi-agency collaboration comprising UNEP, UNDP, UNCDF, UNESCO-IOC, UN Global Compact, UN Tourism, IUCN, and WRI works to promote One Ocean Finance. It seeks to enhance current funding, lessen fragmentation, and match financial flows with economic opportunity, coastal resilience, and ocean health—particularly for Least Developed Countries and Small Island Developing States.
Co-designing a facility that is appropriate for its intended use and produces triple-win results for people, the environment, and prosperity is reflected in the Call for Engagement. Using mechanisms including user fees, ecosystem service payments, solidarity levies, and dynamic pricing models, One Ocean Finance will primarily source its funding from ocean-dependent businesses, including ports, shipping, tourism, marine cables, and insurance, once it is up and running. The facility is set up to use the whole range of financial products and cutting-edge de-risking techniques required to open up investment at scale and provide high-impact, fair solutions.