Emerging Role of Blue Finance in the Asia-Pacific Region
The policy brief critically examines pathways in which the funding gap for implementing SDG 14 targets can be bridged, using tools such as well-defined regulatory framework and collective partnership.
Investments are an important aspect for sustainable economic development both on land and at sea. With the exacerbating impact of climate change threatening our way of life, it is important to analyse the need of a transition from ocean economy to a sustainable ocean economy. It is also crucial to understand how the concept of “Blue Finance” which promotes and supports the transition into economic growth aligned with blue economy can augment the overall sustainable development of our water resources.
SDG 14 (Life under Water) includes 10 targets predominantly designed for the well‑being of the oceans and the living resources therein. The estimated cost of implementing SDG 14 targets by 2030 is 174.52 billion USD per year, while currently 25.5 billion USD is spent annually. This indicates a funding gap of 149.02 billion USD per year. The policy brief critically examines pathways in which we can bridge this overwhelming funding cap, using tools such as well-defined regulatory framework and collective partnership.