49 platform better matches the needs in the European market at the time of the study as this would “allow the support of wider focus funds that focus on commonalities between Blue Economy sectors as well as funds that focus on niches requiring more specialist sector and/or investment knowledge” (van Aalst et al., 2018, p.82. The ADB study looked at current blue economy financing initiatives which are growing rapidly with a focus on ocean activities, conservation and climate change. It notes in particular the Green Climate Fund (GCF), the Global Environmental Facility (GEF), the World Bank and the Nature Conservancy. ‘Blue bonds’ have been announced by Seychelles and the Norwegian Investment Bank (to raise $200 million for water-related projects around the Baltic Sea) and a first private-sector bond involving the World Bank and Morgan Stanley addressing marine plastic waste pollution. Noting that Sovereign blue bonds do not yet stimulate private sector and economic activity, the study identifies five key stakeholder groups each with differing and complementary objectives and strengths: a) developing states and SIDSs; b) organizations (national and international); c) development banks and global funds; d) private sectors and industries; and e) private investors and the general public. To involve the private sector successfully, the study proposes a structure and regulatory model that would involve them in the blue bond financing mechanism, and serve to ensure their compliance with legal obligations around environmental and social impacts, climate resilience and sustainability. The first example of a financing vehicle involving a blue bond is the Seychelles Blue Bond, illustrating how finance can be generated in a specific context to support the sustainable and climate-resilient blue economy. Climate change —core to the African Development Bank’s strategy Frequency of investors citing these opportunities in the sustainable blue economy. Marine renewable energy 76% Plastic pollution prevention 75% Sustainable fisheries 74% Waste water treatment 64% Aquaculture 62% Coastal infrastructure 55% Blue carbon 51% Tourism 50% Chemical pollution prevention 50% Biotechnology 50% Shipping / transport 49% Conservation 47% Fishing efficiency 46% Education and research 38% Diversification 37% Genetic resources 35% Climate resilience and adaptation 76% 0% 25% 50% 75% Source: Credit Suisse, 2020. Investors and the Blue Economy: Geneva.
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