Ocean investment protocol: A multi-stakeholder plan to enable funding for the sustainable ocean economy
This report outlines a multi-stakeholder framework to accelerate funding for a sustainable ocean economy. It provides specific recommendations for financial institutions, insurers, and governments to manage systemic risks and mobilise the estimated one trillion dollars in additional finance required by 2030 to meet global climate and biodiversity targets.
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OVERVIEW
Introduction
A sustainable ocean economy (SOE) is essential for safeguarding biodiversity, food security, and livelihoods. The ocean economy is currently equivalent in size to the world’s fifth-largest economy, with global markets relying on marine industries to support 90 per cent of trade volume. However, the ocean is reaching a turning point, with acidification pushing it close to a seventh planetary boundary. This document provides a framework for ‘Ocean Finance Actors’ to manage systemic risks to ocean health and understand opportunities to increase energy, food, and transport security. It contrasts the SOE, which preserves ecosystem health, with the broader ‘ocean economy’ that includes unsustainable sectors such as offshore oil and gas.
Recommendations
The protocol outlines critical actions for various stakeholders. Financial institutions are encouraged to build capacity for nature-related risk assessments, disclose data in line with the Taskforce on Nature-related Financial Disclosures (TNFD), and sign the Sustainable Blue Economy Finance Principles. (Re)insurers play a vital role as risk managers, using instruments like parametric insurance to enhance coastal resilience and de-risk investments in offshore renewables. Ocean industries must align business practices with the UN Global Compact Sustainable Ocean Principles, generate environmental, social, and governance (ESG) data to measure progress, and link executive remuneration to sustainable outcomes.
Governments should align policies with the 1.5°C target and develop Sustainable Ocean Plans to ensure 100 per cent sustainable management of national waters. This includes phasing out harmful subsidies and implementing marine spatial planning. Central banks and financial supervisors (CBFS) are newly included in this edition to address macroprudential risks. They are advised to assess the exposure of financial systems to ocean-related risks, integrate these into supervisory frameworks, and incentivise capital shifts away from harmful marine activities. Development finance institutions (DFIs) should lead nature-positive financing and foster SOE growth in the Global South through blended finance and project de-risking.
The need for an ocean investment protocol
Urgent action is required to scale finance for the ocean. It is estimated that 1 trillion dollars of additional finance is needed by 2030, and 2 trillion dollars in total finance between 2030 and 2050 to meet climate targets. Coordinated action is necessary to increase ocean literacy and identify a global pipeline of investable projects. The protocol aligns with ‘Ocean Breakthroughs’ targets for 2030, which include installing 380 GW of offshore wind capacity, securing 72 billion dollars for marine conservation to protect 30 per cent of the ocean, and ensuring 5 per cent of international shipping energy demand is met by zero-emission fuels.
Annex 1: Ocean frameworks, standards and initiatives
Key frameworks include the UNGC Sustainable Ocean Principles, which provide a framework for responsible practices in food, energy, and transport. The UNEP FI Sustainable Blue Economy Finance Initiative provides a global guiding framework for banks and insurers. Sectoral goals are also supported by the Marrakech Partnership for Global Climate Action and the High-level Panel for a Sustainable Ocean Economy, which comprises 19 heads of government committed to sustainable ocean management.
Annex 2: Broader financial standards and relevant frameworks
Ocean sustainability is increasingly integrated into global financial standards. This includes the International Sustainability Standards Board (ISSB) disclosure requirements and the Science-based Targets Network (SBTN), which provides guidance for seafood and offshore renewables. Within the European Union, regulations such as the Sustainable Finance Disclosure Regulation (SFDR) and the Corporate Sustainability Reporting Directive (CSRD) mandate social and environmental impact disclosures for large organisations.
Annex 3: Implementing the OIP recommendations – case studies
Practical implementation is demonstrated through various initiatives. Standard Chartered has participated in sovereign debt conversions, such as the Bahamas debt-for-nature conversion, to unlock funds for conservation. In insurance, the Caribbean Oceans and Aquaculture Sustainability Facility (COAST) provides parametric microinsurance for fisherfolk to enable rapid recovery following tropical cyclones. In the corporate sector, organisations like Ørsted and DP World have issued blue bonds to finance offshore biodiversity and sustainable port infrastructure. Conservation efforts are also supported by innovative models like the Vida Manglar project in Colombia, which monetises blue carbon storage through certified carbon credits to support local communities.