Our ocean is not only a source of life, resources, or ecosystem – it is also vital to local and global economies. The concept of the blue economy comprises a range of economic sectors and related policies that together determine whether the use of ocean resources is sustainable. Today, if it were a country, the blue economy is equivalent to the world’s 5th largest economy, with an annual economic value estimated at US$3 to 6 trillion, according to UNCTAD. Yet, less than 1% of global climate finance is allocated to ocean-based initiatives.
A major opportunity exists for financing the ocean sector, particularly to scale up innovations that have already demonstrated tangible, real-world benefits for the ocean. This will be the key focus of discussion at the Blue Zone side event “Our Ocean, Our Investment: Unlocking Finance and Innovation for a Blue Future” of the Third United National Ocean Conference, taking place in Nice, France, on 11 June, where global leaders and scientists will explore how we can work together to achieve a sustainable blue future.
Financing to overcome crises
Our ocean, seas, freshwater and coastal ecosystems are facing multiple, intersecting crises–from biodiversity loss and plastic pollution, to overfishing and rising temperatures. In order to navigate these challenges, we must set out to better understand and invest in solutions for the ocean. According to the World Economic Forum, to achieve Sustainable Development Goal 14 “Life below water,” by 2030, $175 billion per year must be invested. The stark reality is that from 2015 to 2019, less than $10 billion was invested. It’s time to change tides and counter these trends.
One innovation rising to this challenge is the NEREUS project, led by Dr. Raffaella Guida and her research group at the University of Surrey’s Space Centre. Working in partnership with the Mauritius Research and Innovation Council and backed by the UNDP Ocean Innovation Challenge, the team developed a satellite-based tool that analyzes discrepancies in satellite data to highlight hotspots for illegal, unreported and unregulated fishing and, on demand, can predict trajectories of vessels approaching Marine Protected Areas. Having NEREUS is like protecting the ocean from unsustainable fishing with eyes in the sky.
In Mauritius, where the project was piloted, early findings suggest a $31 return for every $1 invested through stronger enforcement, sustainable fisheries, and greater economic resilience.
“NEREUS is rooted in academic excellence, but made for real-world users,” said Dr Guida. “We knew patrol boats couldn’t cover these vast areas, so we used space tech to bridge the gap, without overwhelming the people who needed it most.”
“Receiving the UNDP Ocean Innovation Challenge award wasn’t like winning a research grant - it was an urgent call to action,” she added. “Time was short, funding was limited, and the ambition was big. We needed all our motivation, passion and technical excellence to make it work - and it did.”
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