As COVID-19 continues to send shockwaves throughout the global economy, IFC, a member of the World Bank Group, in collaboration with Inspire Impact, hosted a landmark discussion on 18th September investment opportunities in the Pacific Blue Economy including why the sustainable use of oceans must be central to planning for a post-pandemic recovery.
Pacific nations – already facing over-fishing, marine pollution, coastal erosion, and the effects of climate change – are now also wrestling with the impact of COVID-19, which has taken a toll on the region’s economies, especially with international tourism now at a standstill.
In the face of these multiple tipping points, there are huge opportunities to invest in an impactful way in the Pacific via the Blue Economy which, at its core, is about the sustainable use of ocean resources to create economic growth, prosperity and jobs whilst ensuring the health of the ocean’s ecosystem.
“While the challenges faced by the nations of the Pacific are profound, we also see immense opportunities to harness the benefits that flow from the Blue Economy in a way that puts sustainability at the top of the agenda,’’ said Mike van Niekerk, Partner and Chief Impact Officer at Inspire Impact. “This event creates an avenue to matching investors who have the capital and desire to make a positive impact on environmental and social issues with like-minded investors and companies in the Pacific, helping them to solve some of the challenges they face,’’ he said.
The Pacific Blue Economy Roundtable which was held on September 18 saw a broad discussion on the threats to ocean health including that from marine pollution while also mapping out the steps needed to realize the potential of the Blue Economy and capitalize on emerging investment opportunities in sectors ranging from aquaculture to green shipping, ports, and tourism.
“The importance of the Blue Economy cannot be overstated,’’ said Thomas Jacobs, IFC Country Manager – Australia, New Zealand, Papua New Guinea and the Pacific Islands. “A business as usual approach simply won’t work and risks having negative environmental and social impacts on the people of the Pacific and the oceans upon which they rely for their livelihoods. We need to move collectively to a business model and investment footing that enhances sustainability, including in sectors that rely on our oceans.’’
“The Blue Economy is a significant component of the economy of small island developing states in the Pacific and elsewhere, creating challenges and opportunities for investing,’’ said Paul Holthus, World Ocean Council CEO and President. “The World Ocean Council is pleased to be working with the IFC and Inspire Impact to help address advance investment in sustainable ocean and island development as part of the WOC Ocean Investment Platform and our Ocean Funds Roundtable.’’
It is clear that there is a growing imperative for ambitious action to mobilize capital and deliver the changes needed to combat climate change and environmental degradation.
“For Pacific nations scattered across an area twice the size of continental Europe, that means realizing investment opportunities that can overcome the devastating impacts of over-fishing, coastal erosion, marine pollution including litter and plastics, and unchecked development,’’ said Jacobs. “It means embracing the Blue Economy.’’
About IFC
IFC – a member of the World Bank Group – is the largest global development institution focused on the private sector in emerging markets. Working in more than 100 countries, using capital, expertise, and influence to create markets and opportunities in developing countries. In the fiscal year 2020, invested $22 billion in private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity.
About Inspire Impact
Inspire Impact is a profit-for-purpose organisation that connects capital to social entrepreneurs. It invests in and advises purpose-driven businesses, assisting them to generate a meaningful return to investors while preserving their socially and environmentally minded DNA.
About the World Ocean Council
The World Ocean Council (WOC) is the international, cross-sectoral alliance for private-sector leadership, collaboration, and action on ocean sustainability, stewardship and science. Companies from a range of industries worldwide are distinguishing themselves as leaders in “Corporate Ocean Responsibility”, including: shipping, oil and gas, tourism, fisheries, aquaculture, mining, renewable energy, ocean technology, and investment.
