LocationsFirst Asia-Pacific Blue Economy Forum Convenes in the Maldives
May 14, 2024
The Asia-Pacific Blue Economy Forum brings together government ministries, private sector representatives, civil society organizations, and practitioners from 15 countries to discuss key themes on the blue economy.
Malé, May 13, 2024: The United Nations Development Programme (UNDP) and the Ministry of Economic Development and Trade of the Maldives are co-hosting the Asia-Pacific Blue Economy Forum in the Maldives from May 13-14th. The Forum is convened by UNDP’s Climate Finance Network (CFN), generously supported by the Foreign, Commonwealth and Development Office (FCDO) of the United Kingdom. The Forum is part of CFN’s regional convenings to share knowledge and innovative practices to explore financing options for investments in the blue economy in Asia and the Pacific.
First Asia-Pacific Blue Economy Forum Convenes in the Maldives
The Forum brings together government ministries, private sector representatives, civil society organizations, and practitioners from 15 countries to discuss key themes on the blue economy. The discussions of this forum will cover several topics including ocean governance, blue economy approaches, financing for ocean industries, the role of the private sector, and the importance of regional cooperation in advancing the blue economy agenda. These discussions aim to facilitate an exchange of learnings, south-south cooperation and to explore avenues for collaboration.
First Asia-Pacific Blue Economy Forum Convenes in the Maldives
The coastal regions and Small Island Developing States (SIDS) in Asia and the Pacific region have a significant population that relies on their coastal ecosystems. The ocean also plays a vital role in the region's economic growth, employing over 60 million people, producing over 80% of the global fish production, and operating the largest shipping industry which powers over 80% of the global trade according to the latest reports by the Asian Development Bank (ADB) (June2022).
First Asia-Pacific Blue Economy Forum Convenes in the Maldives
The ocean as a primary source of economic value for the region, contributes to its cultural heritage, and the ocean economy serves as a life-support system for many communities. However, years of resource extraction and disrupted marine ecosystems have imperiled the blue economy and coastal communities in and around the Asia-Pacific region. The case is undeniably strong for better management of ocean resources and mobilizing financing for a sustainable blue economy at speed and scale. The overall Blue Financing gap for the 24 countries in the Asia-Pacific region that rely on the blue economy is estimated at $5.5 trillion. These countries cannot protect their marine ecosystems and realize the full potential of sustainable and inclusive conservation and market opportunities without access to financing at scale.
First Asia-Pacific Blue Economy Forum Convenes in the Maldives
The blue economy has the potential to attract new sources of capital through blended financing and innovative financing approaches, given the increasing global focus on sustainable private sector investments. The two-day discussions of this forum will cover emerging financing opportunities and share experiences from several countries on how public policies are evolving to attract investment from several actors and how the private sector is responding to these policy shifts to unlock capital for national and regional priorities.
First Asia-Pacific Blue Economy Forum Convenes in the Maldives
"Our participation in this forum aligns with the development agenda of President Dr. Muizzu, and shares our commitment to sustainable development and the protection of our island communities," Honourable Mohamed Saeed, Maldives Minister for Economic Development and Trade said in his opening remarks at the forum.
Honourable Mohamed Saeed, Maldives Minister for Economic Development and Trade
“The blue economy represents a huge opportunity for sustainable, decent jobs in the Maldives - especially for youths. The UK is proud to be funding the work of UNDP’s Climate Finance Network in the Maldives and across the Indo-Pacific region through our £274-million Climate Action for a Resilient Asia programme. Combined with our support for sustainable marine management and maritime security, we believe this partnership will help deliver a sustainable, prosperous, and resilient Maldives,” H.E. Caron Röhsler, British High Commissioner to the Maldives stated in her remarks at the forum.
H.E. Caron Röhsler, British High Commissioner to the Maldives
Gerd Trogemann, Manager of the UNDP Regional Programmed and Global Policy Network for Asia and the Pacific said, “The blue economy holds a wealth of opportunities for inclusive and sustainable growth across the Asia Pacific region. Tried and tested tools and guidance shared among practitioners and stakeholders can speed the transition to healthy oceans and coastal communities in the region. UNDP’s Environment team and Climate Finance Network play a critical role in providing the much-needed support for partners to identify potential sources of public and private financing investment opportunities in this area. A particular priority for us is a collaborative focus on systemic financing solutions for the SIDS given the significant threats they face but also the opportunities that they can tap into.”
Gerd Trogemann, Manager of the UNDP Regional Programmed and Global Policy Network for Asia and the Pacific
"Maldives' bond with the ocean goes back centuries - recognizing the immense value of the ocean, embracing the principles of the blue economy, is not just beneficial but essential for the nation's prosperity and resilience in the face of climate change. This first of its kind symposium in Maldives is an opportunity for us to share insights, learn from each other, and multiply partnerships with innovative solutions that can be adapted to the context of the Maldives,” said Enrico Gaveglia, UNDP Resident Representative in the Maldives.
Enrico Gaveglia, UNDP Resident Representative in the Maldives
***
For media inquiries, please contact:
Email: comms@undp.org | +960 7920908
About the Climate Finance Network: The Climate Finance Network (CFN), a peer-to-peer network and a knowledge management and technical support facility to support the identification and scaling up of climate finance innovations in the region. Housed in UNDP with support from the UK’s Foreign Commonwealth and Development Office (FCDO), the CFN is supporting 18 countries in the Asia-Pacific region on a number of workstreams including integration of climate as part of budgetary planning processes, access to international climate finance, the development of innovative financing instruments, mainstreaming gender and social inclusion, modelling for economic impacts and enhancing transparency and accountability.
