The rapidly changing world of ocean finance

Abstract

A suite of recent international commitments and aspirational targets related to ocean conservation and sustainable fisheries management suggest growing consensus among states regarding the urgency of action. Yet, securing adequate financial resources to achieve these goals will be a crucial hurdle for many countries and will depend on financing mechanisms that go beyond traditional official development assistance (ODA) and philanthropy. An expanding and diversifying universe of financing mechanisms, however, risks generating confusion, incoherence, and uneven outcomes. This Special Issue on “Funding for ocean conservation and sustainable fisheries” was conceived to gain insights into current and emerging trends in the rapidly evolving world of ‘blue’ finance. While one emphasis of the Special Issue is on ODA and philanthropy, additional contributions also cover new and emerging financing mechanisms. Throughout the Special Issue, authors reflect on important gaps, future perspectives and prospects for greater impact. Two relevant topics for the Special Issue, for which dedicated manuscripts are not available, are also briefly addressed: China's growing role as a provider of development finance and a shift to overtly transactional use of aid by the current US administration.