The ministry stated that unlocking investments for development of the blue economy is a climate action priority for archipelagic and island states.
To this end, the Indonesian Coordinating Ministry for Maritime and Investment Affairs, in collaboration with UNDP Indonesia and the Archipelagic and Island States (AIS) Forum, hosted a talk show session titled "Blue Financing Strategies" on the side lines of the UNFCCC COP 26 meetings in Glasgow, Scotland, on Friday (November 5).
Organized in the Indonesian Pavilion, the event offered an opportunity to share experiences and engage in dialog, with perspectives from AIS Forum participating countries.
On the occasion, the Blue Financing Strategy was presented by Deputy Minister for Coordination of Maritime Sovereignty and Energy of the Coordinating Ministry Basilio Araujo.
Araujo stated that developing strategies and tools to finance the transition to a sustainable economic model is essential if countries are to transition from climate talks to climate action.
This especially holds significance for transitioning to a blue economy, which is still considered as an emerging concept, with several definitions, principles, and frameworks in place, he affirmed.
He further spoke at length about how the strategic financial framework ensures that principles of the blue economy translate into concrete blue economic initiatives and industries.
According to Araujo, the blue financing strategy prioritizes the principles of sustainability and helps investors channel their funding through a range of financial instruments into sectors that will have the greatest impact in terms of sustainability.
He emphasized the need for long-term investments and Blue Finance that includes the range of financial instruments in developing and strengthening ocean-related sectors and abiding by the principles of sustainability.
In addition to unlocking capital for economic and social development, a Blue Financing Strategy should support countries in achieving the sustainable development goals (SDGs), particularly the goal No.13 on Climate Action and goal No.14 on Life Below Water.
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Reporter: Yuni Arisandy Sinaga
Editor: Sri Haryati
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