Summary report, 7–8 June 2025

The Ocean is a crucial life-source on our planet – producing at least 50% of our world’s oxygen, is our planet’s largest carbon sink, houses most of the Earth’s biodiversity, and is relied on by more than three billion people for their livelihoods; yet, it is severely threatened. Carbon emissions are driving ocean warming and acidification, and pollution from land-based practices, plastics, chemicals, and heavy metals, along with overfishing, is threatening life under the surface and undermining food security around the world. On top of this, Sustainable Development Goal (SDG) 14 (life below water) is the least funded of all the SDGs. An estimated annual investment of USD 175 billion is needed to make the maritime economy sustainable and inclusive, but only USD 30 billion has been disbursed since 2010. This illustrates a daunting finance gap for protecting and healing an indispensable pillar for life on Earth. 

The Blue Economy & Finance Forum (BEFF) was convened to address this finance gap and discuss what is needed for enabling a regenerative and sustainable blue economy, investing in ocean health, transforming the shipping industry, and ensuring sustainable ocean governance and finance. Featuring 150 speakers, and attended by 2000 people representing 100 countries, the BEFF brought together stakeholders from the public and private sectors, including business, banks, insurance companies, philanthropies, to share their experiences and analyze how to scale up solutions. 

On investment for ocean health, examples ranged from responsible accounting of the Earth’s “equity,” designing marine protected areas (MPAs) as regenerative businesses by combining conservation outcomes with economic benefits, and using debt swap tools to address the debt crisis while also nourishing ocean conservation.

Regarding the financing of a regenerative and sustainable blue economy, participants discussed blended finance models, heard an update on the development of a market for biodiversity nature credits, and learned about initiatives incorporating business, research, and education. 

In the panel on transforming the shipping industry, participants gained insights into the importance of alternative fuels for shipping mitigation and decarbonization. They also heard about efforts to build “ports of the future” that are smarter, greener, and marine-friendly. During panels on ensuring sustainable ocean governance and finance, participants spoke of the importance of de-risking investment and the value of partnerships and multilateralism to address challenges. Ministers and Heads of State and Governments also highlighted efforts to unlock ocean finance to catalyze sustainable blue economy initiatives. 

Alongside the plenary sessions, the Forum featured curated Solution Hubs (side events) designed to facilitate cross-sector exchanges, providing participants with valuable networking and changemaking opportunities. A Blue Innovation Hall showcased innovative solutions and technologies that pave the way for a regenerative blue economy, offering real examples of how the principles discussed at the Forum can be scaled. An art exhibition featuring photography and a book installation, highlighted the urgent environmental challenges of our time while inviting reflection on humanity’s relationship with the planet. 

The organization of BEFF was agreed at the 15th meeting of the Monaco Blue Initiative (MBI), where a Memorandum of Understanding was signed between its organizers. An update on its planning was provided at the 16th meeting of the MBI. The BEFF took place from 7-8 June 2025 at the Grimaldi Forum in Monaco, as a special event preceding the third UN Ocean Conference (UNOC3), which is taking place between 9-13 June 2025 in Nice, France. It was organized by the French Organizing Committee for UNOC3, the Oceanographic Institute of Monaco, and the Prince Albert II of Monaco Foundation, with support from the Governments of France and Costa Rica.

Report of the Meeting

The BEFF opened on Saturday morning. HSH Prince Albert II, Sovereign Prince of Monaco, welcomed participants, explaining that the BEFF is part of his country’s commitment to the Ocean, dating back to his great grandfather, HSH Prince Albert I. His key message was for a new development that preserves the balance of this planet and its wealth. He emphasized the indispensable work of the scientific community to highlight the threats facing the Ocean. He said the economy, faced with planetary boundaries that have already been exceeded, must invest in a new kind for growth, noting that the Forum provided an opportunity to explore this in greater detail.

Pascal Lamy, BEFF Co-Chair and Vice President, Paris Peace Forum, expressed hope that the Forum will give new momentum to an investment movement in the blue economy to ensure it becomes truly sustainable. He stressed that the estimated potential wealth of the ocean economy cannot be realized without a healthy Ocean, noting that current practices are degrading and undermining our seas and aquatic resources.

Ilana Seid, BEFF Co-Chair and Permanent Representative of Palau to the UN, thanked Monaco for helping to remind participants that “small nations can spark big change.” She highlighted the Unlocking Blue Pacific Prosperity initiative, a regional movement to: develop the largest conservation area in the history of the world; help strengthen the Ocean’s resilience to climate impacts; and enable investment for a robust food system to ensure the livelihoods and well-being of all Pacific peoples.

Plenary Session 1: Investing for Ocean Health, Preservation and Resilience

This Saturday morning plenary session had two panels related to this topic, which were preceded by a keynote speech, delivered by Christine Lagarde, President, European Central Bank. She lamented that we are fueling a crisis which is undermining the very systems we depend upon. She highlighted two key ways the Ocean is benefitting us: it is our most powerful ally in the fight against climate change; and it is a key pillar of the global economy. She noted the profound consequences stemming from the Ocean becoming increasingly strained, including threats to food security, and noted that the cost of inaction is far higher than what is projected for conservation and adaptation strategies.

Agnès Pannier-Runacher, Minister of Ecological Transition, Energy, Climate and Risk Prevention, France, reflecting that climate and pollution denial is a weapon of mass destruction, highlighted the catalyzing power of finance, science, and diplomacy to build a resilient and sustainable blue economy. She referred to commitments such as sovereign blue bonds that raised EUR 23 million to finance coastal resilience and maritime infrastructure, and underscored strong support for a ban on deep sea mining.

Catalyzing Finance for Ecosystem Conservation Impacts: Grethel Aguilar, Director-General, International Union for Conservation of Nature (IUCN), reflected on the Ocean as the fastest growing economy, valued at USD 24 trillion, and called for realigning global finance with the reality of communities living on the ground to ensure a healthy Ocean. She recalled that local communities need easier access to finance tools for lasting impact. She cited the Blue Natural Capital Financing Facility (BNCFF) and the Blue Carbon Accelerator Fund (BCAF) as examples to unlock capital and de-risk investments in bankable projects.

Jean Lemierre, Chairman of the Board, BNP Paribas, cited strong commitment and dedication to conserve and protect the Ocean as critical to mobilizing resources. He introduced work done in partnership with the Blue Alliance’s  Blue Finance Facility, an impact debt facility supporting MPAs in the Global South.

Angelique Brathwaite, Director of Science and Conservation and Co-Founder of the Blue Alliance, provided insight into the co-management of MPAs with local governments and communities. She outlined activities to develop businesses in and around MPAs as a way to provide future finance for conservation.

Ekhosuehi Iyahen, Secretary-General, Insurance Development Forum, reviewed the role of insurance within the financial ecosystem to help de-risk and unlock opportunities, referring to the Ocean Risk and Resilience Action Alliance (ORRAA), which helps build awareness and inform capital.

José Soares dos Santos, Chairman and Founder, Oceano Azul Foundation, introduced the concept of earth “equity” instead of “capital” for innovative and responsible accounting of nature. He called for political will to sign relevant treaties to help provide the signal that can move private capital into ocean investments.

Melissa Garvey, Global Director, Nature Bonds Program at The Nature Conservancy, presented the debt swap tool as a solution to confront the ‘debt crisis’ facing two-thirds of countries around the world. She explained that debt refinancing coupled with science-informed planning and policy can deliver the financial resources needed to close the nature-finance gap.

In a closing round of statements focused on how to scale solutions, Brathwaite highlighted progress toward scaling up from the current protection of 1.7 million hectares to 75 million hectares by 2030. Iyahen added an “optimistic but not naive” view, encouraging better understanding of financial information around risks. Lemierre opined that facing the challenge of scale requires listening to one another and investing in research, with Soares dos Santos calling for more data to help guarantee results. Aguilar encouraged clarity around outcomes and instruments that are meaningful on the ground. Garvey expressed that through coordination and collaboration, “this is just the beginning” of the potential to scale and enhance private credit.

Financing Transboundary Conservation Programmes: In her opening comments, moderator Karen Sack, Executive Director, ORRAA, underscored the message that the cost of inaction is far higher than anything else we can do. She highlighted a recent study which stressed that the less life we have in the Ocean, the less capacity it has to capture and store carbon.

During the panel discussion, Mary Schapiro, Vice-Chair, Glasgow Financial Alliance for Net Zero, noted that a key driver for investment is clear and credible policies for incentives, and the availability of information to assess risks and opportunities. She highlighted three key elements for leveraging a sustainable blue economy: fostering investment opportunities through multi-stakeholder processes; developing scalable financial solutions; and building capacity across the financial sector.

Barbara Karuth-Zelle, Board Member, Allianz SE, highlighted the importance of information for understanding risks, saying that insurance companies want to see a return on their investment and need clear data to take decisive action.

Sinikinesh Beyene Jimma, Head, Marine and Freshwater Branch and Chief, Marine and Coastal Ecosystems, UN Environment Programme (UNEP), emphasized the urgency of innovative financing in the face of an expanding finance gap. She highlighted the Global Fund for Coral Reefs as an example of blended finance that mobilizes public and private resources to strengthen the resilience of coastal reef ecosystems, local communities, and economies.

Kristin Rechberger, Founder and CEO, Dynamic Plant and Revive Our Ocean, described their work to help scale coastal protection and design MPAs as regenerative businesses by combining conservation outcomes with economic benefits. She shared insights from a case in Gökova Bay, Türkiye, where establishment of a no-take zone led to a substantial increase in fish biomass, resulting in a 400% rise in income for local fishers in just three years.

Ray Dalio, Founder, CEO, and Board Member, Bridgewater Associates, underscored the importance of understanding both worlds of ocean conservation and financing.

Andrew Forrest, Executive Chairman and Founder, Fortescue, and Founder, Minderoo Foundation, highlighted that apart from plastic pollution, ocean warming and overfishing also pose major threats to a healthy Ocean. Noting the entire water column is being fished out of its biomass, he stressed that protecting 30% of the Ocean must include the exclusion of bottom trawling.

Plenary Session 2: Financing a Regenerative and Sustainable Blue Economy

During this Saturday afternoon plenary session, two panels took place, following a keynote address delivered by Costas Kadis, EU Commissioner for Fisheries and Oceans. He outlined features of the new European Ocean Pact that provides both policy as well as shared commitments, noting that realizing its full potential necessitates investment from both the private and public sectors.

On providing data to help assess risks, identify opportunities, and measure impacts, he underscored the European Digital Twin of the Ocean (European DTO) and EU Mission: Restore our Ocean and Waters as examples of strengthening technology and research. He closed by saying: “Europe is reliable, predictable and open for fair business to work together for innovative, competitive, and a regenerative sustainable blue economy.”

Uniting Forces – The Power of Blended Finance: Moderator Sebastian Buckup, World Economic Forum, framed the discussions, recalling the need to close the finance gap to reach the USD 175 billion needed annually to achieve SDG 14.

Lukas Walton, Founder and CEO, Builders Vision, described shifting the focus from “preserving capital” to “catalyzing capital,” sharing the view that patient capital is needed to help build the ocean industry. Observing a slowing of private equity invested in the Ocean over the last ten years, he discussed the value of partnerships and accountability.

Marisa Drew, Chief Sustainability Officer, Standard Chartered, discussed key aspects of enabling conditions, sharing the open access, compiled investment research on the Ocean. She cited the research report “Seaweed: Kelp is on the way” as an example of how to gain a return on assets from an MPA. Drew also noted that in addition to positive examples, standards of what to avoid as destructive practices are important.

Sylvie Goulard, Co-Chair, International Advisory Panel on Biodiversity Credits (IAPB), introduced biodiversity credits identified in the Kunming-Montreal Global Biodiversity Framework (GBF), underscoring that the key to building confidence for the new market is to work with high integrity. As IAPB continues to evolve into a new independent and inclusive entity to scale up these high integrity biodiversity credits, she referenced data disclosure from companies as key to obtaining important information about impacts and dependencies as a strategic tool to inform policy.

Amelia Fawcett, Co-Chair, IAPB, posited that the biodiversity credit market could be brought to scale in a manner that brings back confidence to the carbon credit market. She emphasized the importance of nature credits being inclusive, engaging Indigenous Peoples as co-creators and embracing diverse worldviews and knowledge systems.

Pradeep Kurukulasuriya, Executive Secretary, UN Capital Development Fund, called for solutions that de-risk capital and attract domestic investments, projecting how debt swap could be used to help address the plastic pollution challenge. 

In closing remarks, Walton called on bravery to deliver capital, creativity, and diverse partnerships. Goulard challenged participants to not “believe the nationalists” and choose to “abolish the borders in our heads.” Drew noted the power of human ingenuity, concluding “we have no choice!”

Fueling Innovation and the Blue Transition Through Private Investment: During the panel, Nathalie Sarel, Managing Director and Head of Sustainable Banking, Crédit Agricole CIB, stressed that having the blue economy be “regenerative” brings us an important step towards recognizing that the economy should not just be doing less harm, but also doing measurable good. She explained that it is about creating an economy that heals rather than harms. She discussed the benefits of blue bonds as a subset of green bonds, underscoring that they offer investors transparency in the use of funds and accountability in terms of impact.

Isabelle De Cremoux, CEO, Seventure Partners, said that time is of the essence to ensure scalability and bring more money to the table for quicker and bigger action. She said initiatives with the most impact are those projects enabling a “virtuous circle” where financial returns can provide public benefits, and vice versa.

Xu Ben Zhang, Program Lead, Kelp Forest Foundation, highlighted that kelp forests cover 20% of the world’s coastlines, and provide ecosystem services estimated be worth approximately USD 500 billion annually. She described the three organizations engaged in the Kelp Forest Foundation: a profit-generating company trading in kelp products, a research foundation focusing on closing the research gap on kelp forest ecosystem services, and an educational body teaching younger generations about the importance of kelp ecosystems.

Mo Ibrahim, Chairman, Mo Ibrahim Foundation, explained that his foundation focuses on  governance and leadership, offering grants and providing space for policymakers and civil society to meet and discuss solutions. Discussing specific challenges facing Africa’s coastlines, he highlighted that illegal, unreported and unregulated (IUU) fishing fleets are costing the continent billions in lost revenue and impacting food security and livelihoods.

Gianpiero Leoncini, Executive Vice President, Development Bank of Latin America and the Caribbean (CAF), announced USD 2.5 billion in investments to boost the sustainable blue economy and preserve the region’s Ocean. On challenges facing the blue economy, he explained that project fragmentation is a large issue, something the bank is countering by encouraging regional collaborations. 

Plenary Session 3: Transforming Blue Ports and Shipping

On Sunday morning, two panels took place, following a keynote address delivered by Arsenio Domínguez, Secretary-General, International Maritime Organization (IMO). He reflected that “we’ve spent so much money on harming the Ocean; it’s time to invest in cleaning it up and caring for it for future generations.” He said “decarbonizing is not free,” and described the need for mandatory regulations, technology development, alternative fuels, and new data to improve efficiency and develop guidelines for the shipping sector. All of this, he said, is only possible with investment.

Shipping Mitigation and Decarbonization: Moderator Vassilios Demetriades, Chief Strategy Officer, UW Group, framed the discussion by explaining that a prerequisite for a sustainable blue economy is the decarbonization of the shipping sector.

Amy Chang, Commissioner, Maritime and Port Development and Deputy Secretary for Transport and Logistics, Hong Kong Government, shared how clear commitments through policy statements result in legal certainty, thus providing stability to encourage investments.

Jean-Pierre Clamadieu, Board of Directors and Chairman, Engie, reviewed various developments to improve efficiency for an energy transition in shipping and ports, noting that bringing successful demonstrations to scale requires large investments.

Christine Cabau, Executive Vice-President, CMA CGM Group, reported on activities to build new ships that are ready to burn alternative fuels and innovate electric barges, emphasizing that reaching an energy transition at scale requires the availability of green fuels. Considering that shipping uses 350 million tons of fuels a year, she underscored the importance of developing the ecosystem among energy producers and ports to collaborate on the journey to decarbonization.

Joe Kramek, President and CEO, World Shipping Council, referred to their USD 150 billion investment to ensure ships use alternative fuels, calling for support to progress regulations in upcoming IMO meetings. He suggested that to stay on the right track, “we need tools, rules and fuels.”

Thomas Thune Andersen, Chairman, Lloyd’s Register, encouraged the maritime industry to strive to become the decarbonization role model, underscoring that the energy transition must bring the Global South to the table. He flagged the need to share knowledge, suggesting the success in sharing safety measures should be used to help move together toward an energy transition.

Chavalit Frederick Tsao, Chairman, Tsao Poo Chee (TPC) Group, reflected that the Ocean is the final destination of all pollution created by humans over time, advocating for a holistic understanding of the challenge and systemic approaches for redesigning the maritime industry.

Port and Coastal Infrastructure Adaptation: Tao Liu, Vice President, Shanghai International Port Group, spoke about efforts to build “ports of the future” that are smarter, greener, and marine-friendly. Examples included enabling shore power supply, upgrading equipment, and ensuring that ground transportation is green power driven.

Francesco Prazzo, General Manager, SBM Offshore, outlined the global conditions facing the energy transition. On the one hand, there is increasing demand for energy that is safe, clean, reliable, and affordable. Meanwhile, the world is also facing increasing concerns about energy security, economic resilience, and growing inequality, which leads to uncertainty and risks to investments. He stressed that investment can shape the transition as much as technology, underscoring that the journey from research to commercialization is non-linear.

Thierry Déau, CEO, Chairman, and Founder, Meridiam, and Chairman, SUEZ, highlighted that large investments in adaptation measures are lagging behind, and underscored the huge inequalities between countries in terms of needs and capacities. He explained that many challenges stem from the fact that responsibilities along coastlines are fragmented amongst multiple bodies, and stressed the need for strategic planning that engages with inland bodies. He highlighted blended finance as a way to build sustainable economic models that can enable long-term investments in the face of long- and short-term threats and opportunities.

Édouard Philippe, President, International Association Cities and Ports, Mayor of Le Havre, and Former Prime Minister of France, highlighted the need for regional collaboration and localized approaches. He stressed that the right solutions are found where port and municipal authorities are working hand in hand.

Plenary Session 4: Ensuring Sustainable Ocean Governance and Finance

Looking Forward – Global Solutions for Ocean Finance: Inger Andersen, UN Under-Secretary-General and Executive Director, UNEP, celebrated progress towards the global biodiversity target on protection 30% of the marine and coastal ecosystems by 2030 (30x30), and welcomed the continuation of negotiations for a legally binding treaty on plastic pollution. She noted IMO’s leadership to decarbonize shipping, and called for this to carry over to fisheries, tourism, and other sectors to produce revenues that will support a sustainable ocean economy.

Ambroise Fayolle, Vice-President, European Investment Bank (EIB), shared that more than USD 2 billion has been invested annually, highlighted various funded projects supporting the blue economy, and underscored the need to de-risk investment and promote partnerships.

James Scriven, CEO, IDB Invest, described investments related to the blue economy as well as interest to contribute to nature-positive investments that use nature-based solutions. He reiterated the value of partnerships and innovative blended finance mechanisms to address challenges.

Rémy Rioux, Chairman of Finance in Common (FiCS), addressed the investment challenge in marine transport, announcing the launch of the FiCS Ocean Positive Coalition, which aims to bring together multilateral, regional, and national banks to increase ambition and accountability, and support research and innovative financing.

Axel van Trotsenburg, Senior Managing Director, World Bank Group, made clear that “we all need to do a little more” to improve ocean financing, emphasizing this can be done by embracing the view that ocean investments translate to job creation and a source of economic and sustainable growth.

Sanda Ojiambo, UN Assistant Secretary-General and CEO, UN Global Compact, referenced the success and value of the Ocean Investment Protocol to grow a sustainable ocean economy, highlighting the collaboration and inclusivity needed to establish enabling environments, along with regulations to incentivize and de-risk investments.

Statements and Governance Recommendations: Åsmund Grøver Aukrust, Minister of International Development, Norway, highlighted his country’s support in the development of the world’s first Coral Bond in Indonesia, and announced its investment of EUR 7 million to the Blue Action Fund over the next four years, with EUR 1.7 million dedicated to coral reefs.

Albert Van Klaveren, Minister of Foreign Affairs, Chile, highlighted the Chile Nature Fund, launched in 2021, which has attracted public and private financial contributions for long-term nature conservation funding. He noted, however, that national efforts are not enough, and called for the urgent closing of funding gaps for the SDGs and GBF. In this endeavor, he called for enhanced cooperation, commitment to social equity, and respect for Indigenous Peoples and local communities.

Carsten Schneider, Federal Minister of the Environment, Climate Protection, Nature Conservation and Nuclear Safety, Germany, highlighted his country’s new Marine Nature Conservation Fund, which will see revenues from wind farm licenses being used for marine conservation.

Pham Minh Chinh, Prime Minister, Viet Nam, urged participants to invest in marine science and knowledge sharing, as well as the sharing of financial resources for creating a blue ocean finance system.

Surangel Whipps Jr., President of Palau, highlighted that of all financial flows to the Pacific region, only 3% comes from private sources, meaning that global private capital is missing some of the world’s most promising investment opportunities. He highlighted regional efforts that have so far mobilized USD 100 million for the Unlocking Blue Pacific Prosperity initiative, with a target of USD 500 million. He noted that money spent on ocean-harming practices represents some of the world’s greatest misallocation of capital.

José Maria Neves, President of Cabo Verde, highlighted threats from coastal erosion and salination of fresh water sources, which is undermining food security and habitability. He spoke about national efforts to combine social justice with environmental resilience by finding economic alternatives to impacted communities, and integrated management measures for coastal zones that are informed by scientific data and community participation.

Junhua Li, UN Under-Secretary-General for Economic and Social Affairs, encouraged countries to sign and ratify the Agreement under the UN Convention on the Law of the Sea on the Conservation and Sustainable Use of Marine Biological Diversity of Areas beyond National Jurisdiction (BBNJ Agreement). He stressed that small island development States (SIDS), women, Indigenous Peoples, and local communities are the first to suffer the impacts of ocean degradation, but are at the forefront of ocean solutions, stressing that their voices must be amplified.

Closing Remarks

Addressing the Forum during this closing session, HRH William, Prince of Wales, United Kingdom, reflected that “we are united by our deep connection to the Ocean,” acknowledging the power of urgency and optimism to change the course of history for a sustainable Ocean. He referenced the work of previous Earthshot Prize winners whose innovations are pioneering solutions to address food security, climate impacts, and pollution.

Luiz Inácio Lula da Silva, President of Brazil, highlighted recent evidence of increased investments to military budgets while spending on official development assistance (ODA) decreases, clarifying that our challenge is not a lack of money, but rather a lack of political will and commitment. He recognized the value of IMO’s binding measures to help trigger and enable an energy transition, and called for support for the ongoing negotiations for a legally binding treaty on plastic pollution, as well as additional ratifications for the BBNJ Agreement.

Rodrigo Chaves Robles, President of Costa Rica, recognized the power of the BEFF to signal to the world the commitment to act boldly to protect the Ocean, calling the blue economy not a mere theoretical concept, but “an immediate necessity and non-negotiable for humanity.” He emphasized that it is time to move beyond saying what “could” or “should” be done, sharing how Costa Rica is leading by example, having already protected 30% of its marine territory. He highlighted the importance of: financing with blue bonds and debt-for-nature swaps; support for public policy resulting from financial incentive mechanisms; and innovation to blend science and economics.

Emanuel Macron, President of France, asserted that climate change and threats to biodiversity and the Ocean are not a matter of opinion, affirming that we share a political, ethical, and scientific duty to continue to fund free and open science to foster cooperation and science-based decisions. He shared commitments made by France to support MPAs, showing support to strengthen seabed protection and efforts to establish biodiversity credits. In maritime transport, he described business models designed to reward those transitioning to sustainable fuels and penalize those who do not.

HSH Prince Albert II of Monaco closed the BEFF by expressing gratitude for the quality of discussions and concrete commitments made, reflecting optimism that “something has shifted” and we are at a turning point for the Ocean. He highlighted that solutions do exist, identifying sustainable fisheries, aquaculture, and biotechnology as keys to a new maritime blue economic model. He underscored that urgent work is needed for ports and in shipping, tourism, and reducing plastic pollution, acknowledged how crisis and politics can hinder investments, and stressed the value of working in coalitions and alliances to drive the blue economy.

The meeting closed at 1:37pm.