Highlights and images for 24 March 2025

How should Ocean leaders react to the rapidly changing geopolitical landscape? For HSH Prince Albert II of Monaco, who opened the 16th edition of the Monaco Blue Initiative (MBI16), doubts should not discourage the Ocean community, but rather strengthen its commitment to act collectively to scale up a sustainable blue economy and the protection of marine ecosystems. With these guiding words in mind, some of the major players in Ocean conservation discussed how to make the most of the series of important upcoming events on the Ocean that will culminate in June with the Third UN Ocean Conference. Discussions during MBI16 took place in three sessions, which addressed the following questions:

• How can we successfully transition from a “maritime” to a “regenerative blue economy,” and change the scale to protect the economy and marine ecosystems?
• How can science better guide institutional and economic decision-makers in preserving, sustainably managing, and restoring marine ecosystems?
• How can we accelerate the mobilization of financial resources to meet the targets of Sustainable Development Goal 14 (life below water)?

MBI16 also provided updates on key upcoming events, including: Our Ocean Conference, which will convene in Busan, Republic of Korea, from 28-30 April; the One Ocean Science Congress, to be held in Nice, France, from 3-6 June; and the Third UN Ocean Conference (UNOC), which will convene in Nice, from 9-13 June.

In his welcome address, HSH Prince Albert II of Monaco recalled the unprecedented developments that have taken place for the Ocean since the MBI was launched in 2010. He also highlighted the challenges ahead, which can only be addressed by the collective action of all stakeholders through initiatives such as the UNOC. He also stressed that to drive momentum forward, existing resources, including those mobilized by international organizations, are not sufficient on their own and should be complemented by new economic tools available from market actors.  

A keynote speech was delivered by Razan Al Mubarak, President, International Union for Conservation of Nature, United Arab Emirates, who stressed the need to close the Ocean finance gap through mobilizing the financial sector, philanthropy, and public-private partnerships.

Three fireside chats spotlighted key topics. The first one focused on the forthcoming Blue Economy and Finance Forum, to be held in Monaco from 7-8 June, and its ambitions and deliverables in the run-up to UNOC. Panelists stressed that sustainable blue finance already exists and must be scaled up with the participation of new private actors to adequately address Ocean protection.

Another fireside chat provided an update on the report “La Méditerranée à l’horizon 2050 : Une prospective du Plan Bleu,” by Guillaume Sainteny, President, Plan Bleu, which is one of the Regional Activity Centres of the Mediterranean Action Plan, under the United Nations Environment Programme in France.

A third chat updated participants on the Agreement on Fisheries Subsidies under the World Trade Organization (WTO). Angela Ellard, Deputy Director-General, WTO, highlighted the goal of 17 more ratifications so the Agreement enters into force by June in time for UNOC.

During the discussions, panelists addressed ways to scale up Ocean protection and blue economic development through finding the right balance between regulation and private initiative, and with the participation of all interested parties, from wealthy investors to local communities. Experts also highlighted the role of science to ground decisions on evidence and the conditions for dialogue between the scientific community, decision-makers, and economic actors. They also discussed a range of market tools, such as biodiversity credits, outcomes bonds or debt swaps for nature, that can mobilize funds available within the corporate world, banks, major institutions, and philanthropic organizations.

In closing, Robert Calcagno, CEO, Oceanographic Institute, Prince Albert I of Monaco Foundation, focused on the importance of the Blue Economy and Finance Forum, as a catalyst for change in how the blue economy is financed.

Olivier Wenden, Vice-President and CEO, Prince Albert II of Monaco Foundation, highlighted the need to convince the private sector that a healthy Ocean and a sustainable blue economy is about better efficiency of economic activities, increased mitigation of growing risks for private actors, and more innovation. 

The meeting took place at the Oceanographic Museum of Monaco on 24 March 2025. Launched in 2010 by HSH Prince Albert II of Monaco, the MBI is co-organized annually by the Oceanographic Institute, Prince Albert I of Monaco Foundation, and Prince Albert II of Monaco Foundation. It brings together major players in Ocean conservation and governance to explore solutions to challenges facing our Ocean and to promote a sustainable blue economy.