The United Nations Development Programme (UNDP) and the Ministry of Economic Development and Trade are co-hosting the first Asia-Pacific Blue Economy Forum in the Maldives.
The United Nations Development Programme (UNDP) and the Ministry of Economic Development and Trade are co-hosting the first Asia-Pacific Blue Economy Forum in the Maldives.
The two day Forum is scheduled to end today.
In a statement issued by the UNDP, they stated that the forum is convened by UNDP's Climate Finance Network (CFN), with support from the Foreign, Commonwealth and Development Office (FCDO) of the UK.
The main objectives of the forum are to share knowledge and innovative practices to explore financing options for investments in the blue economy in Asia and the Pacific.
This year's forum has government ministries, private sector representatives and civil society organizations from fifteen countries.
"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," the statement reads.
"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," Minister Saeed said.
Speaking at the forum yesterday, Saeed said that there are difficulties faced in finding eco-friendly financing facilities to conduct sustainable development projects in the most environmentally vulnerable countries, and emphasized the importance of establishing easier means of sourcing such funding.
The Minister stated that while blue bonds are the most ideal financing facility for sustainable development projects, smaller nations face multiple challenges in securing these.
“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,” Caron Rohsler, British High Commissioner to the Maldives stated while speaking at the Forum.
Gerd Trogemann, Manager of the UNDP Regional Programme and Global Policy Network for Asia and the Pacific also spoke at the event. He stated, “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".
Enrico Gaveglia, UNDP Resident Representative in the Maldives also highlighted the reasons why blue economy is crucial for nations such as the Maldives.
"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,” he said.
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