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Given the Asia Pacific region is an amalgamation of several island countries, the potential for blue economy in the area is quite significant, however it has received very little traction over the years. Official Development Assistance (ODA) and philanthropy still remain the major sources of funding within the segment. Several challenges persist for the establishment and flourishment of the blue finance market within the region including lack of investment-readiness, bankable projects, low private sector investments, low level of awareness and capacity building, and inadequate understanding of potential risks in the sector.
As the threat of climate change continues to loom large on the planet, it has now become even more critical for the region to significantly mainstream its presence within the sustainable segment of the ocean economy. This movement will bolster investment sentiment within the industry, whilst also enhancing quality of life along with supporting local coastal communities and the national economies at large.
The aim of the workshop is to inspect the emergence of financing opportunities in the ocean economy within the Asia Pacific region, further deliberating on mainstreaming of the blue finance market, current issues, best practices and geographic/market specific financing tools, and initiatives for a sustainable ocean finance.