Keeping the Momentum for Ocean Action: Investing in SDG 14

On 10 November 2020, over six hundred representatives from governments, private sector and civil society came together virtually for the webinar on “Investing in SDG 14”. Organized in preparation for the next UN Ocean Conference and coordinated by UN DESA in collaboration with the Secretary-General's Special Envoy for Ocean Ambassador Peter Thomson, the webinar explored ways in which public and private sector resources as well as those of charities and philanthropies could be effectively mobilized and scaled-up towards implementing UN Sustainable Development Goal (SDG) 14 on Life below water. Discussions explored how the important link between ocean and climate could be strategically factored in public and private investment decisions and how to share good practices and examples of innovative financing tools and instruments that have produced positive results.

The virtual event was moderated by Ambassador Thomson and featured as speakers representatives of the UN system, private sector and governments, such as Ambassador Duarte Lopes, Permanent Representative of Portugal to the United Nations, Ms. Susan Mwangi, Chargé d'affaires at the Permanent Mission of Kenya to the United Nations, Mr. Liu Zhenmin, Under-Secretary-General for Economic and Social Affairs, Mr. Miguel de Serpa Soares, Under-Secretary-General for Legal Affairs and United Nations Legal Counsel, Mr. Tiago Pitta e Cunha, CEO of Oceana Azul Foundation, and Ms. Lisa Helps, Mayor of Victoria, British Columbia in Canada

In his opening remarks, Under-Secretary-General Mr. Liu Zhenmin noted that insufficient funding remains one of the greatest bottlenecks to deliver on the promise of achieving SDG14.  He estimated the current funding gap to be in the amount of $149.02 billion dollars per year and called for active investment at scale for solutions that are based on science and innovation, as set out in the theme of the next UN Ocean Conference in Lisbon. He underscored the leading role that governments have in creating a stable and enabling environment for the mobilization of capital, and the crucial role of private sector in funding SDG14, noting that investments in sustainable blue economy can bring great economic benefits. 

The webinar also stressed the crucial role of the private sector in terms of investing and unlocking resources, creating innovative solutions and developing projects to attract investment. Panelists noted with concern that only 8% of ODA targeted ocean activities. According to Mr. Anthony Cox, Deputy Director of OECD Environment Directorate a number of key areas where immediate progress is needed to address policy problems, including blue financing, sustainable finance taxonomies, long-term ocean investment strategies and building project pipeline.

Echoing many of the panelists, Ms. Lisa Helps, Mayor of Victoria in British Columbia, noted that that the COVID-19 pandemic has provided the opportunity to incorporate ocean action into efforts to build societies back better. She shared some local on-the-ground examples to develop Sustainable Blue Economy frameworks that have been launched in support of SDG14. She noted how in Victoria’s 20-year economic action plan (Victoria 3.0), blue economy, innovation and the private sector are critical for generating solutions.

The event recording can be viewed on the UN DESA Sustainable Development YouTube page.