Opening Remarks By UN Resident Coordinator Mr. Bradley James Busetto at Asia-Pacific Blue Economy Forum 2024

Distinguished guests from 

The Government of Maldives

Diplomatic Corps in Maldives

Civil Society Organizations

Private sector partners

Academia

And my dear colleagues from UN

Ladies and Gentlemen,

Assalam Alaikum and a very good morning to you all.

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With great pleasure and anticipation,  I also a warm welcome to each of you to the Asia-Pacific Blue Economy Forum here in Maldives. Set against the backdrop of our vast oceans -  which comprise 90% of all habitable space on Earth -  we gather to embark upon a pivotal dialogue centred on the crucial role of the private sector and small and medium-sized enterprises (SMEs) in fostering sustainable Blue Economies across the region.

The world is starting to understand the power and potential of the Blue Economy. The UN Environment Program estimates the economic benefits of the Blue Economy to be worth more than US$1.5 trillion per year globally while providing over 30 million jobs and supplies a vital source of protein to over three billion people. As the prediction of Organization for Economic Co-operation and Development (OECD) indicates, the ocean economy may double in size to $3 trillion by 2030. 

Today, it's crucial to recognize the diverse array of initiatives and strategies being implemented across the globe to foster sustainable Blue Economies. From Samoa Islands to Trinidad and Tobago, nations are harnessing the potential of their maritime resources to drive economic growth while ensuring environmental stewardship and social inclusivity. 

Drawing from successful initiatives around the world, such as Australia's National Marine Science Plan, Madagascar’s Blue Ventures initiative, Sweden's Green Shipping Programme, and the European Union's Blue Growth Strategy, we are inspired by the possibilities of sustainable ocean development. These examples underscore the importance of holistic approaches, innovative solutions, and inclusive governance in unlocking the full potential of the blue economy. 

The Maldives, with its vast Exclusive Economic Zone (EEZ) is a natural candidate to become a global leader in the Blue Economy – and it must link innovative ideas with intentional policy to maximize sustainable growth outcomes from the stewardship of its oceans.

The Asia-Pacific region, home to countless island and coastal nations, represents the pinnacle of marine biodiversity with a wealth of natural resources essential for both human well-being and economic prosperity. Therefore, Blue Economy stands as a linchpin of our collective advancement, contributing substantially to GDP in Small Island Developing States (SIDS) such as the Maldives. Our oceans not only nurture vital ecosystems but also sustain critical sectors including fisheries, aquaculture, maritime transport, and tourism, serving as the lifeblood for 90% of global trade.

I look forward to hearing more about the specific new opportunities in Blue Economy in Maldives and beyond – and how to maximize those opportunities through creative new blue finance mechanism.  Both parts of this are key. We know that the returns can be huge; a recent study estimated positive climate benefits generated through ocean ‘blue finance‘can see every $1 invested in ocean action return $5 in benefits.

But so far - funding for sustainable ocean initiatives remains disproportionately low, with SDG 14, life below water, languishing among the least-funded Sustainable Development Goals. So we need to fundamentally change our approach, directing focus towards leveraging the innovation and assets of the private sector. This forum is thus a huge opportunity for exploring innovative financing mechanisms, nurturing public-private partnerships, and unleashing the transformative potential of SMEs to power the Blue Economy.  

I eagerly look forward to the valuable insights – and I hope collective action points – that will come from this Forum. 

Thank you.