Abstract
In this chapter, the author explores the growing relevance of the Blue Economy, with a particular focus on its European dimension. The author highlights trends and drivers in creating a new Blue Economy Framework that is necessary for achieving Goal 14, “Life below water”, which is one of the 17 SDGs of the UN 2030 Agenda. The Blue Economy encompasses activities related to the sustainable use of oceans, seas and coasts, as well as activities that enable the exploitation of ocean resources more efficiently and sustainably. The author argues that the development of innovative financial instruments of Blue Finance, specifically Blue Bonds, is essential for re-orienting investments towards blue sustainable projects. The author underlines the necessary efforts for reaching a regulation of Blue Bonds, which is currently absent, following the example of Green Bonds as the most widely used Sustainable Bond. Furthermore, the chapter analyses the rising Blue Bond Market, including recent issuances of Blue Bonds at the global and European level, as well as some issuances of Green Bonds with blue elements. The author points out that the Blue Bond Market is in its early stages and shows some critical issues that need to be resolved.
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Notes
- 1.
Within the 17 Sustainable Development Goals by UN 2030 Agenda, there is also another “blue” goal, linked to water, represented by the SDG N. 6 “Clear Water and Sanitation” having the aim to “Ensure availability and sustainable management of water and sanitation for all”. In this case, water is connected to rivers, lakes and other forms of water inside various regions or urban territories. In this work, the author will consider only the SDG N. 14 “Life below Water” regarding oceans, seas and marine coastal activities.
- 2.
The Ocean Panel, or High Level for a Sustainable Ocean Economy, founded in 2018, is a group composed by the Prime ministers of 14 countries representing the 40% of the global coasts having the duty to manage oceans in a sustainable way, reaching at the same time the economic development of their countries. See at https://www.oceanpanel.org/.
- 3.
The EU Platform on Sustainable Finance on 30 March 2022 presented two documents: Part A—Methodological Report; Part B—Annex: Technical Screening Criteria, indicating the full list of these criteria and relative templates as a separate document. It is worth noting that the methodological standard presented in Part A can help to implement the Marine Strategy Framework Directive (2017/848/EU), presented on 17 May 2017, laying down criteria on good environmental status of marine waters, besides specifications and standardized methods for relative monitoring and assessment.
- 4.
The Climate Bond Initiative has developed criteria for marine renewable energy to be incorporated in the Climate Bonds Standards and Certification Scheme, which is a labelling scheme for bonds used globally by bond issuers (governments or corporations) which want to contribute to tackle climate change effects (Climate Bonds Initiative, 2021; Quirici, 2020).
- 5.
The Nature Conservative (TNC) is a no-profit organization, having the aim of the conservation of natural habitat and biodiversity, that in 2016, thanks to the the work of NatureVest, its impact investing unit, and through the programme “Blue Bond for Ocean Conservation”, showed to want to develop a new financial instrument to consent to Small Island Developing States to refund part of their sovereign debt. See at https://www.nature.org/en-us/.
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Quirici, M.C. (2023). The European Blue Economy Framework and Blue Bonds as New Instruments of Blue Finance. In: Spataro, L., Quirici, M.C., Iermano, G. (eds) ESG Integration and SRI Strategies in the EU. Palgrave Studies in Impact Finance. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-031-36457-0_9
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