UNCDF Calls for Global Leaders to Join Call and Deliver Private and Blended Finance for the Ocean

Blended finance solutions and private sector partnerships hold the key to leveraging the resources needed to invest in the ocean, according to UN Capital Development Fund’s Executive Secretary Pradeep Kurukulasuriya speaking at the Third UN Climate Conference (UNOC3) under the theme of mobilizing finance for ocean action. Representing a group of UN organizations and global partners, UNCDF invited states, private sector leaders, financial institutions, and civil society partners to participate in an inclusive co-design process to shape a new global financing platform - the One Ocean Finance Facility.

At UNOC3’s only Ocean Action Panel with a strict focus on mobilizing finance, speakers stressed the urgency for additional investment in the sustainable development of the ocean, in contrast with the continued and substantial funding of harmful subsidies and industries that damage the ocean, its health and ultimately the well-being of all human life on the planet. Speakers agreed the time has come for urgent action, with many pointing to the private sector and private sector finance as a key player in delivering results.