The Monaco Blue Initiative 2024

by Roger Gilbert, Publisher, International Aquafeed, UK

The discussions at Monaco Blue Initiative (MBI) 2024 centered around key themes such as ocean protection, governance, the blue economy and the role of the private sector.

In addition, it discussed the challenge by the Mediterranean in achieving its 30×30 target; a target that refers to the 195 countries that make up COP15 signing at the end of 2022, the 30×30 agreement, which aims to protect 30 percent of oceans and land by 2030 and ensure that at least 10 percent of these areas have strict protection.

The day-long meeting in the Monaco Oceanographic Museum heard of success stories and lessons learned with updates being provided on international discussions concerning deep-sea mining, the plastic treaty, fisheries subsidies and upcoming ocean conferences.

The MBI, a platform for ocean conservation and governance, convened for its 15^th edition in mid-March 2024.

This annual event, under the patronage of HSH Prince Albert II of Monaco, invited representatives from governments, international organisations, civil society, NGOs, the private sector, the scientific community along with the media to deliberate on the challenges facing oceans and to foster a sustainable blue economy.

In its digital report following this year’s event, the MBI outlined a program that comprised keynote speeches, panel discussions and updates on international initiatives related to ocean conservation and governance.

International Aquafeed reports here some highlighted statements from presenters that relate to the overall objective of conservationists, but also hinting at the role private investment, including that from the aquaculture sector, could undertake to assist in meeting the challenges being faced; particularly in the area of funding and stewardship which many of the sustainable aspects and visions-for-the-future of the world’s oceans will come to rely upon. 

Highlights from each of the keynote presenters, as reported by the MBI in its post-event press release, include:

No longer powerless…

“We are no longer powerless in the face of the degradation of the planet. We have the knowledge gained from our experience, new tools and greater resources. It is this knowledge, these tools, and these resources we will be talking about today. We will be doing so by examining the prospects offered by the blue economy and through it, the role of the private sector in ocean protection. We will be doing so when discussing the protection of the Mediterranean Sea and the achievement of the 30×30 target, and when looking at the more specific challenges of a future Treaty to combat plastic and the strict regulation of deep-sea mineral exploration.” says HSH Prince Albert II of Monaco in opening the 15th edition of the MBI in Monaco

The oceans can provide food…

“One of the major solutions to the climate crisis are the oceans, because the oceans can provide food for human and animal species, can provide substitutions for plastics and fertilisers, can provide innovative medical developments, can restore biodiversity, can protect the coastal communities that are threatened by the decline of fish stocks.

To do that, you need a multi-dimensional approach, changing the economic model, developing the renewables, but also looking to the oceans,” says the Minister of Economy and Maritime Affairs for the Republic of Portugal HE Antonio Costa Silva.

We gather here as guardians…

“If we are all here, it means that we assume the roles and responsibilities which are important in achieving global objectives in the conservation and preservation of our world’s marine ecosystems. As we gather here as guardians of our beautiful and rich oceans, we cannot refute the fact that we are still concerned by the urgency in regard to their proper protection and governance. Globally, when it comes to marine protection we should, claim some important successes (.) the Biodiversity Beyond National Jurisdiction Treaty (BBJ) which our Parliament proudly ratified … making us the first country in Africa and the third in the world to be leading the way,” proclaimed the Honourable Minister Designated Minister for Fisheries and Blue Economy for the government of the Republic of the Seychelles, Jean-Francois Ferrari.

We are all in the same boat…

“We need to realise that we are all in the same boat. And the key word here is ‘collaboration.’ In particular ‘cross sectoral collaboration.’ To create synergies with all stakeholders involved in the blue economy sector and to discuss transparently at all levels – at the local, the regional, the European and the global level. At the same time, we need science … to develop realistic solutions. This approach fosters innovation, resilience and collective action and ensures the necessary balance between economic prosperity and environmental conservation. It is a certainly not an easy task, but we, as politicians, need to produce incentives, facilitate and promote such discussions” says keynote presenter HE Christos Stylianides, Minister of Maritime Affairs and Insular Policy, Hellenic Republic, Greece.

The role of the private sector is decisive…

“We need public investments to address the scope. But we need private investments to reach the scale. To mobilise more private investment, the EU is blending public funding with private finance. The role of the private sector is decisive in driving the transition towards a sustainable blue economy, which ultimately aims to improve the health of our ocean. Both the public and private sectors are crucial in shaping the future of a more sustainable, regenerative and resilient blue economy,” says the Director General, Directorate-General for Maritime Affairs and Fisheries European Commission, Ms Charlina Vitcheva.

‘Life below water’ is vastly underfunded…

“Promoting a blue economy based on sustainable activity, thereby ensuring the well-being of populations and ecosystems, is absolutely essential. This is especially important given the lack of funding. For example, among the United Nations’ Sustainable Development Goals, number 14 dedicated to ‘Life below water’ is vastly underfunded: funding amounts to around US$25 billion a year, whereas the needs are estimated at US$175 billion a year – seven times more!” adds Robert Calcagno, the CEO of Monaco’s Oceanographic Institute

The real game-changes is system change…

“Developing disruptive business models and blue-finance tools is vital for the transformation of the ocean economy, but the real game-changer is system change. The path towards system change could incorporate a human-centred, equitable and resilient ocean economy that delivers on both sustainability and commercial criteria, a regulatory framework that is clear but also simple enough for thriving ocean business based on pre-competitive data-sharing and collaboration based on trust,” says Olivier Wenden, the CEO and Vice-President of the Prince Albert I of Monaco Foundation.

The MBI, established in 2010 by HSH Prince Albert II of Monaco, is co-organised by the Oceanographic Institute, the Prince Albert I of Monaco Foundation and the Prince Albert II of Monaco Foundation. It serves as a platform to promote dialogue, collaboration and concrete action towards the protection of the marine environment and the development of a truly sustainable blue economy.

Published in the May 2024 issue of International Aquafeed.