Monaco boosts blue economy with huge multi-million euro donation

The Constitutional Reserve Fund of Monaco has donated €10 million to London-based Ocean 14 Capital, an impact fund that focuses on the blue economy.

According to the World Bank, the “blue economy” is defined as the “sustainable use of ocean resources for economic growth, improved livelihoods, and jobs while preserving the health of ocean ecosystem”.

This eco-friendly approach to ocean usage is meant to encourage a multitude of positive results, such as helping to tackle climate change using resource-efficient, low-carbon shipping, fishing, and marine tourism practices as well as advocating marine renewable energy industries.

Monaco has long been actively campaigning for blue economy practices and has now found a partner in Ocean 14 Capital. Ocean 14 Capital, based in London, has just received a generous €10 million to support its end goal of financing sustainable solutions that improve the health of the seas.

Minister of Finance and Economy, Jean Castellini, says, “I believe this investment will enable Ocean 14 Capital to deliver the innovation needed to meet our climate and sustainability goals.

“The sustainable blue economy is now a key focus for us, and this is a rallying cry for start-up and scale-up marine innovators globally to come forward and help avert the crisis in our oceans and return them to a healthy, thriving state.”

The Monaco funds will assist in allowing Ocean 14 to invest in eight companies this year, with the idea to grow their portfolio to 20 to 25 in the next three years. The focus will be on growth-stage business opportunities, with a full two-thirds going to European companies and the rest doled out to companies in other places around the globe.

 “Oceans are the critical life-support system for life on earth,” says Chris Gorell Barnes, the Founding Partner of Ocean 14 Capital. “If we are to save the planet, there is clear evidence that if we don’t have a healthy & functioning ocean, we have zero chance. The ocean provides half the oxygen we breathe, absorbs half the carbon, feeds the world, and employs hundreds of millions of people. It will be game over for humanity if it’s not functioning.”

Ocean 14’s investments to date include a shrimp breeding technology specialist company called SyAqua and plastic management platform, AION.

The blue economic sector is expected to be worth $3 trillion by 2030.



Photo source: SyAqua