About this Research Topic

Background

The blue economy plays a key role in the economy, society, and the environment. In particular, it provides employment and valuable resources for market participants, and it is a valuable public good. However, human activities create a significant degree of degradation of the blue economy’s resources, destroying some that cannot be replenished or restored. Destructive activities include those with direct impacts, such as overfishing, the destructive exploitation of coasts and coral reefs, water pollution (e.g. oceans, seas, rivers), the loss of biodiversity, and eutrophication; however, the indirect consequences of human actions and decisions can also result in significant damage including growing risks to the climate and, subsequently, climate change. The implementation of activities detrimental to the blue economy is often economically profitable but generates negative repercussions. Therefore, a financing mechanism singularly based on profits will fail, and social consequences will arise as a result of allocating funds to environmentally and socially ineffective projects. As reported by the European Union in 2020, the problem is unsustainable economic motivators in the blue economy.

As previously described, this can be attributed to various factors: the lack of a theoretical framework, innovative mechanisms, and diverse funding options as well as an abundance of non-bankable projects. The challenge is to redirect and motivate financial flows for the sustainable development of the blue economy and the restoration of its resources with proper sustainable resource management. Another significant issue concerns how to transition unsustainable behaviors and activities into sustainable counterparts, particularly for the stakeholders who are already dependent on the blue economy to support their sustainable practices. The key aspect is that of financing and developing a mechanism of sustainable financing of the blue economy that includes its adaptation and relies on both public and private funds. Recognizing the need for intervention, some actions have already been taken including the protection of the blue economy in the United Nations (UN) Sustainable Development Goals (SDGs) – SDG14 (Life below water) but it was the only goal of the list that would directly encourage restoring aquatic resources and balancing of the blue economy. The SDGs are interrelated, and their parallel implementation would allow them to scale and expand However, which of the SDGs most strongly supports the implementation of SDG14 what links between the objectives ensure their acceleration, and thus what public policies are related to the development of the blue economy? SDG13, Climate action, and climate policy are examples, but there may be others.

The second issue concerns the role of financial markets and institutions in ensuring sustainable blue financing. This may not be initially apparent, but many blue economy projects are non-bankable. Therefore, the factors responsible for transforming the blue economy may be related to direct and indirect motivators, such as governmental regulations or the impact on a brand or company's reputation. Does catching the blue wave in the financial sector translate into catching the blue wave in sectors cooperating with financial institutions? An important context is also the model of the financial system and its susceptibility to catching the blue wave, whether bank-based financing (German, and Japanese models) is more susceptible to blue behavior due to the regulatory system, or the model based on the capital market (the Anglo-US) due to the pressure of investors and stakeholders on sustainability to ensure blue financing (e.g., in the form of blue bonds)? Providing innovative sustainable blue financing requires the involvement of all stakeholders, and in order to do so, they must be defined along with the role they play in the financing mechanism if, in particular, it concerns public sector entities (i.e., governments), the enterprise sector, or NGOs. Some governments have implemented individual actions (Seychelles) to ensure sustainable financing and funding mechanisms for their blue economies; however, it is not enough to ensure the sustainability of a blue economy as it requires the involvement of all stakeholders and the cooperation of public and private capital with a crucial role for financial institutions in redirecting unsustainable cash flows in the blue economy.

For the purpose of this collection, researchers are encouraged to submit novel contributions in the areas of blue, green, and circular economy and sustainable blue financing. Additionally, we welcome articles that develop novel theoretical and empirical contributions and/or integrate findings and theories across multiple disciplines.

Some research questions that might be addressed include:

• Blue, green and circular economy: different ways to face sustainable development and resource management
• Blue finance mechanism and instruments
• Blue behavior spreading
• Blue washing
• Stakeholders' role in blue financing
• SDGs versus blue financing
• The role of financial markets and institutions in fostering blue financing
• Blue financing models and their applications
• Blue financing and sustainable development for resource management
• Blue economy and wellbeing
• Ocean grabbing
• Financialization

Keywords: ESG risk, impact financing, blue bonds, financial markets and institutions

Important note: All contributions to this Research Topic must be within the scope of the section and journal to which they are submitted, as defined in their mission statements. Frontiers reserves the right to guide an out-of-scope manuscript to a more suitable section or journal at any stage of peer review.

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