ABSTRACT
From overextraction and direct habitat damage to pollution and climate change, the ocean economy faces multiple stressors. This underscores why innovative approaches in the blue economy are fundamental to supporting Africa’s quest for diversification and realizing the Sustainable Development Goals (SDGs). The adverse impacts of anthropogenic pressures on ocean ecosystems have major implications; the need to decouple the ocean development process from environmental and ecosystems degradation cannot be overemphasized. This chapter examines comparative financing regimes in Africa’s ocean sector, while underscoring the nuances of traditional versus emerging financing options. The distributional implications of the blue economy model in the context of achieving economically viable, socially equitable, and environmentally sustainable outcomes are covered. As Africa transitions from the margins to the mainstream of global commerce, state bonds and related financial instruments are becoming increasingly important for development financing. We present a case study on how Seychelles offers ample lessons for other African countries in terms of using innovative mechanisms to finance development priorities, while simultaneously leveraging the blue economy approach to harness and capture sustainable value from natural resources for equitable and sustainable economic growth. Policy lessons in the context of a resource mobilization playbook which fulfil sustainability criteria, while also meeting market expectations, are discussed.
