France Positions Itself as a Leader in the Blue Economy and Ocean Innovation
France is emerging as a leader in the blue economy, driving innovation and investment in sustainable marine practices.
Key Points
- • TOWT focuses on sustainable maritime transport solutions and has gained traction since its founding.
- • The blue economy has attracted over €13 billion in investments in Europe from 2018 to 2023.
- • Sustainable marine resource management is critically underfunded, with a $750 billion gap projected by 2030.
- • France will host the Blue Economy & Finance forum in Monaco to promote investments in ocean innovations.
France is stepping up its role in the blue economy, marked by a wave of innovation and investment in sustainable marine initiatives. Founded in 2011 by Guillaume Le Grand, TransOceanic Wind Transport (TOWT) has become a prominent player, focusing on decarbonized maritime transport through wind-powered vessels. Initially met with skepticism regarding its viability, TOWT has established a functional fleet, showcasing the potential of sustainable maritime logistics.
The broader blue economy in Europe is thriving, with over €13 billion invested from 2018 to 2023, reflecting a significant shift in investor interest. Jean-François Thau, co-founder of Mer Angels, highlights this evolving landscape, indicating a rapid increase in focus on oceanic ventures. Despite this progress, sustainable marine resource management remains the least funded of the UN's 17 Sustainable Development Goals, facing a daunting projected funding gap of $750 billion by 2030.
France and Europe are heralded as pioneers in embracing sustainable oceanic practices. The upcoming Blue Economy & Finance forum in Monaco aims to showcase the profitability of investments in this sector, uniting various stakeholders to advocate for the urgent need for financial support. Olivier Wenden of the Prince Albert II Foundation underscores the necessity for increased funding to boost innovative ventures within the blue economy.