BIOFIN Indonesia at Our Ocean Conference 2018: Innovative Financing Mechanism for Marine Biodiversity

At the fifth Our Ocean Conference that was held on 29th and 30th October 2018 in Bali, BIOFIN Indonesia partnered with the Ministry of Finance of Republic of Indonesia, organized an Ocean Talk about the innovative financing mechanism for marine biodiversity. The speakers were Mr Dewa Putu Ekayana, the head of Infrastructure and Environmental Sector subdivision within the Center for Climate Change and Multilateral Policy, Fiscal Policy Agency and Dr Abdul Wahib Situmorang of the UNDP Indonesia.

During the talk, both speakers and audiences alike agree on four key points regarding innovation on marine biodiversity financing, which are; First, all agree on the enormous challenge faced by the marine biodiversity due to environmental change and human activities such as destructive, illegal and unreported fishing, marine plastic debris, which if left unchallenged, will destroy ocean biodiversity beyond repair.

Second, the importance of recognizing the huge financing gap required for protecting and managing marine biodiversity, which in turn demands unconventional and innovative financing method. Third, turning the idea of biodiversity financing into implementable solutions by continuously collaborating with stakeholders to mobilize resources for effective management of marine biodiversity that can meet development targets.

Lastly, recognizing an equally important role of both the governments and the private sector in developing innovative solutions for marine biodiversity problem. By providing platforms to allow participation from other stakeholders will facilitate the creation of new solutions, which will support the growth of the blue economy in the future. BIOFIN Indonesia through some of its pilot projects aims to facilitate the creation of new collaboration for marine biodiversity financing.

The conference was opened by the President of the Republic of Indonesia, Joko Widodo, and was attended by high-level government officials, international researchers and organizations, business and startups, which come together to share commitments in the field of Good Maritime Governance, Ocean Conservation, Sustainable Fisheries, Marine Pollution, and Climate Change. The conference gave a chance for BIOFIN Indonesia to engage with a wide range of marine stakeholders, from grassroots movements to the ministerial officials.