Blue Finance: Is this supporting SDG 14 Financing Gap
DOI:
https://doi.org/10.5555/ijosmas.v4i1.286Keywords:
Blue Economy, Blue Finance, SDG 14, SDG 14 IndonesiaAbstract
The stagnation of the worlds traditional land-based economies and the depletion of natural resources on land has fuelled interest in the development of the marine economy. Indonesia is the largest archipelagic country in the world, with 70% of its area covered by ocean. Its potential to establish a Blue Economy as a government revenue source can help achieve the targets of SDG 14. Indonesia Minister of Finance and Ministry of National Planning reiterated that the President had asked government officials to look into potential aspects of the maritime sector so that the Blue Economy becomes an important aspect. To establish Blue Economy, need effort to develop Blue Finance and the governance. The following question will be addressed in the paper: How Blue Finance in Indonesia support the achievement of SDG 14?. The primary method employed in this research is qualitative and involves a desk study and interviews with relevant respondents. The results reveal that currently, Government of Indonesia (GoI) focus to complete 14.4.1 (proportion of fish stocks within biologically sustainable levels) and 14.5.1 (protected area coverage in relation to marine areas). There are no figures available regarding the ideal financial needs to achieve SDG 14 in Indonesia until 2030 until yet, however process in on going. There is an essential collaborate with all potential stakeholders to speed up the establishment of Blue Economy in Indonesia in order to achieve SDG 14 target. Furthermore, the Blue Finance Advisory Committee in Government should establish to synergize and coordinate all stakeholder
Downloads
References
Bandur, A. (2019). Qualitative Method with Mix-Method trough NVivo 12 Plus (1st ed.). Jakarta.
Conway, S. (2018). A Look at Fisheries Finance in Indonesia.
Eikeset. (2018). What is blue growth? The semantics of “Sustainable Development” of marine environments. In Marine Policy Vol.87. Hlm:177-179. DOI:10.1016/j.marpol.2017.10.019.
European Commission, WWF, International Sustainability Unit, & European Investment Bank. (2018). Introducing the Sustainable Blue Economy Finance Principles.
FAO. 2018. Fishery and Aquaculture Statistics. https://www.fao.org/3/cb1213t/CB1213T.pdf
Flick, U., von Kardorff, E., & Steinke, I. (2004). A Companion to Qualitative Research (U. Flick, E. von Kardorff, & I. Steinke, Eds.). SAGE Publications.
ICCTF-BAPPENAS. (2022). Blue Finance Instruments Development Guideline (Issue November 2022).
Ingeborg Niestroy, E. H. (2019). Europe's Approach To Implementing The Sustainable Development Goals: Good Practices And The Way Forward. European Parliament, 168.
KomenkoMarves. (2021). Blue Financing Strategic Document. In Developing the Blue Economy. https://doi.org/10.1007/978-3-030-84216-1_10
Ministry of Environmental & Forestry Indonesia, GEF, UNDP & PEMSEA. (2019). National State of Oceans and Coasts 2018: Blue Economy Growth of Indonesia. http://pemsea.org/sites/default/files/NSOC%20Indonesia%202018%20(FINAL)%2001082021.pdf
Lee, K. H., Noh, J., & Khim, J. S. (2020). The Blue Economy and the United Nations’ sustainable development goals: Challenges and opportunities. Environment International, 137(October 2019), 105528. https://doi.org/10.1016/j.envint.2020.105528
Lockwood, M., Davidson, J., Curtis, A., Stratford, E., & Griffith, R. (2010). Governance principles for natural resource management. Society and Natural Resources, 23(10), 986–1001. https://doi.org/10.1080/08941920802178214
Miles, M. B., Huberman, M. A., & Saldaña, J. (2014). Qualitative Data Analysis: A Methods Sourcebook (2nd ed.). SAGE Publications.
Miles, S. (2017). Stakeholder Theory Classification, Definitions and Essential Contestability. 21–47. https://doi.org/10.1108/s2514-175920170000002
Mulazzani, L., & Malorgio, G. (2017). Blue Growth And Ecosystem Services. Marine Policy. https://doi.org/10.1016/j.marpol.2017.08.006
Niestroy, Ingeborg & Dirth, Elizabeth & Zondervan, Ruben & Hege, Elisabeth. (2019). Europe's Approach To Implementing The Sustainable Development Goals: Good Practices And The Way Forward. 10.2861/28364.
Otoritas Jasa Keuangan. (2021). Roadmap Keuangan Berkelanjutan Tahap II (2021-2021). https://www.ojk.go.id/id/berita-dan-kegiatan/publikasi/Documents/Pages/Roadmap-Keuangan-Berkelanjutan-Tahap-II-%282021-2025%29/Roadmap%20Keuangan%20Berkelanjutan%20Tahap%20II%20%282021-2025%29.pdf
PPN/Bappenas, K. (2021). Blue Economy : Development Framework For Indonesia Economic Transformation. In Bappenas.
Pauly, D. (2018). A Vision for Marine Fisheries in a Global Blue Economy. Marine Policy, 87(October), 371–374. https://doi.org/10.1016/j.marpol.2017.11.010
Pratama, C. D., Wanta, D., Inamdar, N., Aromokeye, D. A., Ekaputra, E., Hari, J., Marie, B., Joseph, J., & Bar, R. (2022). Indonesia Blue Finance Policy Note. ICCTF-BAPPENAS.
PWC. (2017). The Long View How will the global economic order change by 2050? https://www.pwc.com/gx/en/world-2050/assets/pwc-world-in-2050-summary-report-feb-2017.pdf
Rustomjee, C. (2016). Developing The Blue Economy in Caribbean and Other Small States. In Policy Brief no. 75.
Ministry of Finance of Republic Indonesia (2021). SDGs Government Securities Framework, https://djppr.kemenkeu.go.id/page/loadViewer?idViewer=10797&action=download
Shiiba, N., Wu, H. H., Huang, M. C., & Tanaka, H. (2021). How Blue Financing Can Sustain Ocean Conservation And Development: A Proposed Conceptual Framework For Blue Financing Mechanism. Marine Policy, (March), 104575. https://doi.org/10.1016/j.marpol.2021.104575
Sumaila, U. R., Walsh, M., Hoareau, K., Cox, A., Abdallah, P., Akpalu, W., Zhang, J. (2020). Ocean Finance: Financing the Transition to a Sustainable Ocean Economy. Washington, D.C.
Sumaila, U. R., Walsh, M., Hoareau, K., Cox, A., Teh, L., Abdallah, P., Zhang, J. (2021). Financing A Sustainable Ocean Economy. Nature Communications, 12(1). https://doi.org/10.1038/s41467-021-23168-y
Syah, S., Saraswati, E., Sukoharsono, E. G., & Roekhudin. (2019). Blue Accounting and Sustainability. Advances in Economics, Business and Management Research, 144.
The Economist. (2015). The blue economy. https://doi.org/10.2307/j.ctvgc60f0.9
UNDESA. (2016). Blue Economy Concept Paper 1). Marine Policy, 194(1), 1–15.
United Nations. (2018). The Sustainable Development Goals Report. https://unstats.un.org/sdgs/files/report/2018/thesustainabledevelopmentgoalsreport2018-en.pdf
Voyer, M., Farmery, A. K., Kajlich, L., Vachette, A., & Quirk, G. (2020). Assessing policy coherence and coordination in the sustainable development of a Blue Economy. A case study from Timor Leste. Ocean and Coastal Management, 192(March), 105187. https://doi.org/10.1016/j.ocecoaman.2020.105187
Voyer, M., Quirk, G., McIlgorm, A., & Azmi, K. (2018). Shades of blue: what do competing interpretations of the Blue Economy mean for oceans governance? Journal of Environmental Policy and Planning, 20(5), 595–616. https://doi.org/10.1080/1523908X.2018.1473153
Voyer, M., Schofield, C., Azmi, K., Warner, R., McIlgorm, A., & Quirk, G. (2018). Maritime Security And The Blue Economy: Intersections And Interdependencies In The Indian Ocean. Journal of the Indian Ocean Region, 14(1), 28–48. https://doi.org/10.1080/19480881.2018.1418155
Voyer, M., & van Leeuwen, J. (2019). ‘Social License To Operate’ In The Blue Economy. Resources Policy, 62 (July 2018), 102–113. https://doi.org/10.1016/j.resourpol.2019.02.020
Wanta, D., & Gunawan, J. (2021). Sustainability Blue Disclosures: Index Development and Preliminary Implementation. Jurnal Riset Akuntansi Kontemporer, 13(2), 97–105. https://doi.org/10.23969/jrak.v13i2.4473
Wabnitz, C. C. C., & Blasiak, R. (2019). The rapidly changing world of ocean finance. Marine Policy. https://doi.org/10.1016/j.marpol.2019.103526
Whisnant, R. (2015). Blue Economy for Business in East Asia: Towards an Integrated Understanding of Blue Economy.
Winder, G. M., & Le Heron, R. (2017). Assembling A Blue Economy Moment? Geographic Engagement With Globalizing Biological-Economic Relations In Multi-Use Marine Environments. Dialogues in Human Geography. https://doi.org/10.1177/2043820617691643
World Bank. (2021). Oceans for Prosperity: Reforms for a Blue Economy in Indonesia. Washington, D.C.
World Resources Institute. (2019). High Level Panel For A Sustainable Ocean Economy: About The Ocean.
Zakaria & Wahyuni. (2019). Pendapatan Rumah Tangga Nelayan di Pesisir Kota Agung Kabupaten Tanggamus. In Jurnal Ilmu Agribisnis Vol. 7, No. 4.
Zhang, J., & Sun, W. (2018). Measurement Of The Ocean Wealth Of Nations In China: An Inclusive Wealth Approach. Marine Policy, 89, 85–99. https://doi.org/10.1016/j.marpol.2017.12.012
