Agefi Luxembourg - avril 2026

Avril 2026 27 AGEFI Luxembourg Fonds &Marchés T he blue economy, or the water and oceans finance, is emerging as the newfrontier for sustainable finance. Luxem- bourg canplay a strategic role by directing capital towards blue in- frastructure andprojects. The ocean underpins global prosperity: over80%ofworldtradebyvolumetravels by sea, around 500million people rely on small-scalefisheriesforincome,andmore than three billion people depend on marineresourcesforfoodsecurity.Oceans stabilize the climate by absorbing almost 90%oftheexcessheatfromhuman-driven warming and represent 99% of Earth’s habitable space forwildlife (1) . Marine ecosystems face risingclimate re- lated pressures including sea level rise, coastal erosion and flooding. In this con- text, Luxembourg is shapingadistinctive andambitiousrolewithintheglobalmar- itime landscape.Although the country is landlocked, its contribution does not lie in traditionalmaritimeactivitiesbut in its positionas a leadingEuropean center for sustainable investment. By leveraging its established fund ecosystem, regulatory expertise and experience in green and sustainability-linked finance, Luxem- bourg can help channel capital towards high-quality blue projects that support marine resilience and long-term eco- nomic stability. Why blue finance is increasingly relevant The ocean’s foundational economic importance The blue economy covers fisheries, aqua- culture,shipping,coastaltourism,biotech- nology, offshore renewables and ocean- data services. OECD valuations estimate coastalecosystemsgenerateUSD20.4tril- lion annually, with inland and marine ecosystems adding USD 27 trillion and USD27.8 trillion respectively (2) . Yet only 7 out of 81 regions surveyed by the OECD have formal blue-economy strategies in place, and 83% identify funding limita- tions as aprimarybarrier (3) . This gap rein- forcesthecaseforexpandingbluefinance. Business interest in nature-positive investment is rising but still far from mainstream Companiesandinstitutionalinvestorsare showing greater interest in the blue econ- omy as a source of long-termgrowth and riskmanagement.Yetcapitalflowinginto ocean-related projects remains limited, with currently less than 1% of global cli- mate finance supporting marine ecosys- tems (4) . A healthy ocean is estimated to generatemore thanUSD 15 trillion in net economic benefits, equivalent to roughly 15% of global GDP, by supporting fish- eries,climateregulation,coastalprotection, tourism, and other vital economic func- tion (5) .Fundingocean-alignedprojectscan support the energy transition, climate adaptation and supply-chain resilience. Global forums in 2026 such as the Our Ocean Conference and the UN Biodiversity Conference (COP17) are also keeping this agenda in the spotlight, as governments, scientists and industry explore practical ways to accelerate action that benefits nature and the real economy. Governments and regulators are acceler- ating global ocean action Ocean-related policies are becoming morestructuredacrossjurisdictions,from pollution controls to sustainably man- aged fishing licenses. In December 2022, the Convention on Biological Diversity adopted a new Global Biodiversity Framework. While each element of the framework is significant, Target 3 is espe- cially relevant for those focused on pro- tected and conserved areas. It calls for conserving 30 percent of land and ocean areas by 2030, a goal commonly referred to as the “30x30 target”. The High Seas Treaty, in force since January 2026, pro- vides a governance framework for areas beyond national jurisdiction, supporting global biodiversity targets (6) . In Europe, sustainable finance policies now place clear emphasis on the ocean. The EU Taxonomy (7) identifies the sus- tainable use andprotection of water and marine resources as one of its six envi- ronmental objectives and applies strict “do no significant harm” criteria to limit the risk of greenwashing. In parallel, the new European Sustainability Reporting Standards (ESRS), in particular ESRS E3 “Water and Marine Resources”, intro- duce detailed disclosure requirements on how companies affect water and marine ecosystems and what measures they take to protect them (8) . Together, these rules help linkbluefinanceprojects to impacts that aremore transparent and easier tomeasure. Ocean-financesolutionsandinstruments arematuring Ocean finance is diversifying. Blue loans, blue bonds, sustainability-linked instru- ments,environmentalcreditschemesand blendedfinancestructuresareincreasing- ly supporting blue economy activities. Debt-for-nature swaps refinance sovereign debt on improved terms while directing savings to conservation. Sustainability-linked bonds tie interest rates to environmental performance and have already been used to incentivise responsible fishing practices. Although current investment levels remain well below the USD 2.5 trillion required by 2030,thefinancialecosystemisexpanding as more instruments become available to support ocean-alignedobjectives (9) . At the same time, this expansion calls for strong safeguards to avoid “blue-wash- ing”, the practice of presenting financial products or projects as blue without de- livering tangible benefits for the ocean. Global frameworks such as the Sustain- able Blue Economy Finance Principles developedby theUNEnvironment Pro- gramme Finance Initiative (UNEP FI) stress that blue finance must be grounded in science-based criteria, ro- bustmonitoring and transparent report- ing (10) . TheWorld Bank likewise stresses that clear performance indicators and high transparencyare essential to ensure that capital genuinely supports projects deliveringmeasurable improvements in marine and freshwater ecosystems (11) . Blue bonds: what they are andwhy theymatter Blue finance refers to financial instru- ments and frameworks that support the sustainable use and protection of oceans and freshwater systems. It builds on the Green Bond Principles and the Green Loan Principles , applying them to sectors such asmaritimetransport,conservation,aqua- culture and wastewater management. SinceSeychellesissuedthefirstbluebond in2018,raisingUSD15millionformarine protectionandfisheriesgovernance,glob- al issuance grew to about USD7.2 billion bymid-2024 (12) . Mirroring the structure of green bonds, bluebondsfollowthefourcomponentsof the International Capital Market Association’s Green Bond Principles (13) . First, proceeds must be used for eligible blue activities such as sustainable water management, marine conservation, low- emission maritime operations, ocean- friendly products, aquaculture or habitat restoration. Second, issuers must explain howprojectsareevaluated,includinghow environmental contribution and risk are assessed.Third,proceedsmustbetracked through dedicated accounts or sub-port- folios. Finally, issuers provide allocation andimpactreporting,whichmayinclude indicators such as reduced pollution or restoredmarineecosystems.Becausethese principlesarewellunderstood,bluebonds can scale more rapidly than instruments requiring entirelynewmethodologies. Although still emerging, market projec- tions suggest that the ocean economy could grow fromUSD 2.6 trillion in 2020 tomore thanUSD 5 trillion by 2050, rein- forcingtheinterestincrediblebluefinance instruments that apply established sus- tainable finance frameworks. (14) Luxembourg’s position in the emerging blue economy Luxembourg is positioning itself as a Eu- ropean hub for blue finance, building on its established strengths in sustainable fi- nance and capital markets. With the Fi- nanceMinistryidentifyingbluefinanceas a natural extension of green finance, the country is leveraging its experience in green bonds, sustainable investment funds to redirect capital towards water- andocean-relatedinfrastructureandpro- jects, both domestically and internation- ally.Public-sectorengagement,including the government’s participation in the Luxembourg–EIB Climate Finance Plat- form, supports blue-economy invest- ments in developing countries. The Luxembourg Maritime Cluster enhances cooperation across maritime- linked industries, while the Luxembourg Stock Exchange continues to advance transparentsustainable-financemarkets (15) . TogetherwiththeEUTaxonomyandnew sustainabilityreportingstandards(ESRS), this ecosystem enables credible and scal- able blue finance solutions. What financial players need to do next to “ride the bluewave” As blue finance develops, financial insti- tutionshaveanopportunitytostrengthen theintegrityandimpactoftheirapproach. A practical first step is to adopt a disci- plined internal framework for determin- ing which activities qualify as blue. This includesassessingwhetheraninvestment contributestotheregeneration,protection orsustainableuseofmarineandfreshwa- ter resources, and whether it aligns with global goals suchas SustainableDevelop- mentGoals6“Cleanwaterandsanitation” and14“Lifebelowwater”.Thiscanbein- tegrated by using recognized environ- mental and social safeguards, evaluating potential risks and strengthening gover- nance around project selection. Finally, developing a pipeline of opportunities across different blue sectors -for example maritime transport,wastewatermanage- ment and more- can help investors inte- grate blue considerations within existing sustainable-finance frameworks. Specialized data platforms are emerging to enhance transparency and track progress in the blue economy. The EU Blue Economy Observatory, launched in 2022, provides open data and indicators across keymaritime sectors for EUmem- berstates (16) .Itsdashboardssupportbench- marking and reporting on economic per- formance,employmentandenvironmen- taltrends.Thesetoolshelpinvestorstrans- parently reporting the impacts of their blue investments, aligning their strategies with standardized metrics used by poli- cymakers and regulators. The decisions taken today will influence the future of blue finance. By embedding transparency, science-based criteria and long-termview intomandates and prod- ucts, investors can steer capital towards solutions that support ocean health, strengthencoastalcommunitiesandbuild more resilient portfolios. VanessaMÜLLER, EYLuxembourgESGServicesand ConsultingBanking&CapitalMarketsLead AnnaILLARIONOVA, EYLuxembourgSeniorManager,ESGConsulting AlexiaSCULFORT, EYLuxembourg,Senior,ESGConsulting BeatriceVINACCIA, EYLuxembourg,BusinessConsultant 1) Aprimer on the “blue economy:” Promise, pitfalls, andpathways-ScienceDirect 2/3)TheBlueEconomyinCitiesandRegions(EN) 4) ‘Accelerating Action on Ocean Finance Crucial Particularly for Developing Countries’, Minister for ForeignAffairsStresses,atNicePanel|UNMeetings CoverageandPressReleases 5) Why 2025 can be a breakthrough year for the blue economy|WorldEconomicForum 6)TheHighSeasTreaty,Explained|WorldResources Institute 7) Regulation - 2020/852 - EN - taxonomy regulation - EUR-Lex 8)DraftSimplifiedESRSE3–Water 9)Howbluebondscouldgiveaboosttooceanfinance 10) The Principles – United Nations Environment – FinanceInitiative 11) Accelerating Blue Finance: Instruments, Case Studies,andPathwaystoScale 12)BlueBonds:MakingasplashintheCapitalMarkets |Luxembourg|Globallawfirm-BytesEurope 13)2583076-FINAL-MS_GSF_Blue_Bonds.pdf 14)GuidelinesforBlueFinanceVersion2.0 15)ClusterMaritimeLuxembourgeois–Bringingtoge- thertheblueeconomy! 16) Blue Economy Indicators - EU Blue Economy Observatory Blue is the new green? Accelerating credible blue-finance solutions in Luxembourg David Combes et Vincent Loeillet - Associate Directors CBRE Luxembourg Jeudi 23 avril de 11h45 à 14h15 Lunch IMMO Ecofin Club à l’Hôtel Parc Belair - Goeres Hotels Luxembourg Le marché de bureaux au Luxembourg : données 2025, tendances et perspectives Paf membres : 75€ ttc pp (Apéro networking & lunch 3 services compris). Paf nonmembres : 85€ ttc pp en découverte et max. 1 visite avant adhésion. À verser sur le compte bancaire : BIC - GEBABEBB - IBANBE73 0015 4949 3760 – Réf. 23/04 Lieu : 111, Avenue du X Septembre - L-2551 Luxembourg - Parking dans l'hôtel en fonction des disponibilités Info club & devenir membre : www.ecofinclub.lu - didier.roelands@ecofinclub.lu