295.2 Ocean accounting Developing robust ocean accounting frameworks is essential for advancing SBE objectives. As these systems become more mature, they will enhance evidence-based ocean management and sustainable development planning. 1) Methodological development The foundation of effective ocean accounting lies in the standardization of core definitions and measurement approaches. This ensures consistency and comparability across different regions and time periods. Developing improved methods that align with concepts and principles of the SNA, the SEEA and guidelines already provided in the technical guidance on ocean accounting for valuing ecosystem services is crucial, as it allows for a more accurate representation of the benefits provided by marine environments. Integrating environmental and economic indicators helps to create a holistic view of the ocean’s contributions to the economy and the impacts of economic activities on marine ecosystems. Enhanced approaches for measuring non-market values, such as cultural and recreational benefits, are essential for capturing the full range of ocean-related benefits. Additionally, better tools for handling uncertainty and data gaps are needed to ensure that ocean accounting systems can provide reliable information even when data is incomplete or uncertain. 2) Strengthening institutional capacity This involves improved coordination between statistical and environmental agencies, enhanced data collection and management, and better technical capacity for integrated environmental-economic analysis. Developing standardized reporting frameworks and mechanisms for international coordination and data sharing is essential. Key actions include establishing dedicated ocean accounting units, creating integrated data management systems, implementing standardized measurement protocols, fostering cross-agency coordination, investing in capacity building for technical staff and engaging in international standardization efforts. These steps will build robust ocean accounting systems, providing valuable insights for the sustainable development of the SBE and effective marine resource management. 3) Policy integration To maximize the impact of ocean accounting, it is essential to align accounting frameworks closely with policy needs. This involves enhancing the use of accounting information in decision-making processes, ensuring that policymakers have access to relevant and timely data. Developing more sophisticated planning tools based on accounting data allows for more effective and informed policy development. Better integration with sustainable development planning processes ensures that ocean accounting contributes to broader sustainability goals. Improved mechanisms for stakeholder engagement and participation are crucial for ensuring that the perspectives and needs of various stakeholders, including coastal communities and women representation, are considered in ocean accounting efforts. 5.3 Blue finance 1) Development of national and global standards for blue finance Clarifying the definition of blue finance and building it off established frameworks including the Sustainable Blue Economy Finance Principles is essential for its development, particularly in relation to green and transformational finance. Blue finance supports the sustainable marine economy by focusing on the sustainable use of marine resources, protection of biodiversity and improvement of sustainable livelihoods. National blue standards should follow principles of DNSH and “adaptation to latest developments,” considering resource endowment, ecological capacity and biodiversity vulnerability. Transparency through information disclosure by financial institutions and enterprises is crucial to promote good performance and reduce the risk of blue washing. 2) Strengthen cross-regional and cross-sector coordination mechanisms Establish a “Blue Finance Coordination Committee” to oversee policy formulation across coastal provinces and promote mutual recognition of standards. For example, create joint certification platforms for regions such as the Yangtze River Delta and the Guangdong-Hong Kong-Macao Greater Bay Area, and share green project databases in areas like fisheries and ports. 3) Improve technical support and information disclosure systems Develop a Blue Finance Project Environmental Benefit Accounting Guide to standardize methods for calculating indicators such as carbon sinks and pollutant reduction. Mandate issuers of blue bonds to disclose the use of funds, environmental impacts of projects, and third-party evaluation reports. Leverage blockchain technology to establish a blue asset traceability platform, ensuring data transparency and reliability. 4) Promote greater international cooperation and collaboration in blue finance International collaboration on blue finance can stimulate SBE opportunities both domestically and globally. Establishing an international marine development bank in Shenzhen could promote the sustainable expansion of the global ocean economy. Cooperative financing methods with global partners should be explored, including merging various forms of capital for conservation, addressing high seas financing obstacles, and collaborating with the OECD Development Assistance Committee (DAC) nations for concessional financing of SBE initiatives. Through the BRI’s International Green Development Coalition, China can foster international agreements to advance sustainable development and achieve SDGs. Identifying and mitigating biodiversity risks in blue infrastructure financing, optimizing ecological, economic and social benefits, and utilizing strategies like strategic environmental assessments and natural capital accounting in sensitive areas are crucial.

Advancing China's Sustainable Blue Economy 2025