On the Fijian island of Vanua Levu in the South Pacific, plans are under way to create a ‘Blue Town’—a model for developing sustainable communities that can help conserve coastal areas, mangroves and coral reefs. If successful, the initiative would be funded through an emerging asset class known as blue finance, a type of green investing that supports water-related projects.
The part that focuses on coral reefs is one of a number of potential marine projects that are being identified for investment by a consortium of conservationists, philanthropists, private companies and multiple United Nations agencies. Those include the UN Development Programme through the Global Fund for Coral Reefs, which aims to raise and invest $500 million to protect reefs over the next decade.