Green may be the environmentalists’ colour, but the planet they are fighting for is overwhelmingly blue. Oceans cover 70 per cent of the Earth’s surface, generate half of its oxygen, and absorb up to 30 per cent of the carbon dioxide produced by human activity. They are also economically important: the UN values the ocean economy at more than $3tn a year, comparable to the UK’s GDP. 

Yet, compared with the boom in green financing for land-based projects, the blue equivalent — financing focused on water and the marine environment — remains in its infancy. 

There are signs, though, that enthusiasm for such projects is picking up in the sustainable finance sector. On the private equity side, several funds with a blue economy focus are on the market.