Making the Ocean Investable: From Invisible Value to System Change
At the Villars Summit 2026, a breakout session focused on scaling innovation in ocean-positive markets. The session addressed a central challenge: the ocean generates trillions in value each year, yet most of it does not appear in markets or balance sheets.
The discussion became particularly lively after the presentations, more so than in many other sessions. It showed how central and unresolved this topic still is. Participants exchanged ideas openly, building on each other’s perspectives around the role finance should play.
At the heart of the conversation was a simple but powerful observation. Today, we mostly value what we take out of the ocean. Fish, materials, transport routes. What remains largely unaccounted for is the ocean as a living system. Its role in climate, biodiversity, and life itself is not properly valued. This gap shapes how capital flows and helps explain why ocean-positive solutions struggle to scale. Even when the ocean creates value as a living system, for example through tourism, this value is rarely recognised or rewarded in financial structures.
A key takeaway was that innovation does not need to happen in financial instruments themselves. It lies in the solutions they are meant to support. Finance should follow clear, scalable solutions, not the other way around. Too often, financial tools are built first and opportunities are searched for later. In the ocean space, that approach has not worked. Instead, the focus needs to shift towards identifying strong opportunities and then building financial tools around them.
There was also a shared sense that while more data is often called for, a significant amount of information already exists. The challenge is less about generating new data and more about acting on what is already known.
Structuring Capital for Scale
To reach meaningful scale, participants outlined the need for a layered capital approach. Ocean investment depends on three types of capital working together: donor or philanthropic funding as the foundation, blended or concessional finance as the bridge, and market-rate capital to scale. Each layer plays a different role, but none can deliver scale on its own.
This structure is essential to unlock the estimated 175 billion USD needed each year for ocean sustainability. Around 150 billion of that must be new capital. Without combining these sources, projects remain either too risky or too small to attract serious investment.
Blended finance connects these layers. Different types of capital can be stacked or introduced over time to reduce risk. This makes projects more accessible to institutional investors. If ocean investments are to scale, they need to be strong enough for pension funds and similar actors to invest with confidence.
At the same time, the current system is not well suited to ocean investments. Many projects, especially in aquaculture or ecosystem restoration, take time. They require long-term capital and patience. This does not align well with traditional venture capital or private equity models. As a result, much of the funding still comes from private individuals rather than large institutions.
From Fragmentation to System Thinking
One of the biggest challenges discussed was fragmentation. Ocean investments are spread across sectors, regions, and project types. This makes it difficult to build a clear and investable pipeline at scale.
To address this, participants stressed the need to think in systems rather than individual projects. Ocean finance should not be approached as a series of isolated deals. It requires coordination across value chains and alignment between financial, policy, and social actors.
A practical step in this direction is bundling smaller projects into larger structures. Instead of funding one initiative at a time, projects can be grouped into repeatable models. This makes them more relevant for institutional capital and easier to scale. At the same time, there is a deeper issue. The positive work being done is still outweighed by harmful financial flows. Large amounts of capital continue to support activities that damage ocean systems. Much of this happens indirectly, but the impact is significant. As a result, we are often reducing harm rather than actively restoring what has already been lost.
Redefining Value and Measuring Impact
A core issue is how value is defined. Living nature is still largely missing from financial systems. This is one of the main reasons why ocean-positive investments remain underfunded.
There are early efforts to change this. Some approaches aim to bring natural systems onto balance sheets or assign value to ecosystem services. Others link financial returns directly to environmental outcomes. These models are still developing, but they show a clear direction of travel.
Measurement remains a challenge. It is easier to count protected areas than to understand what is actually improving. Participants agreed that this needs to change, even if it is difficult to define. The focus should move towards real outcomes. It also requires a clearer understanding of what “good” looks like, distinguishing between doing less harm and creating real positive impact.
Unlocking Scale Through Alignment
Looking ahead, several priorities became clear. One is the need to develop ocean finance as a recognised asset class. This would make it easier for large investors to engage and help reduce complexity.
Another priority is better alignment. Progress depends on coordination between governments, financial institutions, companies, and civil society. Some organisations will need to take on a coordinating role to bring these actors together.
There is also an opportunity in aligning incentives more clearly. When companies and insurers see the direct value of healthy ecosystems, they are more likely to invest. This could be through risk reduction, supply stability, or long-term economic benefit. Making that connection clearer can help unlock additional capital.
Moving Forward The discussion made one thing clear. The challenge is not just to mobilise more capital, but to use it differently. Ocean finance needs to move from fragmented efforts to coordinated systems built around clear outcomes.
The ocean already creates immense value. The task now is to make that value visible, measurable, and investable.
