How do we unlock the investment needed to protect our oceans?

On this episode of the 4Nature Podcast, CSF’s David Meyers and Kim Bonine sit down with Dr. Melissa Walsh, Director of Blue Finance and Scaling at the Ocean Risk and Resilience Action Alliance (ORRAA). Walsh is considered one of the world’s leading experts in blue finance, drawing on 24 years of experience across coral reef science, conservation finance, and international development.

Below are some key highlights from the conversation. You can listen to the podcast here.

From Coral Reef Science to Ocean Finance

“We kept hitting the same issue… not only did these communities need the science and the partnership, but they also needed money.”

— Melissa Walsh

Kim Bonine: Melissa, what inspired your shift from coral reef science into ocean finance?

Melissa Walsh: “At first glance, if you look at my background, it might seem like an odd transition, but I promise these things are connected… Over time, I felt like the science was pretty clear on how to act… but we didn’t have enough money to scale the work and really solve the challenges at hand.” She describes how unlocking capital, and not simply generating data, proved essential for building resilient coastal systems. “We are trying to create systems and incentives for communities and oceans to thrive.”

The Importance of Trust and Shared Language

Kim Bonine: What were the biggest challenges in bridging science and finance?

Melissa Walsh: “There were two things… trust and language.” Working across fishing communities, scientists, government, and conservation groups illuminated the need for shared understanding. “We all want the same thing: oceans that are healthy and thriving and supporting communities in the long term.”

She highlights the need to translate across sectors: “Understanding these technical jargony terms… and then finding common language so that we could connect these stakeholders, that’s the secret sauce.”

Defining Blue Finance

David Meyers: Help us bridge the communication gap. What does “blue finance” mean to you?

Melissa Walsh: “For me, blue finance is about building a system for money to flow to ocean solutions… creating the rules, the tools, and the trust that are needed to grow a regenerative and sustainable blue economy.” She clarifies a common misconception: “Blue finance is not the same thing as funding or fundraising… It’s about system building. We are trying to create a capital market for the ocean.”

And why blue finance needs special attention:

“If we don’t force the focus on blue, the risk is that the capital will flow into the other parts of nature which are green and blue will continue to get left behind.”

Inside ORRAA: The Connective Tissue of Ocean Investment

David Meyers: Tell us about your work at ORRAA.

Melissa Walsh:“We are the only global multi-stakeholder coalition… connecting international finance and insurance with government, nonprofit, and stakeholders… to pioneer investment solutions and scale nature-based solutions.” 

Their north star:

“By 2030, [ORRAA aims] to activate at least $500 million of investment to build the resilience of 250 million climate-vulnerable coastal people.”

A centerpiece of this work is the SeaChange Impact Finance Facility (SCIFF). “We take tools that are tested in green finance… apply them to blue… and unlock the flow of capital.”

The Power of Data: Toward Ocean-Positive Metrics

Kim Bonine: How do natural capital accounts and ocean data fit into system-wide change?

Melissa Walsh: “Information is power. And data is power. What makes money move is data and confidence in data.” 

But today’s landscape is fragmented:

“We found that there are at least 82 systems out there for measuring ocean impacts.”

Investors are asking for clarity:

“They want clear numbers and zero risk of being accused of greenwashing or bluewashing.”

ORRAA, the Nature Positive Initiative, and the World Economic Forum are now working to harmonize approaches so governments and investors know which metrics to trust.

De-Risking Blue Investment: The Nautilus Guarantee

David Meyers: What makes ocean investment risky—and how can we reduce that risk?

Melissa Walsh: “A guarantee is a promise to pay… It builds confidence.” The Nautilus Blue Guarantee Company aims to replicate proven green finance tools: “Through Nautilus, we think we can build the confidence… and scale investments from there.”

Systemic Change: Incentives, Accountability, and Leadership

David Meyers: Where are the leverage points for true ocean system reform?

Melissa Walsh: “It’s a bit of a carrot and stick approach… requiring governments and corporations to disclose what their impacts are on the ocean.” She highlights ORRAA’s BackBlue initiative, where major global investors commit to screening ocean impacts. And she notes the critical role of insurers: “These insurers are feeling the risks… They have the data to know that through better protections and nature-based solutions, it will be more profitable for them.”

Policy Foundations: Defining What Counts as “Blue”

Governments, she argues, can accelerate progress by clearly codifying sustainability criteria: “One of those has to do with defining what is blue… Governments tend to like that clarity too.”

And by developing sustainable ocean plans aligned with 30x30 commitments: “That policy… is really vital to setting that groundwork so all stakeholders know how we’re going to work together.”

A Vision for 2050: Shared Ocean Equity

David Meyers: What does success look like to you?

Melissa Walsh: “A successful blue economy… it’s not about GDP or shipping volume. It’s about healthy, resilient ecosystems… empowered communities… and finance systems that reward that longer-term view.” 

She also raises a critical question: “How do we build this shared ocean equity?” Ultimately: “The ocean is life and a thriving ocean is at the heart of a climate-secure planet.”

Final Reflections