Incentivizing and Motivating Co-Investment in Ocean Science and Technology

Summary: To truly address the priorities identified in the “Opportunities and Actions for Ocean Science and Technology Report and address the cross-cutting themes of Climate Change, Resilient Ocean Science and Technology Infrastructure and a Diverse and Inclusive Blue Workforce, a “whole of nation” approach is required. Coordination between government agencies is an important and mandatory first step, but to maximize the opportunities and benefits for the nation, it will be necessary to leverage the private sector’s capacity, resources, data, expertise, innovation, and investment with respect to ocean science and technology. The private sector is active in ocean science and technology and is a valuable contributor to a sustainable ocean economy, but that work, and those investments are typically siloed from government activities and investment. To advance the development of the blue economy, accelerate the development of the new blue economy and to fully address the priorities identified in the “Opportunities and Actions for Ocean Science and Technology Report” co-investment between the public sector and private sector in ocean science and technology will be required. Equitable frameworks and mechanisms that motivate and incentivize public-private partnerships and co-investment between the public and private sectors must be established to support these goals at scale to the benefit of both government, industry, and ultimately the American population. As a result, it is recommended that SOST, or some appropriate affiliate organization, convene a working group of private sector entities (leading companies and industry associations involved in ocean science and technology) that can work together to tackle the numerous challenges and barriers that currently exist in creating an enabling environment and establish best practices to radically scale up co-investment in ocean science and technology.

Sector: Industry
Organization: Fugro
POC: David Millar, DMillar@fugro.com
Other Contacts: Josie Loy Brillon, JLoy@fugro.com