The blue economy approach offers small developing states — countries with populations of 1.5 million or less — the opportunity to diversify from a narrow production base; invest in and develop growth and employment opportunities in a wide range of both existing and new sectors and industries; and shift away from predominantly land-based industries toward those that integrate and sustainably develop a broader range of land-based, coastal and ocean-based sectors. Small states have had limited success, and are at the very earliest stages of mobilizing and securing finance and investment for the blue economy, with most resources typically confined to established areas rather than new blue growth sectors. A small but growing number of international public financing and other innovative instruments are emerging to finance investments in nascent and new sectors, but many challenges remain in scaling up finance and attracting investments in a wider range of blue growth sectors. A strengthened enabling environment to attract investment, improved information sharing among small states, support from international development partners and new partnerships to leverage blue investments are needed to overcome these challenges.