1TheEconomistGroup’sWorldOceanInitiativeprovidesinsightandanalysisonboththe
greatest challenges facing the seas and the progress being made towards building a truly
“blue” economy. This means harnessing ocean resources for economic growth while
protecting ocean health and ensuring social equity.
New waves of investment in the blue economy are rising. Ambitious national strategies
are encouraging the development of industries such as blue fi nance, marine energy,
deep-sea mining, bio-prospecting, sustainable aquaculture and eco-tourism. The World Bank
estimates that the ocean economy already accounts for 3-5% of global GDP. By 2030 it is
projected to more than double in size to US$3trn, according to the OECD. Ocean industries
could employ around 40m full-time jobs by 2030.
New technologies and innovative partnerships suggest that an era of genuinely blue—
or sustainable—growth is just around the corner. At the same time, marine and coastal natural
capital (such as seagrass and mangroves) deliver major economic, social and environmental
benefi ts. The blue economy has huge potential to mitigate carbon emissions and adapt to
climate change.
Yet existing blue-economy plans typically prioritise economic growth over conservation
and restoration. This pursuit of growth has contributed to environmental challenges for the
ocean. The most pressing of these include overfi shing, plastic pollution and ocean-related
climate risks; further industrialisation will add new stresses to existing ones. There is a need
also to look at ocean challenges from source to sea given the complex relationships between
freshwater, coastal and marine environments. A forthright discussion about these challenges
is an essential part of the new ocean agenda.
The year 2020 will be crucial for advancing this discussion. The fi rst set of targets under
Sustainable Development Goal 14 (which focuses on the ocean) will be due. On March
9th-10th 2020 the World Ocean Summit will be held in Tokyo to bring together leaders from
the worlds of business, politics and civil society to discuss and develop new ideas on how to
decouple economic growth from ocean degradation. Portugal will host the second UN Ocean
Conference in June, and Palau will host Our Ocean in August. COP26, the UN climate change
summit at the end of the year, will continue its “blue” focus, and the start of the UN Decade of
Ocean Science for Sustainable Development will be just around the corner.
The year 2020 could be the year in which the world starts to realise that its prosperity
depends on building a new—truly blue—ocean agenda.
Martin Koehring
Head, World Ocean Initiative
woi.economist.com
The Economist Group
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How 2020 can be the year to build a truly “blue” economy
Safeguarding and harnessing the ocean’s ability to provide for people and the planet is
crucial for sustainable development