Unlocking the Blue Economy for Sustainable Growth: Creating Value and Promoting Investment to Improve Productivity
Description
The value of the blue economy is estimated to exceed USD 1.5 trillion per year globally, supporting over 30 million jobs and serving as a crucial protein source for more than three billion individuals. OECD projects that the ocean economy could potentially double in size to USD 3 trillion by 2023, indicating a promising 'blue growth' for the future (McBain, 2023). For Small Island Developing States (SIDS), the ocean plays an even more critical role, accounting for over 20% of their GDP, with some reports suggesting an astounding contribution as high as 87%. This translates to the well-being of over 3 billion people worldwide who rely on the ocean for jobs, food security, and survival.
Not only for welfare, but the blue economy also sits at the heart of global sustainability. According to the High-Level Panel for a Sustainable Ocean Economy, the ocean economy has the potential to contribute significantly to greenhouse gas emission drawdown, estimating that it could deliver 21% of the reductions required to meet the Paris Agreement target of limiting global temperature rise to 1.5°C by 2050. Additionally, it suggests that a substantial increase in sustainable food production from the oceans, often referred to as 'blue food' (including fisheries, seaweed cultivation, and fish aquaculture), could meet the needs of a growing global population and alleviate pressure on land-based food systems.
Despite its promising commercial and sustainability opportunity, the ocean's vast potentials remain under-tapped and even mismanaged. With the ocean facing overfishing, marine pollution, and habitat degradation, the health of our oceans and coastal ecosystems is at a critical juncture. The UNDP reports that around 12 million metric tons of plastics are polluting the ocean annually. Around 35% of fish stocks are overexploited, which would be exacerbated with the issue of illegal, unreported, and unregulated fishing activities. Urgent action is needed to promote sustainable practices, develop better measurement, and foster innovative solutions to accelerate blue economy sustainably. The future of the ocean hinges on finding a delicate balance – harnessing the ocean's economic benefits while ensuring sustainable practices that avoid long-term harm. The future development of the blue economy will also require the government's significant role in policy development and support for interventions from the investment side of the government and business actors. The development of blue economy investment is expected to provide incentives for the business world to transform their businesses towards inclusive and sustainable principles. Financing the blue economy is a future challenge that needs to be collaborated between all stakeholders.
Yet not only limited to coastal states, as stated by International Seabed Authority (ISA), the interests of all humanity in the ocean and the conservation and sustainable use of its resources, make it imperative that the global governance regime reflects the maritime interests of all States, whether coastal or landlocked. The oceans, lakes, deltas, and rivers have bound countries across the continents together. The reference of blue economy encompasses inland freshwater, taking into consideration the landlocked area, province, country, and region. The concept of the Blue Economy extends beyond traditional maritime nations and holds significant potential even for landlocked developing countries (LLDCs). Together with one of the most incremental principles of the Sustainable Development Goals (SDGs) of “leave no one behind”, the future implementation of blue economy requires a collaborative effort of all countries to achieve more prosperous, inclusive, and sustainable development. It encompasses a wide range of sectors, including fisheries, tourism, and renewable energy.
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