The economic future likely lies in the waves of the ocean. The sea continues to be the source of several profitable opportunities, including tourism and energy. However, the ocean and its accompanying blue economy are actively being threatened by climate change, and problems will only worsen without proper government efforts. The ocean may also be key to turning the climate crisis around, if proper conservation practices are implemented.
What is the blue economy?
The blue economy is the "sustainable use of ocean resources for economic growth, improved livelihoods and jobs, and ocean ecosystem health," said the World Bank. Included industries are "maritime shipping, fishing and aquaculture, coastal tourism, renewable energy, water desalination, undersea cabling, seabed extractive industries and deep sea mining, marine genetic resources and biotechnology," said the Grantham Research Institute of the London School of Economics. This economy has been growing globally and is contributing approximately $1.5 trillion per year globally and providing over 30 million jobs, according to the United Nations Environment Programme. It is expected to grow to $3 trillion by 2030.
The U.S. also has a robust blue economy that "contributed a total of $476 billion in economic impact in 2022, making up nearly 2% of the nation's gross domestic product (GDP)," said the National Oceanic and Atmospheric Administration (NOAA). "It generated $777 billion in sales, and supported 2.4 million jobs in 2022." Approximately 127 million people or 40% of the U.S. population live in coastal communities. The blue economy relies on three main areas: ocean contribution to economies, environmental sustainability and growth opportunities for all economies. Given this, the U.S. government along with governments around the world are eager to harness the ocean for economic purposes, as well as protect it from the dangers of climate change.
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What is the state of the blue economy?
Governing the ocean can be a challenge because there are conflicting factors. "Governance of the ocean and the blue economy is both complex and potentially difficult to implement," said Grantham Research Institute. This has "led to fragmented approaches to the sharing of marine resources between nations and impeded understanding of the environmental impacts of the blue economy."
Along with disagreement between countries, a "sustainable blue economy will only deliver if human well-being and justice are placed at its core," said the U.N. "Often those who have most to lose from unsustainable ocean practices do not have representation for their concerns, needs and rights and are not able to directly contribute to effectively identifying both the problems and the solutions."
As climate change raises ocean temperatures, action to protect the planet's oceans is becoming more necessary. One of the biggest wins for international ocean governance was the U.N. High Seas treaty passed in 2023, which was created to establish conversation goals across country lines.
The U.S. government is hoping to collect more data to aid in improving the blue economy. Dubbed the New Blue Economy, the movement was "founded on the improved collection, analysis and dissemination of ocean and coastal-derived data and information to support economic growth, protect the ocean's health and address societal challenges and inspire their solutions, while protecting ocean health and ensuring social equity," said NOAA.
An equilibrium needs to be maintained for the blue economy to remain viable. The ocean is one of the world's largest carbon sinks, which allows carbon to be removed from the atmosphere. Yet the blue economy, especially industries like seabed and deep sea mining, can worsen the ocean's ability to act as a carbon sink and can worsen overall climate change.
Bettering the blue economy will require striking a balance between economic growth and environmental protection. "We know that the oceans play an important role in regulating the Earth's temperature, absorbing carbon dioxide and supporting biodiversity and livelihoods," said Grantham Research Institute. "But we are only just starting to recognize the extent to which the blue economy impacts climate change."
