Threats to our ocean grow in number and intensity every day.
Overfishing, biodiversity loss, marine litter, invasive species and pollutants are directly impacting the health and resilience of marine ecosystems. Billions of people depend on these biological communities, particularly in low-income and developing countries.
Further, average global sea-surface temperatures are steadily increasing, and its continuous absorption of carbon dioxide is causing the ocean to acidify. These problems are only exacerbated by poor management and governance.
With such threats surging, it is crucial to safeguard marine ecosystems and their capacity to regulate the climate. Yet the latest data shows Sustainable Development Goal 14, which sets targets for the ocean, receives the least investment of all 17 of these goals.
Pathways to a blue economy
Achieving Sustainable Development Goal 14 requires a sustainable blue economy – one that transforms maritime sectors and mobilises a variety of technological, social and institutional innovations.
Such an economy would seek to promote the sustainable use of ocean resources for economic development, while preserving marine ecosystems and improving the livelihoods of coastal communities and future generations. It would encompass all ocean-related activities, from traditional sectors (such as fisheries, shipping, ports, and coastal and maritime tourism) to emerging industries, such as renewable energy and ocean observation. And it would prioritise resilience and conservation efforts as key actions to mitigate climate change, such as the protection of marine ecosystems like coral reefs and mangroves.
What is the ‘blue economy’?
The World Bank defines the blue economy as sustainable use of the ocean “for economic growth, improved livelihoods and job creation, while preserving the health of ocean ecosystems”
There are good examples of work in this area. The World Bank’s PROBLUE fund has brought together USD 200 million from donor countries in support of the blue economy. The Sustainable Blue Economy initiative from the UN Environment Programme assists governments in developing their own plans to manage human activity across ocean, coastal and inland water systems. This system ensures the fair distribution of economic and social benefits, while safeguarding ecosystems. It has been successfully applied in Trinidad and Tobago, and in Antigua and Barbuda.
Other projects are being led by research institutions and civil society. The Alliance of Excellence for Research and Innovation on Aephoria (AE4RIA), which several of us are involved in, is running a Black Sea Accelerator to advance technologies for sustainable maritime business. It functions as a platform that supports established companies, start-ups and universities by providing innovators with resources, mentoring and networks. Another AE4RIA initiative, the MariTech Talent project, helps those working on the ocean to adapt to fill new jobs that will be needed for the future blue economy. For example, AI and cybersecurity training.
Despite this critical work, we cannot achieve a blue economy or solve ocean sustainability challenges without the support of governments and decision-makers. But these institutions need the right tools to navigate the complexity of ocean systems, which will guide strategic planning and investments. Policymakers need help to anticipate the short- and long-term effects of their policies and management measures, so they can make impactful interventions.
Organisations like ours, the Sustainable Development Solutions Network (SDSN) Global Climate Hub, can provide policymakers with scientific recommendations and tools based on research and models. For example, the Maritime Global Climate Hub is a free online tool that crunches data on ships, fuel and demand. It then recommends how to manage shipping fleets to meet environmental and economic goals, including reducing carbon emissions. By working with experts across maritime sectors, we can help create national strategies that overcome technical, financial and policy challenges and build a sustainable blue economy.
Valuing our oceans
A necessary step for safeguarding our oceans and achieving a blue economy is to quantify the benefits and services provided by marine ecosystems. For example, climate regulation, food and cultural-recreational services.
Intangible benefits, such as clean air, biodiversity and recreational spaces, can be quantified using so-called non-market valuation methods. These estimate values for things that are not traded. This will encourage blue investment by attracting funding for practices protecting marine ecosystems. For example, those overseeing sustainable aquaculture farming or marine protected areas will be able to account, in monetary terms, the benefits of their work. They will then be able to compare that to the cost of societies losing those services.
The recognition of our oceans and marine ecosystems as assets is key to securing adequate funding for the blue transition. This funding is woefully lacking. Blue bonds, like the one issued in 2018 by the Seychelles, could catalyse transformative financing in this area and reduce the debt burden on vulnerable countries. Blue bonds are a key tool for financing the transition to a sustainable blue economy, but they are not the only solution.
A broader financial ecosystem is needed, involving multilateral development banks, governments, private sector investors and philanthropic organisations. A mix of financial instruments and greater collaboration across sectors is essential to drive the transition to a sustainable blue economy.
Delivering the Ocean Decade
The UN has declared this the Ocean Decade, calling on people and organisations worldwide to identify, generate and use critical knowledge to manage the ocean sustainably. There are several high-level conferences coming up this year. These include the UN’s dedicated Ocean Conference in June and the climate-focused COP30 in November. Such conferences must mobilise governments, industries, scientists and civil society to accelerate the conservation and sustainable use of the ocean.
In support of Sustainable Development Goal 14, ambitious targets must be set for sustainable maritime transport and tourism, coastal community resilience, integrated maritime governance, and sustainable seafood production. And there must be massive investment towards delivering them.
We are running out of time to safeguard the ocean.
