Economic argument for a lasting marine-based economy
The ocean, a vital resource that supports millions of people and underpins some of the world's most critical industries, is at a crucial juncture. With 80% of global trade and 95% of international data transmitted through its vast expanse, the next five years are particularly significant for aligning capital flows with ocean regeneration to build a resilient blue economy.
Developing policies such as Costa Rica's National Decarbonization Plan can unlock more than US$3 billion to finance investments in renewable infrastructure. This is just one example of how strategic policy decisions can drive sustainable growth in ocean-based industries. However, countries in the Global South face challenges in addressing investors' concerns about regulatory and policy uncertainty, currency volatility, underdeveloped capital markets, and inadequate financial infrastructure.
Addressing these issues is essential to attract investment in ocean-based industries, which could generate more than US$3 trillion annually by 2030. The sustainable blue economy is expected to grow rapidly in the coming years, surpassing US$3.2 trillion by 2030.
The World Economic Forum is accelerating this transition, focusing on Nature and People Positive Ports. The Port of Antwerp-Bruges and the Port of Singapore are bolstering ecological infrastructure, investing in zero-emission fuel bunkering, and spearheading the development of green ports. Scalable, commercially viable projects span sectors such as renewable energy, shipping, coastal infrastructure, large-scale aquaculture, and ports.
One such example is Shanghai Electric Wind Power's recyclable wind turbine blades, demonstrating how integrating capital, cutting-edge technologies, and shared expertise can drive progress in the offshore wind sector.
However, the path to a sustainable blue economy is not without controversy. The most significant investors in ocean sustainability include companies like The Metals Company (TMC), involved in deep-sea mining projects in the Pacific, supported by the U.S. government's expedited approval process. This approach is controversial and challenges global regulatory authority, highlighting tensions around sustainable and regulated ocean resource use.
Future investment focuses are expected in areas such as sustainable deep-sea resource management, renewable energy from ocean sources, and technological solutions for ocean conservation and monitoring. The United Nations Ocean Conference and the Blue Economy and Finance Forum, scheduled for June, will provide a platform for investors, development banks, and policymakers to advance innovative investment mechanisms and align financial strategies with the long-term vision of a sustainable ocean economy.
The ocean's capacity to provide these vital services is now nearing a tipping point. As the planet's largest natural climate regulator, absorbing nearly 30% of carbon dioxide emissions, capturing 90% of excess heat, and storing 50 times more carbon than the atmosphere, its health is crucial for our planet's future.
The SDGs relevant to this story include Infrastructure, Cities, Consumption, Climate, Oceans, Peace, and Partnerships. By working together, we can ensure a sustainable blue economy that benefits both people and the planet.
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