Making waves for a blue economy

Our ocean is critical for all life on Earth. It regulates the climate and provides livelihoods for millions. But our ocean’s health is in danger. How can the blue economy help restore and protect this vital planetary resource? Ahead of the 2022 UN Ocean Conference this June, we spoke with UN DESA’s Madhushree Chatterjee who explains.

What do we mean when we talk about the blue economy?

“The blue economy, also known as the sustainable ocean-based economy, comprises a range of economic sectors and related policies that aims to foster economic and social progress while maintaining the health of our oceans and coasts. For instance, the ocean food sector provides up to 237 million jobs globally and provides key nutrients and protein to over 3 billion people. In fact, food from the sea is the primary source of protein to over 50 per cent of the population in least developed countries. Coastal and marine ecosystems contribute up to 11.5 billion USD to global tourism, while also protecting our coasts from storms and floods, providing habitat for biodiversity, carbon storage, and detoxification. In terms of the global economy, around 90 per cent of all internationally traded goods are shipped by sea, and the market value of marine and coastal resources and industries is estimated at US$3 trillion per year or about 5 per cent of global gross domestic product. Sustainable use of ocean, seas and marine resources, as set out in SDG14, lies at the center of a sustainable blue economy, though common principles are yet to be determined.”

Why does this matter in our efforts to save our oceans?

“A sustainable blue economy offers a vision for countries’ efforts to build back better from the COVID-19 pandemic by shifting away from business as usual and embracing the more sustainable development patterns associated with a blue economy. Despite our reliance on the ocean and its resources, our current global economic system has contributed to the rapid degradation of ocean health through poor management and unsustainable exploitation of marine resources, destruction of marine and coastal habitats, and pollution. From traditional sectors such as fisheries, aquaculture, tourism, marine transportation to emerging sectors such as ocean renewable energy and marine genetic biotechnology, a sustainable blue economy offers a much-needed solution to bring economic benefits and create jobs while safeguarding marine ecosystems and protecting the ocean.”

The UN Ocean Conference is taking place on 27 June-1 July this summer. How will this event play a role for the blue economy?

“As the UN Secretary-General said in his letter to Heads of States and Government inviting them to participate in the 2022 UN Ocean Conference, the ocean is home to up to 80 per cent of all life in the world. It contributes to the social and economic well-being of people by playing a significant role in poverty eradication, shipping and trade, climate resilience, food security, job creation, and the sustainable blue economy. The UN Ocean Conference to be held in Lisbon in June 2022, will build on the success of the first UN Ocean Conference in 2017 and galvanize action through solution-oriented partnerships, financial pledges, and voluntary commitments aimed at reversing the decline in the health and productivity of the ocean. As mandated by all UN Member States, the blue economy features directly in the official programme of the Conference through the interactive dialogue on “Promoting and strengthening sustainable ocean-based economies, in particular for Small Island Developing States and Least Developed Countries”. There will also be a special event on the Sustainable Blue Economy and Investment Forum, co-organized by the co-hosts of the Ocean Conference Kenya and Portugal. This event intends to connect all stakeholders and launch a process for designing sustainable blue economies global standard to be used as financial instruments, and in investment decisions and business.”

What action can we as ordinary citizens take to promote a blue economy?

“Recent years have seen growing interests among policy makers and stakeholders in developing the blue economy, notably since the 2017 UN Ocean Conference. Numerous voluntary commitments under the Ocean Conference registry directly contributed or referred to sustainable blue economy. However, various challenges remain, such as access to affordable long-term financing at scale, lack of capacity, technology and enabling environment and addressing environmental concerns. These challenges cannot be overcome without participation of all stakeholders. Voluntary commitments - a key outcome of the 2017 Ocean Conference – offers a way for individuals to be part of the solution and do their part to promote a sustainable blue economy through awareness raising, identifying gaps and bringing innovative and scalable solutions.”

Learn more about the blue economy, the UN Ocean Conference and ways to get involved: 2022 UN Ocean Conference