The Organisation for Economic Cooperation and Development (OECD) defines the Blue Economy as ‘all economic sectors that have a direct or indirect link to the oceans, such as marine energy, coastal tourism and marine biotechnology.’ Other organisations have their own definitions, but they all stress the economic and environmental importance of seas and oceans.

Header image: Our oceans are of economic and environmental importance

To this end there are a growing number of initiatives focused on not only protecting the world’s seas but promoting economic growth. At the start of 2021 the Asian Development Bank (ADB) and the European Investment Bank (EIB) joined forces to support clean and sustainable ocean initiatives in the Asia-Pacific region, and ultimately contribute to achieving Sustainable Development Goals and the climate goals of the Paris Agreement.

Both institutions will finance activities aimed at promoting cleaner oceans ‘through the reduction of land-based plastics and other pollutants discharged into the ocean,’ as well as projects which improve the sustainability of all socioeconomic activities that take place in oceans, or that use ocean-based resources.

ADB Vice-President for Knowledge Management and Sustainable Development, Bambang Susantono, said ‘Healthy oceans are critical to life across Asia and the Pacific, providing food security and climate resilience for hundreds of millions of people. This Memorandum of Understanding between the ADB and EIB will launch a framework for cooperation on clean and sustainable oceans, helping us expand our pipeline of ocean projects in the region and widen their impacts’.

The blue economy is linked to green recovery

In the European Union the blue economy is strongly linked to the bloc’s green recovery initiatives. The EU Blue Economy Report, released during June 2020, indicated that the ‘EU blue economy is in good health.’ With five million people working in the blue economy sector during 2018, an increase of 11.6% on the previous year, ‘the blue economy as a whole presents a huge potential in terms of its contribution to a green recovery,’ the EU noted. As the report was launched, Mariya Gabriel, Commissioner for Innovation, Research, Culture, Education and Youth, responsible for the Joint Research Committee said; ‘We will make sure that research, innovation and education contribute to the transition towards a European Blue Economy.’

The impact of plastics in oceans is well known and many global initiatives are actively tackling the problem. At the end of 2020 the World Economic Forum and Vietnam announced a partnership to tackle plastic pollution and marine plastic debris. The initiative aims to help Vietnam ‘dramatically reduce its flow of plastic waste into the ocean and eliminate single-use plastics from coastal tourist destinations and protected areas.’ Meanwhile young people from across Africa were congratulated for taking leadership roles in their communities as part of the Tide Turners Plastic Challenge. Participants in the challenge have raised awareness of the impact of plastic pollution in general.

But it isn’t just the health of our oceans that governments and scientists are looking at. There is growing interest in the minerals and ore that could potentially be extracted via sea-bed mining. The European Commission says that the quantity of minerals occupying the ocean floor is potentially large, and while the sector is small, the activity has been identified as having the potential to generate sustainable growth and jobs for future generations. But adding a note of caution, the Commission says, ‘Our lack of knowledge of the deep-sea environment necessitates a careful approach.’ Work aimed at shedding light on the benefits, drawbacks and knowledge gaps associated with this type of mining is being undertaken.

With the push for cleaner energy and the use of batteries, demand for cobalt will rise, and the sea-bed looks to have a ready supply of the element. But, the World Economic Forum points out that the ethical dimensions of deep-sea cobalt have the potential to become contentious and pose legal and reputational risks for mining companies and those using cobalt sourced from the sea-bed.

Energy will continue to be harnessed from the sea.

But apart from its minerals, the ocean’s ability to supply energy will continue to be harnessed through avenues such as tidal and wind energy. During the final quarter of 2020, the UK Hydrographic Office launched an Admiralty Marine Innovation Programme. Led by the UK Hydrographic Office, the programme gives innovators and start-ups a chance to develop new solutions that solve some of the world’s most pressing challenges as related to our oceans.

The UK’s Blue Economy is estimated to be worth £3.2 trillion by the year 2030. Marine geospatial data will be important in supporting this growth by enabling the identification of new areas for tidal and wind energy generation, supporting safe navigation for larger autonomous ships, which will play a vital role in mitigating climate change, and more.