Capitalising the blue economy

• Robert Schuman Centre for Advanced Studies
• GGP: Global Governance Programme

Join Michael C. Huang as he uncovers the balance between economic growth and ocean conservation for a resilient global economy

The Earth's vast oceans, covering over 70% of its surface, are a critical natural resource alongside soils and forests, forming the foundation of global natural capital. Within this aquatic realm, essential ecosystem goods and services sustain life and underpin human well-being globally. Developing the ocean economy in harmony with people, the planet, and prosperity is paramount for establishing sustainability. The high-level panel for a sustainable ocean economy emphasises numerous unquantified impacts on environmental, social, and health benefits, demanding attention from ocean-related stakeholders, as well as the measures confronting climate change. Present barriers to financing sustainable ocean ventures stem from market dynamics, financial risks, and knowledge gaps. Overcoming these challenges is crucial for G7 nations to facilitate a sustainable ocean economy via a holistic approach from the level of community-based to top-level policymaking. Strategic opportunities include establishing stable regulatory environments, fortifying knowledge and capacity, redirecting public investment, implementing sustainable investment principles, revolutionising insurance approaches, deploying investment tools, and fostering public-private partnerships. The policy brief would provide key pillars and cases to advocate collaboration among think tanks in G7 member countries to consolidate partnerships, creating a conducive environment for sustainable ocean financing, and steering towards a resilient global ocean economy.