Global Blue Economy Contributes Around $1.5 Trillion Annually – Projections to Reach $3 Trillion by 2030

The economic future may rest in the ocean, where a range of profitable opportunities, from tourism to energy, are emerging. However, the blue economy and the ocean itself are increasingly threatened by climate change, and without strong government intervention, these issues may intensify. At the same time, the ocean could be a vital factor in combating the climate crisis, provided effective conservation practices are established.

The World Bank defines the blue economy as “the sustainable use of ocean resources for economic growth, improved livelihoods and jobs, and ocean ecosystem health.” According to the Grantham Research Institute at the London School of Economics, it encompasses industries such as maritime shipping, fishing, aquaculture, coastal tourism, renewable energy, water desalination, undersea cabling, seabed mining, and marine biotechnology. The United Nations Environment Programme estimates that the global blue economy currently contributes around $1.5 trillion annually and supports over 30 million jobs, with projections to reach $3 trillion by 2030.

In the United States, the blue economy contributed $476 billion to the nation’s GDP in 2022, equating to nearly 2% of the economy, according to the National Oceanic and Atmospheric Administration (NOAA). It generated $777 billion in sales and supported 2.4 million jobs, underscoring its importance, especially in coastal communities where 127 million people—or 40% of the U.S. population—reside. The U.S. blue economy is driven by three core pillars: the ocean’s economic contributions, environmental sustainability, and growth potential for all economies. Governments, including the U.S., are therefore keen to leverage the ocean for economic purposes while also safeguarding it from climate-related threats.

Ocean governance presents its own complexities. The Grantham Research Institute described the governance of the ocean and blue economy as both intricate and challenging to implement, leading to fragmented approaches among nations in sharing marine resources and assessing the environmental impacts of ocean-based industries. The United Nations emphasized that a sustainable blue economy must prioritize human well-being and justice. Many of those most affected by unsustainable ocean practices lack representation to voice their needs and rights and are unable to contribute directly to solutions.

With climate change raising ocean temperatures, protective measures are increasingly urgent. One of the most significant advancements in ocean governance is the U.N. High Seas Treaty, passed in 2023, which established cross-border conservation goals.

In the U.S., the New Blue Economy initiative aims to advance data collection to support sustainable blue economy growth. According to NOAA, this initiative seeks to enhance economic development, protect ocean health, and address societal challenges by improving ocean-derived data collection, analysis, and dissemination, while ensuring social equity.

For the blue economy to remain viable, a balance must be struck. The ocean is one of the world’s largest carbon sinks, capturing significant amounts of atmospheric carbon. However, industries such as seabed and deep-sea mining can harm the ocean’s carbon absorption capacity, exacerbating climate change. Enhancing the blue economy will thus require balancing economic growth with environmental protection.

The Grantham Research Institute highlighted the ocean’s critical role in regulating Earth’s temperature, absorbing carbon dioxide, and supporting biodiversity and livelihoods. However, it noted that only recently has the broader impact of the blue economy on climate change come into full view.

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