- The ocean economy doubled from USD 1.3 trillion in 1995 to USD 2.6 trillion in 2020, but without policy action, climate change and a lack of sustainable investment could shrink it by 20% by 2050.
- Strengthening ocean governance, accelerating clean energy adoption, and leveraging digital innovations are crucial for long-term economic and environmental sustainability.
- International cooperation and strategic policies are essential to balancing economic growth with marine conservation, ensuring a resilient and prosperous ocean economy.
The ocean economy has expanded significantly over the past 25 years, contributing between 3% and 4% of the global gross value added. Key sectors such as offshore oil and gas, marine and coastal tourism, fisheries, aquaculture, maritime transport, and port operations have fueled this growth. According to OECD, despite its steady upward trajectory, emerging global challenges threaten the sustainability of this economic progress.
Challenges to Sustained Growth
Various forces, including climate change, demographic shifts, disruptions in global trade, and a lack of investment in productivity and renewable energy, pose risks to the future of the ocean economy. Without substantial investment and a shift toward sustainable energy, the sector could contract by nearly 20% from its 2020 levels by 2050. However, an accelerated transition to clean energy and technological advancements could support continued but moderate economic growth.
The Need for Policy Action and International Cooperation
Recognizing these risks, the OECD underscores the urgency of strengthening ocean policies and fostering global cooperation. Science-based decision-making, improved management of marine spaces, and digital innovations are critical to securing the livelihoods of millions who depend on ocean-based industries. Over the past decade, policy mechanisms have improved through national ocean strategies, maritime spatial planning, and international biodiversity, climate, fisheries, and shipping decarbonization agreements. However, additional efforts are needed to tackle issues such as market concentration and illegal activities.
Strategic Policy Recommendations for a Resilient Future
To safeguard long-term ocean economic prosperity, the OECD report emphasizes key strategies:
- Enhancing ocean governance through stronger policy frameworks and international collaboration.
- Accelerating the transition from fossil fuels to cleaner energy sources.
- Adopting advanced digital technologies and data-driven solutions for improved efficiency and sustainability.
- Strengthening cooperation with developing nations to ensure equitable economic benefits while preserving marine ecosystems.
A Data-Driven Approach to Future Growth
The report draws on OECD’s latest calculations from the Inter-Country Input-Output (ICIO) database to assess the ocean economy’s contribution to global prosperity. Forward-looking projections for 2050 highlight potential growth scenarios, reinforcing the necessity of balancing economic expansion with environmental stewardship.
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Source: OECD
