The ocean makes a significant and growing contribution to the world economy. According to the Organisation for Economic Co-operation and Development (OECD), the size of the ocean economy was an estimated $1.5 trillion in 2010, equivalent to around 3% of global GDP. By 2030, the ocean’s contribution is forecast to double in size to $3 trillion (from 2010 levels). Innovation is crucial to both harness the opportunities a sustainable ocean economy can offer and address the risks that ocean degradation poses. Areas of particular promise for innovative solutions include ocean energy, the decarbonisation of shipping, aquaculture, ecosystem restoration and ‘blue carbon’, ocean geoengineering, and blue finance.
Read my full guest article for Innovation News Network.
More posts on the ocean economy:
- Plastic Free July: The opportunities to tackle marine plastic pollution
- Innovation is at the heart of building a sustainable ocean economy
- International Plastic Bag Free Day: Progress on circular economy required to address plastic pollution
- High Seas: Shared stewardship for our global ocean
- If you could invest US$1bn in one ocean solution, what would it be and why?