The blue economy offers growth amid economic volatility

By Anton Ruddenklau and Michelle Carter

AS GLOBAL economic uncertainties persist, businesses and governments have been seeking new ways to create stability. Enter the ocean economy, often referred to as the blue economy, which presents itself as an attractive option for reliable growth and diversified investments. This sector also plays a significant role in advancing the world’s climate goals.

Currently, more than 90 per cent of global trade is carried out through the world’s oceans. The Organisation for Economic Co-operation and Development estimates that the ocean economy could double in size from US$1.5 trillion in global value-added in 2010 to US$3 trillion by 2030, making it a crucial driver for global growth. Coastal manufacturing, fisheries and aquaculture, coastal and marine tourism, oil and gas, ecosystem conservation, and other activities conducted in, on or under the sea all offer various business opportunities.