THE global ocean, which produces over half of the oxygen we breathe, is the largest carbon sink on the planet and a haven for biodiversity. Its economic value is estimated at US$24 trillion, with the annual value of produced goods and services across multiple sectors such as seafood, shipping and tourism estimated to be at least US$2.5 trillion per year. This is equivalent to the world’s seventh largest economy in gross domestic product terms. Crucially, this blue economy relies on healthy ocean ecosystems for the abundance and resources that generate these incomes and holds the key to a sustainable future for both people and planet.

However, ocean health – and therefore its wealth – is under threat, faced with the triple crises of climate change, nature loss and pollution. Harmful approaches to ocean resources coupled with the damaging effects of climate change have put the long-term survival of the ocean at risk. Change is urgently needed – a business-as-usual approach to our ocean assets presents substantial risks. A WWF study revealed that a BAU scenario will leave the world’s economy – or rather, two-thirds of all listed companies – US$8.4 trillion out of pocket over the next 15 years.

Public and private sector actors provide the financing, investment and insurance required to power ocean-linked sectors. They have significant leverage to steer humanity’s relationship from harmful extraction to sustainable and equitable use of marine resources. This transition is an opportunity for governments, financial institutions and other stakeholders to re-cast how we use, manage and protect ocean resources in line with the United Nations’ sustainable development goals 13 (climate action) and 14 (life below water).