7 The Blue Economy
Australia is a ‘Blue Nation’ with over 85% of people living within 50 km of the coastline. More than 70% of Australia’s territories are below the ocean (National Marine Science Plan (NMSP), 2015). The marine estate plays a critical role in our economy termed the ‘Blue Economy’, which contributes over $203 Billion annually providing 713000 jobs in Australia. In addition, the ocean contributes more than $600 million in ecosystem services such climate regulation through carbon sequestration and storage, coastal protection from erosion and extreme weather, and nutrient cycling, as well as producing half or the worlds oxygen (NMSP, 2015; Australian Institute of Marine Science, 2025; Figure 1).
Ocean services
Take a look at the infographic below to see how the worlds ocean contributes to our daily lives.
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Our World Ocean Provides
The air we breathe
The ocean produces over half of the world’s oxygen and absorbs 50 times more carbon dioxide than our atmosphere.
Climate regulation
Covering over 70% of the Earth’s surface, the ocean transports heath from the equator to the poles, regulating our climate and weather patterns.
Transportation
76% of all U.S. trade involving some form of marine transportation.
Recreation
From fishing to boating to kayaking and whale watching, the ocean provides us with so many unique activities.
Economy
$282 billion is the amount the U.S. ocean economy produces in good and services. Ocean dependent businesses employ almost 3 million people.
Food
The ocean provides much more than just seafood. Ingredients from the sea are found in surprising foods such as peanut butter and soymilk.
Medicine
Many medicinal products come from the ocean, including ingredients that help fight cancer, arthritis, Alzheimer’s disease, and heart disease.
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“Our World Ocean” by NOAA’s National Ocean Service is licensed under CC BY-SA 2.0
Sustainable blue economy
The worlds oceans are essential for life on earth and provide a number of social and economic benefits. A sustainable blue economy utilises the triple bottom line (or three pillars of sustainability) to maintain a healthy, biodiverse environment while building ocean economic growth and enhances social benefits. Building a sustainable blue economy can provide opportunities for employment through industries (e.g. sustainable fisheries, tourism and energy), provide global food security through sustainable fisheries and aquaculture, provides important opportunities for the community (e.g. cultural practices, recreational fishing, coastal populations, and recreational sailors), and enhance ecosystem services that the ocean provides (NMSP, 2015; Figure 2).
Watch the video below to learn more.
“The ocean is the life source of our planet and is vital for human well-being and a thriving global economy” (High Level Panel for a Sustainable Ocean Economy, 2020). Building a sustainable blue economy requires balancing the three pillars of sustainability to support a healthy environment, society, and build the economy. It is essential to achieving the UN 2030 agenda for sustainable development and one of the most pressing global responsibilities.
Activity: Benefits of a sustainable blue economy
Flip the cards below to learn more
Activity Text Version
Activity: Benefits of a sustainable blue economy
A card flipping activity which explores the benefits of a sustainable blue economy in question and answer format. All listed below.
Economic benefits
Question 1: How does the economy benefit from a sustainable blue economy?
Answer: Growing the blue economy; Generating employment; Innovation and diversification in the marine sector; Promoting international trade and economic exchange; Building sustainable infrastructure development; Building sustainable tourism and recreation
Social benefits
Question: How do people benefit socially from a sustainable blue economy?
Answer: Improving food security; Generating employment and livelihoods; Improving health and well-being; Improving social equity and inclusivity; Fostering education and research opportunities in the marine environment; Development of communities
Environmental benefits
Question: How does the environment benefit from a sustainable blue economy?
Answer: Conserving biodiversity; Increasing ecosystem services; Building coastal community resilience; Mitigating climate change impacts; and Reducing pollution leading to cleaner oceans
End of Activity Text Version
Boat Sky by Bonnie Moreland via StockSnap used under a CC0 license
Collectively, the global value of the ocean economic activities add up to approximately US $1.5 trillion annually and this is expected to rise to US $3-5 trillion by 2030 (OECD 2016, 2019). In order to achieve a sustainable blue economy, a number of challenges need to be overcome.
References
High Level Panel for a Sustainable Ocean Economy. 2020. Transformations for a Sustainable Ocean Economy: A Vision for Protection, Production and Prosperity. Washington, DC: World Resources Institute. Available online at https://oceanpanel.org/the-agenda/.
National Marine Science Committee. (2015). National marine science plan 2015-2025: driving the development of Australia’s blue economy. National Marine Science Committee. https://www.marinescience.net.au/nationalmarinescienceplan/
OECD. (2016). The Ocean Economy in 2030. OECD Publishing, Paris,. https://doi.org/10.1787/9789264251724-en
OECD. (2019). Rethinking innovation for a sustainable ocean economy. OECD Publishing, Paris. https://doi.org/10.1787/9789264311053-en
