In the old ‘business-as-usual’ model, nations develop their ocean economies through the exploitation of maritime and marine resources – for example, through shipping, commercial fishing, and oil, gas, and mineral development.  Often, they don’t pay adequate attention to the effect of these activities on the future health or productivity of the same resources and the ocean ecosystems in which they exist. The ‘blue economy’ concept provides a more holistic vision that embraces economic growth – when it is sustainable and does not damage other sectors. Similar to the ‘green economy’, the blue economy brings human well-being, social equity and environmental sustainability into harmony.

The blue economy embraces economic opportunities.  But it also protects and develops more intangible ‘blue’ resources such as traditional ways of life, carbon sequestration and coastal resilience in order to help vulnerable states mitigate the devastating effects of poverty and climate change.

The worldwide ocean economy is valued at around $1.5 trillion per year, making it the seventh largest economy in the world. It is set to double by 2030 to $3 trillion. The total value of ocean assets (natural capital) has been estimated at $24 trillion.

Small island states, relative to their land mass, have vast ocean resources at their disposal – presenting a huge opportunity to boost their economic growth and tackle unemployment, food insecurity and poverty. Yet they also have the most to lose from the degradation of marine resources.