Many of us care deeply about the world, especially the health of the planet and the economic prosperity that should be available to all in order for humanity to thrive. Could it be that one of the most accessible answers is right in front of us, but we just don’t notice it? The ocean covers more than 70 percent of the surface of our planet. It's hard to imagine, but about 97 percent of the Earth's water can be found in our ocean (NOAA). Just as climate change, pollution, and overfishing threaten the world's oceans, let us introduce you to the heroine of our story, the Blue Economy. The Blue Economy is a critical driver of economic opportunity and environmental sustainability. In 2024, the state of the Blue Economy reflects a dynamic intersection of innovative technologies, sustainable practices, and significant economic potential. This innovation surge is transforming impact across industries. Here’s how companies and brands can leverage this momentum to participate in the Blue Economy and drive impactful change.
State of the Blue Economy in 2024 and Beyond
The Blue Economy encompasses all economic activities related to oceans, seas, and coastal areas, generating trillions of dollars globally. In countries like Nigeria, the untapped Blue Economy potential is valued at $296 billion, focusing on fisheries, renewable energy, and port infrastructure (Guardian Nigeria, New Telegraph). Investment areas include offshore wind, which provides a renewable energy source; sustainable fisheries that help maintain fish populations; marine biotechnology that explores biological compounds for pharmaceuticals; and maritime transport, which is crucial for global trade (The World Bank). The OECD projects that by 2030, the global added value (GAV) in the ocean economy will grow to more than $3 trillion, which is approximately 60% of Germany’s current GDP. By 2030, more than half of the ocean based industries are projected to see their value rise more quickly than that of the global economy. Almost all of these industries would see employment growth outpace that in the world economy as a whole. (OECD).
Even more excitingly, there have been recent discoveries that underscore the richness of marine biodiversity. An expedition off the coasts of Chile and Peru revealed over 100 new species, highlighting the incredible biodiversity of our oceans and the urgent need for sustainable practices to protect these fragile ecosystems (Live Science, Schmidt Ocean Institute, Popular Science, The Week, Conservation International). Discoveries like these could lead to the identification of novel compounds with potential applications in developing new treatments and therapies. Additionally, this could spark a new ‘Ocean race,’ utilizing remotely operated vehicles to explore and map the more than 80% of the ocean that remains uncharted by humans (National Geographic).
Driving Innovation and Impact: Key Strategies for Brands in the Blue Economy
As the Blue Economy continues to reveal its vast potential, it is essential for companies and brands to actively participate in driving transformative innovation and impactful change. This participation can be achieved through focused efforts in three key areas: tackling ocean plastics, partnering with innovative startups, and supporting trusted organizations. Each of these steps not only helps in addressing specific challenges but also leverages the momentum of the Blue Economy to create sustainable and impactful outcomes.
Tackling Ocean Plastics
Ocean plastics remain a pervasive issue, with 11 million metric tons entering the ocean annually. Without intervention, this could nearly triple by 2040 (Pew). Addressing this crisis requires a multi-faceted approach, where companies and brands have a crucial role to play. Here’s how they can contribute to tackling ocean plastics:
- Reducing Plastic Production: Companies such as Coca-Cola, Nike and PepsiCo are implementing measures to limit primary plastic polymers and adopting extended producer responsibility (EPR) programs, ensuring products are recycled and disposed of sustainably (OECD).
- Innovative Substitutes: Developing biodegradable alternatives and sustainable packaging solutions like biodegradable packaging from cornstarch or seaweed. The full circularity and end-to-end lifetime sustainability of Dyneema® fabrics and the products created with it are a perfect example (World Economic Forum).
- Collaborative Efforts: Partnering with organizations to enhance waste management and support policies that reduce plastic pollution. While Unilever and Coca-Cola are integrating circular economy principles to minimize plastic waste, other companies like Courtyard by Marriott are partnering with Oxywash to provide a sustainable end-to-end solution for laundry services (Circular Online).
By sequentially reducing plastic production, innovating with sustainable substitutes, and collaborating on waste management and policy support, brands can create a cohesive and powerful strategy to tackle ocean plastics. This multi-faceted approach ensures that each step builds on the previous one, leading to more effective and sustainable outcomes.
Partnering with Startups
The Blue Economy encompasses a wide range of innovative startups focused on sustainable use of ocean resources, driving impactful economic growth, improved livelihoods, and ocean ecosystem health. Here are some notable startups in the Blue Economy:
- Berkeley Marine Robotics (USA): Develops autonomous underwater robots to optimize ship cleaning schedules and reduce carbon emissions.
- CleanHub (Germany): Establishes waste collection systems in coastal regions to prevent plastic pollution and create local employment.
- Wind Catching Systems (Norway): Utilizes floating wind technology for efficient and sustainable electricity generation.
- Origin by Ocean (Finland): Converts invasive seaweed into useful compounds, addressing eutrophication and promoting sustainable products.
- Sheco (South Korea): Creates robots to clean up oil spills, operating in dangerous and remote environments.
- Ashored Innovations: This Canadian startup provides software and hardware solutions to boost fishing efficiency while protecting marine habitats. Their Modular Ocean Based Instrument (MOBI) secures a fisherman's line on the ocean floor and resurfaces it when needed, reducing ghost nets and bycatch.
- Pesky Fish: A British startup offering solutions for sustainable seafood sourcing, enabling fish merchants and restaurants to source fresh produce directly from inshore fishers, ensuring traceability and sustainability.
- The Ocean Cleanup: A Dutch startup focused on removing plastic waste from oceans using floating systems that capture plastics ranging from small pieces to large debris.
- Sustainable Ocean Alliance (SOA): An organization that accelerates ocean tech startups through its Ocean Solutions Accelerator, supporting innovative solutions to improve ocean health.
- BlueTech Accelerator: Based in Portugal, this program supports startups in developing software technology for maritime navigation and other ocean-related innovations.
These startups exemplify the diverse and innovative approaches being taken to harness the potential of the blue economy while ensuring the sustainability and health of ocean ecosystems.
Supporting Trusted Organizations
Trusted organizations play a crucial role in driving innovative Blue Economy initiatives. Brands and companies can support and collaborate with these organizations to amplify their impact and foster sustainable change:
- UN Environment Programme (UNEP): Facilitates the transition to a sustainable, resilient, and equitable Blue Economy.
- National Oceanic and Atmospheric Administration (NOAA): Promotes the New Blue Economy by leveraging ocean and coastal data for sustainable economic activities.
- United Nations Development Programme (UNDP): Mobilizes significant investments for ocean protection and supports sustainable Blue Economy practices in developing countries.
- World Bank: Supports projects aimed at reducing marine pollution and enhancing coastal resilience.
- Ocean Conservancy: Leads initiatives to tackle ocean plastic pollution and promote sustainable fisheries.
Embracing the Future: The Blue Economy’s Promise
The Blue Economy offers an extraordinary opportunity for brands to champion economic prosperity while driving innovative environmental solutions. By tackling ocean plastics, collaborating with forward-thinking startups, and supporting trusted organizations, brands can make a significant impact and contribute to a sustainable and thriving Blue Economy. The recent discoveries of new marine species and advancements in sustainable practices underscore the urgent need for continued investment and innovation in this crucial sector. As we navigate 2024 and beyond, embracing these innovative strategies will be essential for fostering a resilient global economy and a healthier planet for all.
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Why We’re Writing This Series Together
Charles Gadsdon, founder of Born Slippy, and Eliza Yvette Esquivel, founder of Love & Order, are co-authoring this article to highlight the transformative potential of the Blue Economy. Since 2021, Born Slippy has been showcasing the people, brands and organizations pioneering positive environmental practices with a core focus on ocean conservation. Love & Order focuses on guiding visionary leaders towards a sustainable and Protopian future through strategic consultancy and transformative leadership practices.
Together, we aim to inspire brands and people to engage with the Blue Economy, driving economic growth and environmental sustainability. By combining our expertise and shared vision for a better world, we hope to catalyze meaningful change and promote the adoption of sustainable practices across industries.