. WWF estimates that the ocean economy is the 7th largest economy, valued at US$ 24 trillion. With more than 6 million women directly employed in the fishery sector, and global job numbers set to grow to 43 million by 2030, the oceans are roaring. Yet, its natural capital has been systematically undervalued and overdrawn. According to the Bank’s Sunken Billions Revisited report, we are foregoing about $85 billion a year in additional revenues due to the mismanagement of fisheries. It is imperative that countries and citizens make informed decisions on resources, spatial planning and other important factors including the costs of marginalizing poor communities and the loss or degradation of critical habitats.
But oceans are often neglected in the development discourse. Obtaining the SDG 14 goal on oceans was a gargantuan, albeit noble effort. The Financing for Development architecture, the “Life below Water” goal and the Intended Nationally Determined Contributions (INDCs) made in Paris, urge us to capitalize on a new narrative: long-term financing of sustainable ocean economies in a climate change context.
Enter Oceans 2030
This is why the Bank is looking at oceans anew. People who saw our Oceans 2030 banner asked us if George Clooney or Julia Roberts were attending the 2016 Spring Meetings. While neither could make it, 20 Ministers of Finance and their representatives came to the first high-level ministerial dialogue, “Oceans 2030: Financing the Blue Economy for Sustainable Development”.
With a cast including Bank VP Laura Tuck and Ségolène Royal, France’s Minister of Environment, Energy and the Sea (and COP-21 President), countries tackled complex questions about the ‘Blue Economy’. What’s stopping us from maximizing returns in jobs and GDP from a thriving blue economy with growing natural resource assets? How can we reduce uncertainty and produce sustainable, investable projects? Whether it is Seychelles’s blue bonds, USA on eco-tourism, the ‘Gabon Bleu’ or Colombia’s actions to address the inequality in coastal populations, countries are starting to see the merits of a balanced approach for harnessing the potential and wealth of oceans. They’re looking for ideas, finance, and knowledge to grow sectors like aquaculture, marine tourism especially cruises, marine biotechnology and cancer research.