As part of the updated strategic planning process for 2024-2030, the Global Ocean Forum has decide to reduce the scope of the past strategic plan to focus solely on four priority areas. These will include the current focal areas: 1) Management of areas beyond national jurisdiction; 2) Ocean and climate issues; and 3) Integrated ocean and coastal management as well as one new area: Corporate social responsibility in ocean-based industries and the Blue Economy.
The World Bank defines blue economy as an economy that “seeks to promote economic growth, social inclusion, and preservation or improvement of livelihoods while at the same time ensuring environmental sustainability”. This is distinct from the broader ‘ocean economy’ which includes all economic activity taking place in and around the ocean, sustainable or otherwise. Meanwhile, the FAO definition has a focus on livelihood and promotes the concept of a blue economy as a “coherent approach for the sustainable, integrated and socio-economically sensitive management of oceans and wetlands, focusing on capture fisheries, aquaculture, ecosystem services, trade and social protection of coastal communities”.
The realization of blue economy potential, leveraging opportunities and overcoming challenges depends on securing sustained and adequate financing. A crucial step towards this goal is aligning it with the United Nations’ Sustainable Development Goal 14 (SDG14) – Life below Water. However, despite its significance, SDG14 remains an underinvested aspect of the larger sustainability agenda, especially regarding private sector involvement, as underscored by Credit Suisse. Despite these challenges, a series of blue economy opportunities are emerging, each possessing the potential to reshape the economic and environmental landscape, and improving activities and sectors. Innovation and new technologies leverage new opportunities and increase the efficiency of existing practices and the GOF looks forward to focusing on supporting and promoting blue economy practices and activities through its strategic ambition setting for 2024-2030.