Organisation for Economic Co-operation and Development (OECD) has revealed a new report that has found that while the ocean economy doubled in real terms, from $1.3 trillion in 1995 to $2.6 trillion in 2020, coordinated policy action is essential to safeguard its long-term prosperity and sustainability.
The OECD Ocean Economy to 2050 identifies key priorities for policymakers to secure a resilient and sustainable future ocean economy, balancing economic opportunity with environmental responsibility.
Over the past 25 years, the ocean economy, driven by offshore oil and gas, marine and coastal tourism, marine fishing and aquaculture, maritime transport and port activities, contributed between 3 percent and 4 percent of global gross value added and grew steadily with no substantial contractions.
However, various forces, including climate change, demographic shifts, trade disruptions, and insufficient investments in productivity and green energy, could slow or even reverse growth.
In a future scenario where investment in productivity is not forthcoming and the energy transition stalls, global ocean economic activity could decline by around 20 percent below 2020 levels by mid-century. In contrast, an accelerated shift to cleaner energy combined with technological innovation could support continued ocean economy growth, albeit more modestly than past performance.
Mathias Cormann Secretary-General OECD
“Improving ocean policies and international cooperation is an economic imperative. Through science-based policy, improved management of marine spaces, and innovative digital solutions, we can protect the jobs, livelihoods, and food security of hundreds of millions of people who depend on the ocean.”
Key policy recommendations from the report include strengthening policy action and collaboration to enhance ocean management, accelerating the energy transition away from fossil fuels, and adopting advanced digital technologies and data collection systems.
In addition, the report calls for deeper cooperation with developing countries on the ocean economy, maximizing the benefits of ocean economic activity to livelihoods and wellbeing, and promoting the conservation, sustainable use and restoration of fragile marine ecosystems.
