Imagine a world where coastal communities thrive, supported by sustainable fishing practices, eco-tourism initiatives, and innovative technologies. Picture vibrant marine ecosystems, teeming with life, where pollution is a thing of the past. This isn’t just a dream; it’s the potential of the blue economy.   

Ocean health is inextricably linked to human health. Ocean and coastal resources provide food security, livelihoods, inclusive prosperity, and our ability to tackle critical challenges such as climate change and biodiversity loss. Yet despite their vital role, over exploitation, rising levels of marine pollution, including from plastic, and competition for space to enable growth continue to push ecosystems towards irreversible and catastrophic tipping points. 

 There is a growing call to rethink how we utilize our oceans, and whether current governance and regulatory frameworks are fit for purpose. A new report form the Independent Evaluation Group (IEG) assesses a decade’s worth of World Bank support for the Blue Economy. The findings of the report, Making Waves, World Bank Support for the Blue Economy, 2012–23, offers insights for more integrated approaches in which economic prosperity and ocean health go hand in hand. 

Why This Matters for Everyone 

Protecting the ocean is a universal concern. Oceans sustain life and ocean health impacts all of us. More holistic, collaborative and environment-led approaches to ocean management can promote: 

• A Healthier Planet: By embracing a restorative approach, we can combat pollution, protect biodiversity, and ensure our oceans continue to thrive for future generations. 

• Stronger Communities: A truly inclusive blue economy empowers coastal communities, creating sustainable livelihoods and fostering social equity. 

• A More Resilient Future: By recognising the links between the blue economy and other global challenges, we can create more resilient economies that can withstand climate change and other crises. 

• Better Decision Making: With the right approaches, we can collect the data we need to assess progress, manage trade-offs, and maximise economic potential while ensuring ocean health.    

Making Waves  

The World Bank has played a vital role in bringing the evolving concept of the blue economy to the global stage. The report highlights the progress made towards a blue economy, acknowledges the challenges ahead, and offers recommendations to chart of a clear path forward. To inform the blue economy approach and maximise its impact, the report offers three key recommendations based on the evidence on what is working, and where adjustments are needed. 

Recommendation One: Clear and Compelling Articulation 

One critical step in advancing a blue economy approach is a shared understanding of what it means. A shared understanding of the holistic purpose of the blue economy would encompass the restorative power of our oceans, social inclusion and equity, and integrated approaches. At the heart of the concept is the interconnectedness of our environmental, social and economic goals. A clear and compelling articulation of the blue economy approach would link a focus on sustainable livelihoods and leaving no one behind, with meeting the challenges of food security, climate change, biodiversity loss and the need for a circular economy. 

Recommendation Two: Proactive and Holistic Action 

A move away is needed from fragmented, sector-specific activities towards a more integrated, holistic approach. This means blue economy approaches as a key part of World Bank country strategies and coherence among all related projects. It is important that projects are designed with progressive blue economy guidance and that participatory planning is integral to the process.  

Recommendation Three: Strong Partnerships for Real Change 

No single entity can achieve the transformative potential of the blue economy alone. Strengthening collaborations with partner organisations and coastal communities will be critical. It will require working together to address policy and institutional gaps, especially as we embrace new industries and technologies within the blue space.  

Making Waves Together 

The report aims to contribute to global discussions to redefine our relationship with oceans and the move away from ocean exploitation to stewardship. This transition will require collaboration around a shared understanding of goals among governments, the private sector, and local communities. It is especially important that local communities are actively involved in decision-making and can benefit from sustainable development. 

Moving to ocean stewardship will also require innovation. New technologies and practices are needed that can promote both economic growth and ocean health.

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IEG will join oceans and resource management leaders from around the globe as they meet at the 12th Annual World Ocean Summit & Expo. Starting on Wednesday, March 12, the summit will convene change-makers from government agencies, the United Nations, financial institutions, the private sector, and many other partners and stakeholders. IEG will be presenting evidence on the World Bank’s experience advancing blue economy principles and convene participants in a workshop to share innovate approaches towards realizing the potential of the blue economy. Make sure to find us if you are joining the conference in Tokyo, March 12-13.