Transformations for a

Sustainable Ocean Economy

A Vision for Protection, Production and Prosperity

oceanpanel.org
 Anthony Albanese Justin Trudeau Gabriel Boric Sitiveni Ligamamada Rabuka
Prime Minister of Australia Prime Minister of Canada President of Chile Prime Minister of Fiji

Emmanuel Macron Nana Addo Dankwa Akufo-Addo Joko Widodo Andrew Holness
President of France President of Ghana President of Indonesia Prime Minister of Jamaica

Fumio Kishida William Ruto Andrés Manuel López Obrador Hage G. Geingob
Prime Minister of Japan President of Kenya President of Mexico President of Namibia

Jonas Gahr Støre Surangel S. Whipps Jr. António Costa Rishi Sunak
Prime Minister of Norway President of Palau Prime Minister of Portugal Prime Minister of the United Kingdom

Joseph R. Biden Jr.

President of the United States of America

Ocean Panel leadership accurate as of June 2023

ii | High Level Panel for a Sustainable Ocean Economy
Our Call to Action
We have a collective opportunity and responsibility to
protect and restore the health of our ocean, and build
a sustainable ocean economy that can provide food,
empower coastal communities, power our cities, transport
our people and goods and provide innovative solutions to
global challenges.

In accepting this responsibility and seizing this

opportunity, we can give a blue boost to the economy today
while mitigating and building resilience for future crises.

The framework and five areas of transformation presented

here secure ocean health and wealth for generations
to come. We urge other governments, industries and
stakeholders to join us in this endeavour.
 W
e, the 17 members of the High Level Panel for a Sustainable Ocean
Economy (the Ocean Panel), are heads of state and government
representing people from across all ocean basins, nearly 50% of the
world’s coastlines and 44% of exclusive economic zones. We recognise that
the ocean is the life source of our planet and is vital for human well-being
and a thriving global economy.
The ocean is home to many complex ecosystems facing significant threats.
The actions we take now can safeguard the ocean’s capacity to regenerate,
in order to deliver substantial economic, environmental and social value
and offer powerful solutions to global challenges. Rapid action must be
taken today to address climate change, acidification, ocean warming,
marine pollution, overfishing, and loss of habitat and biodiversity. Failure
to act will jeopardise global health, well-being, and economic vitality and
exacerbate inequalities.
The COVID-19 pandemic has highlighted the deep interconnections
between human and planetary health and the need for nations to work
together to respond to global threats. The pandemic has caused a dramatic
disruption of the global economy, major impacts to our societies and a
huge toll on our communities. It has put increased financial pressure on
developing countries and in particular Least Developed Countries and Small
Island Developing States.
We have an opportunity and obligation to reset and build a more equitable,
resilient, knowledge-based and prosperous future that is in harmony with
nature. The ocean and its related economy offer a wealth of opportunities
to support this transition.
Building a sustainable ocean economy is one of the most important tasks
and greatest opportunities of our time. It is critical to achieving the goals
of the 2030 Agenda for Sustainable Development, and it is vital if we are to
emerge from current and future crises with stronger economies, healthier
people and more resilient communities.
We commit to bold transformations towards a sustainable ocean economy
where environmental protection and conservation, and economic
production and prosperity, go hand in hand. These transformations must
unleash the full force of innovation across sectors in technology, finance and
governance, and do so at pace and scale, guided by the following principles:

2 | High Level Panel for a Sustainable Ocean Economy

• Alignment: Ocean protection and production must align with the UN
Framework Convention on Climate Change and the Paris Agreement, the
Convention on Biological Diversity, and the Polluter Pays Principle as set
out in the Rio Declaration. Actions must be aligned across ocean-based
and land-based activities and ecosystems.
• Inclusiveness: Human rights, gender equality, community and
Indigenous Peoples’ participation, through their free, prior and informed
consent, must be respected and protected.
• Knowledge: Ocean management must be informed by the best
available science and knowledge, including indigenous and local
knowledge, and aided by innovation and technology.
• Legality: The UN Convention on the Law of the Sea is the legal basis
for all ocean activities, and existing international ocean commitments
must be implemented as a foundation for achieving a sustainable ocean
economy.
• Precaution: Where there are threats of serious or irreversible
damage, lack of full scientific certainty shall not be used as a reason
for postponing cost-effective measures to prevent environmental
degradation.
• Protection: A healthy ocean underpins a sustainable ocean economy. A
net gain approach must be applied to ocean uses in order to help sustain
or restore the health of the ocean.
• Resilience: The resilience of the ocean and ocean economy must be
enhanced.
• Solidarity: The need for access to finance, technology and capacity
building for developing countries, especially Small Island Developing
States and Least Developed Countries, must be recognised, taking into
account their particular circumstances and vulnerabilities.
• Sustainability: The production and harvesting of ocean resources must
be sustainable and support resilient ecosystems and future productivity.
We will leverage the UN Decade of Ocean Science for Sustainable
Development and the body of knowledge commissioned by the Ocean Panel
to build collective understanding and knowledge of ocean sustainability,
ecosystem services and functions, and ensure that science underpins
decision-making for building a sustainable ocean economy.

Transformations for a Sustainable Ocean Economy | 3

 A 100% Approach
The ocean is a complex natural system that is inextricably linked to land-based activities and
ecosystems. We must approach ocean management holistically in order to achieve the vision
of protection, production and prosperity. We need a comprehensive approach to sustainably
manage 100% of the ocean, starting with coastal and ocean states and working together
regionally and globally to safeguard areas beyond national jurisdiction.

WE COMMIT
to sustainably manage 100% of the ocean area under national jurisdiction, guided by
Sustainable Ocean Plans, by 2025*

WE URGE
all coastal and ocean states to join us in this commitment so that by 2030 all ocean areas
under national jurisdiction are sustainably managed.

2030
OUTCOME
Sustainable Ocean Plans are providing a credible basis for safeguarding
the long-term health and resilience of the ocean, attracting investment and
creating jobs to the benefit of coastal communities and national economies.

A Sustainable Ocean Plan describes policies and mechanisms to facilitate sustainable use
of the ocean and maximise benefits and value creation for current and future generations. It
provides a framework to reconcile conflicting uses of the ocean and its resources and enable
long-term sustainable growth in the ocean economy. It can include a range of mechanisms
such as regulatory reform, strategic investments in emerging sectors, marine spatial planning,
integrated coastal and watershed management, and the establishment and implementation
of marine protected areas and other effective area-based conservation measures that can help
deliver nature’s contributions to people, economic and positive biodiversity conservation
outcomes, climate change mitigation and adaptation, and sustainable fish stocks.

The Sustainable Ocean Plans should be in line with the 2030 Agenda for Sustainable Development,
build on integrated ocean management and ecosystem knowledge, address pressures from
all land- and sea-based sources, and take account of the predicted impacts of climate change.
As the foundation for a sustainable ocean economy, these plans should be developed and
implemented through an inclusive, participatory, transparent and accountable process.

We support a global target to protect 30% of the ocean by 2030. As a global target, it would
not be binding on states individually. National decisions on marine spatial plans, marine
protected areas and other effective area-based conservation measures will depend on the state
and function of the ecosystem and the extent and quality of ocean management as well as
the importance of addressing human well-being, sustainable ocean food and climate change.
To achieve the global target, we also call for international cooperation, including supporting
capacity building in this area. Detailed content of Sustainable Ocean Plans will vary according
to national circumstances.

We will work with others to mobilise and facilitate support for coastal and ocean states in
developing Sustainable Ocean Plans by 2030.

*Countries joining the Ocean Panel effort after 2020 (which includes France, United Kingdom and United States) agree to develop and be guided by
Sustainable Ocean Plans within 5 years of joining, with the aim of sustainably managing 100% of the ocean area under national jurisdiction.

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Getting to 100%
Our vision for protection, production and prosperity requires mutually reinforcing
transformations in five critical areas: ocean wealth, ocean health, ocean equity, ocean
knowledge and ocean finance. Action in all areas is required to achieve a sustainable ocean
economy and build critical foundations for economic recovery and resilience.

The Ocean Panel presents a framework with outcomes for these five areas and a
range of actions to achieve them. We commit to deliver these fully by 2030 or sooner.
The framework is consistent with the existing target deadlines set in the Sustainable
Development Goals, and particular effort is needed for the unfulfilled targets with a 2020
timeline. We will act with determination in accordance with national capacities and
circumstances, and invite other leaders, industry and civil society to join us.

Transformations for a Sustainable Ocean Economy | 5

 OCEAN WEALTH

OCEAN WEALTH
In recent years, the ocean has produced US$2.5 trillion in goods and services each
year, and the asset value of the ocean has been estimated at US $24 trillion. Many
ocean-based industries have the potential to outperform the growth of the global
economy, both in terms of additional value and employment. Unsustainable human
activity—in the ocean and on land—is threatening the ocean’s ability to regenerate
and sustainably provide for people around the world. We must transform our
relationship with the ocean to ensure that it can continue to produce sustainably for
future generations.

SUSTAINABLE OCEAN FOOD

Ocean food plays a critical role in feeding global populations. It supplies an essential and
accessible source of animal protein and micronutrients, which are particularly important
in low-income, food-deficit countries and Small Island Developing States and during times
of economic or environmental crisis. The ocean can provide more abundant and diverse
food than it currently does, thereby playing a bigger role in the global food system. To build
resilience, ocean food production must meet national and local needs and be adapted to
a changing climate. Doing so can enhance food security, improve nutrition, human health
and well-being, create sustainable economic growth and jobs and prevent the widening
of current inequities. This transition must include increased transparency in global ocean
governance and supply chains and the elimination of inefficiencies and perverse incentives
that undermine the sustainability of the food we derive from the ocean. We must seize
opportunities to sustainably increase fisheries productivity and aquaculture production,
including by strengthening opportunities for coastal communities, Indigenous Peoples,
artisanal and small-scale fishers.

Wild fish stocks are restored and harvested at sustainable levels,

aquaculture is sustainably grown to meet global needs, and waste is
minimised and managed throughout the value chain.

Priority Actions

• Eliminate illegal, unreported and unregulated fishing by incentivising the use of

the latest innovations and technologies—such as digital traceability—to increase
transparency; strengthening monitoring, control and surveillance; improving flag state
control; effectively implementing the Port State Measures Agreement; and enabling
enhanced collaboration amongst all stakeholders in the supply chain.

• Prohibit harmful fisheries subsidies that contribute to overcapacity, overfishing, and

illegal, unreported and unregulated fishing.

• Minimise bycatch, discards and waste in seafood supply chains.

• Develop, adopt and effectively implement science-based plans to rebuild depleted

stocks, and ensure adaptive fisheries management to respond to climate change
and the uncertainties of shifting ocean ecosystems, based on the UN Fish Stocks
Agreement, in cooperation with multilateral bodies such as the Food and Agriculture
Organisation and regional fisheries management organisations, and implement FAO’s
Voluntary Guidelines to Ensure Sustainable Small-Scale Fisheries.

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 OCEAN WEALTH

• Strengthen regional fisheries management organisations, including by promoting the

use of a precautionary approach, management that controls harvest levels based on
scientific assessment, such as total allowable catch, meaningful consequences for
exceeding quotas, and through regular and transparent performance reviews.

• Explore in a precautionary manner the potential to sustainably harvest new species

from the ocean, without undermining ecosystem health.

• Put in place policies and management frameworks to minimise the environmental

impacts of aquaculture, including inefficiencies in the feed supply chain, and
enable the acceleration of fed and non-fed aquaculture production that fits local
environmental, governance and economic priorities.

SUSTAINABLE OCEAN ENERGY

The ocean holds tremendous potential to provide clean energy for the world. Scaling up
ocean-based renewable energy will generate jobs and boost economic development while
providing a pathway to decarbonisation. An ocean-based renewable energy revolution is
in the making, and recovery efforts provide an opportunity to increase investment over the
coming years. The pace and scope of development must match the state of the science,
enable technology transfer and adoption, and minimise the impact on marine ecosystems to
enable the delivery of sustainable ocean-based energy.

Ocean-based renewable energy is fast-growing and on the path to

becoming a leading source of energy for the world.

Priority Actions

• Invest in research, technology development and demonstration projects to help

make all forms of ocean-based renewable energy—including wind, wave, tidal,
current, thermal and solar—cost-competitive, accessible to all and environmentally
sustainable.

• Work collaboratively with industry and other stakeholders to develop clear frameworks
addressing environmental impacts of ocean-based renewable energy, enabling
capacity, co-existence and integration with other uses of the ocean.

• Set clear goals, commit to deliver appropriate policy and regulatory measures,
and remove market impediments in order to accelerate sustainable ocean-based
renewable energy deployment.

SUSTAINABLE OCEAN-BASED TOURISM

Before the COVID-19 pandemic, tourism was projected to become the single-largest ocean-
based industry by 2030. Tourism is one of the sectors hardest hit by the COVID-19 pandemic
worldwide. At the same time, coastal and marine tourism remains vital to the economic
prosperity of island and coastal communities. The continued viability of this sector remains
at risk from climate change, disasters, pollution, urbanisation and ecosystem degradation.
Sustainable ocean-based tourism can restore and protect the ocean while delivering jobs
and prosperity. Achieving sustainable ocean tourism that can withstand future crises requires
strategic public and private investments.

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 OCEAN WEALTH

Coastal and ocean-based tourism is sustainable, resilient, addresses

climate change, reduces pollution, supports ecosystem regeneration and
biodiversity conservation and invests in local jobs and communities.

Priority Actions

• Invest in sustainable tourism that regenerates the ecosystems on which it depends,

builds the resilience of coastal communities and Indigenous Peoples, reduces
inequality through promoting equal opportunity and equitable distribution of benefits
and addresses climate change and pollution.

• Implement sustainable tourism management strategies that advance environmental,

social and economic priorities and enable monitoring and transparent reporting with
the full participation of coastal communities and Indigenous Peoples.

• Implement mechanisms to increase the reinvestment of tourism revenue into local and
indigenous communities to build capacity and skills for increasing local employment
in tourism, diversify economic opportunities and increase resources for coastal and
marine restoration and protection.

• Accelerate financial incentives for including nature-based solutions in sustainable

tourism infrastructure.

• Invest in sewerage and wastewater infrastructure for coastal and marine tourism to
improve the health of coastal communities and reduce the impacts on coastal and
marine ecosystems.

SUSTAINABLE OCEAN TRANSPORT

Shipping, the most energy-efficient form of transport, is vital to international trade and
connectivity as it continues to move over 90% of global goods. Maintaining global supply chains
will be critical to support recovery from the COVID-19 pandemic and future crises. Technology
to decarbonise and minimise the negative environmental impacts of marine transport exists
but must be brought to scale. To ensure the industry is resilient, we must move decisively
towards reducing greenhouse gas emissions by investing in solutions now to support rapid
decarbonisation. Such investments will create jobs and build connectivity and the long-term
resilience of global supply chains and island and coastal communities to future crises.

Shipping investments have effectively accelerated the shift towards

zero-emission and low-impact marine vessels.

Priority Actions

• Establish early national targets and strategies to support decarbonisation of vessels.

• Stimulate the development and adoption of technologies for producing and storing
new zero-emission fuels.

• Incentivise sustainable, low-carbon ports that support the transition to decarbonised

marine transport and shipping fleets through renewable energy and zero-carbon fuel
supply chains.

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 OCEAN WEALTH

• Promote the transition of the global fleet to modern modes of propulsion and
renewable fuels, including through strengthened regulations within the International
Maritime Organization (IMO) and support technical cooperation for international
capacity building.

• Minimise the transfer of aquatic invasive species by ships through an effective IMO
framework, including its robust implementation.

• Apply the global regime for safe and environmentally sound recycling of ships.

• Promote quiet vessel programs by ports in sensitive areas, and incentivise the use of
vessel-quietening technologies taking into account international guidelines.

• Ban the use and carriage for use of heavy fuel oil in the Arctic through the IMO, and
welcome other similar initiatives.

SUSTAINABLE NEW OCEAN INDUSTRIES

The ocean holds untapped opportunities to deliver medicines, animal feed, fuel, new materials
and carbon-storage solutions, the need for which has been further evidenced and strengthened
by the COVID-19 pandemic and its repercussions. We need to innovate and invest to scale up
these opportunities based on science and environmentally responsible practices.

Innovation and investments in new ocean industries have boosted

environmentally responsible and inclusive economic growth.

Priority Actions

• Scale up environmentally responsible commercial farming of seaweed and algae

to provide food and create alternatives for products such as fuels, aquaculture and
agriculture feedstocks, biotech, and viable and sustainable plastic alternatives.

Transformations for a Sustainable Ocean Economy | 9

 OCEAN WEALTH

• Explore and incentivise smart and sustainable cross-sectoral and co-located activities,
such as ocean-based renewable energy sites to fuel zero-emission shipping and
aquaculture farms.

• Promote fair and equitable sharing of benefits from research and development from
marine genetic resources within national waters.

• Advance carbon capture and storage in the sub-seabed through international

collaboration, appropriate incentives and mapping the storage potential of sub-seabed
geological formations.

A PRECAUTIONARY APPROACH TO SEABED MINING

The deep ocean floor contains minerals that are useful for renewable energy technologies
and may contribute to the transition to a low–carbon emission society. These areas are
among the most isolated and poorly explored of all ocean ecosystems. The sensitivity of
these ecosystems, our insufficient scientific knowledge and our limited understanding of the
potential impacts of emerging ocean activities requires applying a precautionary approach,
undertaking research and investigation, and developing a circular economy to reduce
demand and help mitigate these risks.

Sufficient knowledge and regulations are in place to ensure that

any activity related to seabed mining is informed by science and
ecologically sustainable.

Priority Actions

• Build partnerships to increase research, innovation and deployment of urban mining

(reclaiming and recycling metals from spent products, buildings and waste), and of
innovative technologies that will reduce the need for new sources of metals and rare
earth minerals.

• Initiate an international research agenda to improve understanding of the

environmental impacts and risks of seabed mineral activities (especially regarding
deep ocean ecosystems).

• Ensure that regulations for seabed mineral mining—under development by the

International Seabed Authority—provide effective protection of marine environments
by applying a precautionary and ecosystem-based approach, using science-based and
transparent management, and ensuring effective compliance with a robust inspection
mechanism.

• Ensure that all seabed mineral activities within and beyond national jurisdiction
comply with robust environmental standards.

• Promote the participation of scientists from developing countries in research, and

make the results from research and the analysis of research findings publicly available,
including through the International Seabed Authority.

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 OCEAN HEALTH

OCEAN HEALTH
The ocean is critical for the global climate system and planetary health. It has
absorbed 25% of all carbon dioxide (CO2) emissions and captured 90% of the
additional heat generated from greenhouse gas emissions, but it is now warming
and acidifying. The global community must act urgently to reduce greenhouse
gas emissions, prevent biodiversity loss, restore and protect coastal and marine
ecosystems, reduce pollution and take a precautionary approach to economic activity
on the ocean floor.

REDUCE GREENHOUSE GAS EMISSIONS

The health of the ocean, and the livelihoods and economies that depend on it, requires
the world to urgently reduce greenhouse gas emissions in line with the goals of the Paris
Agreement. A sustainable ocean-based economy can play an essential role in this much needed
emissions reduction, while providing jobs, supporting food security, sustaining biological
diversity and enhancing resilience. Ocean-based climate actions can deliver up to one-fifth of
the annual greenhouse gas emission reductions needed by 2050 to limit warming to 1.5°C.

Ambitious climate action has set the world on track to achieve the
goals of the Paris Agreement and restore ocean health.

Priority Actions

• Establish and implement ambitious emissions reductions, covering all sectors,

consistent with the Paris Agreement goal of pursuing efforts to limit global
temperature increases to 1.5ºC.

• Implement the Ocean Panel’s Call to Ocean-Based Climate Action by scaling up

investments in ocean-based renewable energy, green shipping, sustainable seafood
production, nature-based solutions and carbon capture and storage in sub-seabed
geological formations.

• Include ocean-based climate action in reporting under the Paris Agreement.

PROTECT AND RESTORE MARINE AND COASTAL ECOSYSTEMS

Marine and coastal ecosystems not only sequester and store vast amounts of CO2 but
also protect coasts and communities from climate impacts. They provide food, economic,
medicinal and recreation opportunities, habitat and a range of ecosystem functions to
support human well-being. An integrated approach that is climate-smart and focuses
on nature-based solutions, integrating well-managed marine protected areas and
other effective area-based conservation measures, alongside sustainable infrastructure
development will be vital to protect coastal communities and marine habitats. This can
support increased seafood production, enable pharmaceutical innovation, enhance climate
change mitigation and adaptation, and protect and restore biodiversity and cultural values.

Marine and coastal ecosystems are healthy, resilient and productive,

and nature-based solutions are key elements in developing coastal
infrastructure.

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 OCEAN HEALTH

Priority Actions

• Halt the net loss and increase the extent and improve the condition of coastal and
marine ecosystems, in particular critical ecosystems such as mangroves, seagrasses,
salt marshes, kelp beds, sand dunes, reefs and deep ocean ecosystems.

• Use nature-based solutions in planning and developing coastal infrastructure to

reduce grey infrastructure where possible, and incentivise their use to sequester and
store carbon and improve coastal resilience.

• Establish and effectively manage marine protected areas and other effective area-
based conservation measures that conserve biodiversity while also delivering climate,
food, socioeconomic and cultural benefits.

• Collaborate with all relevant partners, including local community, Indigenous Peoples,
and stakeholders through relevant global and regional organisations to promote
sustainable management of all marine and coastal ecosystems.

• Capitalise on knowledge and spatial analysis tools to identify carbon sequestration

potential and optimal locations for marine protected areas, and other effective area-
based conservation measures in the development of Sustainable Ocean Plans.

REDUCE OCEAN POLLUTION

The ocean has become a sink for pollutants including plastics, chemicals, nutrients and
wastewater. While global awareness and action has been increasing, it has not been sufficient
to prevent an increase in ocean pollution. The response to the COVID-19 pandemic has caused
a surge in production and consumption of protective equipment, much of which contains
single-use plastic. This response, although necessary, has further accentuated the need to stop
waste from entering the ocean. Efforts to combat harmful land-to-sea pollution should not be
scaled back under the guise of economic recovery after the pandemic. Urgent action is needed
to target the sources and management of pollution. Through the UN Environment Assembly,
governments have endorsed a long-term vision of eliminating the discharge of marine litter and

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 OCEAN HEALTH

microplastics into the ocean. The G20 Osaka Blue Ocean Vision and the Ocean Plastics Charter
further recognise the importance of embracing a lifecycle and circular economy approach.
Nutrient runoff contributes to deoxygenation of the ocean but suffers from less attention and
action; it should be treated with the same level of urgency. The connection between the land
and the ocean must be understood to address systemic sources of ocean pollution.

The ocean is no longer a sink for pollution and ocean dead zones are
minimised.

Priority Actions

• Incentivise the development, production and use of viable and sustainable alternatives
to plastics to enable the phase out of problematic and unnecessary plastics, where
warranted and where such alternatives exist.

• Use financial incentives, trade opportunities and extended producer responsibility to

encourage sustainable product design and promote standards to maximise reduction,
reuse and recycling in pursuit of a circular economy, as well as research on new
biodegradable materials that substitute plastics.

• Enforce rules on waste shipments and illegal exports of plastic waste.

• Promote a comprehensive life-cycle approach that includes improved waste

management and innovative solutions towards reducing the discharge of marine
plastic litter to zero.

• Eliminate discharges of plastic litter and microplastics from sea-based sources

including ships, offshore installations and from land-based sources including ports and
bridges, through stronger regulations, technology development, training programmes
and capacity building.

• Eliminate ghost fishing gear through such means as reuse and retrieval, promoting
gear marking and loss reporting, and supporting development of new environmentally
friendly cost-effective gear.

• Promote public and private awareness of and investment in sewage and waste
management infrastructure in developing countries, including as a means to stop diseases.

• Promote agriculture farming practices and technology that minimises the discharge of
excess pesticides, fertilisers, manure and soil particles to eliminate eutrophication and
ocean dead zones in coastal waters.

• Implement integrated watershed management practices.

• Encourage the aquaculture industry to apply best practices in order to reduce the
amount of nutrient leakage in connection with feed formulation and application, and
minimise the discharge of excess antibiotics.

• Strengthen measures to prevent pollution from mining and offshore oil and gas
activities, including hazardous and noxious substance spills.

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14 | High Level Panel for a Sustainable Ocean Economy
 OCEAN EQUITY

OCEAN EQUITY
A sustainable ocean economy puts people at its centre, works for everyone, enables
human rights, facilitates the equitable distribution of ocean wealth and ensures
equality of opportunity for all. It promotes accountable and transparent business
practices, addresses labour rights abuses, child labour, forced labour, trafficking
in persons and contraband, as well as tax evasion, and it supports the fight against
corruption. It also recognises the specific climate vulnerabilities and financing and
capacity constraints of developing countries, in particular Small Island Developing
States and Least Developed Countries. With the global population expected to grow
by a further 2 billion people by 2050, effective planning undertaken today can assure
the needs and rights of all.

PROMOTE EQUAL OPPORTUNITY FOR PEOPLE TO BENEFIT

FROM THE OCEAN
A sustainable ocean economy cannot be achieved while many millions of people remain in
poverty and inequality is systemic. The COVID-19 pandemic has widened existing inequalities
and placed millions of people in extreme poverty. There must be a fair and just transition out
of the pandemic and to a sustainable ocean economy that leaves no one behind, enables
equitable access to resources, supports fair distribution of benefits and protects the most
vulnerable from further risks of harm.

People have equitable access to ocean resources, benefits are

fairly distributed and the most vulnerable are protected from the
risk of harm.

Priority Actions

• Require transparent, responsible business practices that engage and benefit coastal
communities, including small-scale fishers, and protect the rights of all workers in
ocean industries.

• Create the conditions to facilitate the full engagement of women in ocean activities
to help unlock their economic and social potential, and empower them to safeguard
natural resources while enhancing opportunities to access decent work.

• Recognise and respect the interests of coastal communities and rights of Indigenous
Peoples, and implement policies that require consideration of the particular
importance of marine resources for these groups.

• Create inclusive governance by incorporating indigenous and local community

knowledge and interests, particularly those of women and youth, in planning and
decision-making processes.

• Promote integrity across ocean governance and ocean industries, enforce transparency and
accountability in public service and public finance and take robust action against corruption.

• Enhance domestic revenue administration through modernised, progressive tax

systems, improved tax policy and more efficient tax collection.

• Promote international cooperation to combat child labour and forced labour and eliminate
trafficking in persons and contraband along supply chains in the ocean economy.

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 OCEAN KNOWLEDGE

OCEAN KNOWLEDGE
The ocean is a vital and complex natural system. We need to build literacy and skills,
and share and apply knowledge of how ocean ecosystems work, and how they
respond to stressors to better inform decision-making. Accounting that captures the
full value of ocean assets and the ocean economy is critical to guide the sustainable
development of ocean industries. The UN Decade of Ocean Science for Sustainable
Development (2021–2030) represents a unique opportunity to enhance the scientific
understanding of the ocean.

BUILD OCEAN LITERACY AND SKILLS

It is important for people to understand the significance and influence of the ocean on their well-
being and the influence of their activities upon the ocean. People must be enabled to acquire the
knowledge, skills and capacity necessary to participate in and benefit from ocean opportunities.

Through the UN Decade of Ocean Science ocean literacy has been

enhanced worldwide. People understand the value of the ocean
and have acquired the skills and knowledge to participate in the
sustainable ocean economy.

Priority Actions

• Make ocean knowledge available to everyone and invest in building ocean literacy and
awareness among citizens, including through formal education.

• Invest in knowledge, technology and skills training for ocean conservation and
management and the sustainable ocean industries of the future to ensure a just
transition for workers in the ocean economy.

• Increase cooperation, capacity building and transfer of knowledge and marine

technology on mutually agreed terms to ensure that benefits from the sustainable
development of the ocean are shared.

ACCOUNT FOR THE VALUE OF THE OCEAN

Measurement of progress for the ocean economy is overly focused on production indicators
such as contribution to gross domestic product. With current data and technology, it is now
possible for all countries to account for the status of the natural wealth of the ocean—the most
important measure of progress towards sustainability of the ocean economy. The development
and integration of ocean accounts into national accounts can provide a dynamic evidence base
that goes beyond a single indicator of production to reflect the full value of the ocean economy.

Decision-making affecting the ocean reflects the value of and

impacts on the ocean’s natural capital.

Priority Actions

• Develop a complete sequence of national ocean accounts that are actively used to
inform decision-making.

• Align international standards for ocean accounting and best practices for
implementation as soon as possible to develop and ensure interoperability,
harmonisation and coherence of ocean accounts.

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 OCEAN KNOWLEDGE

• Commit to global partnerships to share best practices and build capacity in national
ocean accounting.

• Explore a process to develop a global approach for tracking national performance

based on ocean accounts.

HARNESS OCEAN SCIENCE, TECHNOLOGY AND DATA

Scientific research and monitoring are critical to decision-making and ocean management,
and to understanding the impacts of stressors on the ocean. Advances in remote sensing
technologies, big data management and modelling techniques provide new opportunities
to improve the efficiency and cost-effectiveness of monitoring and managing activities in the
ocean, including commercial and artisanal fisheries and protected area management. These
technologies can revolutionise how ocean data are collected, stored and used for better ocean
management, business development and job creation.

A globally shared data revolution has contributed to sustainable

ocean management worldwide.

Priority Actions

• Incentivise the use of the latest innovations and technologies, such as satellites,
autonomous vehicles, artificial intelligence for near real-time data collection, research,
monitoring, and enforcement and decision-making.

• Promote transparent and open sharing and accessibility of ocean data.

• Scale up integrated local-to-global observation, including indigenous and local

community knowledge, and research to better inform decision-making.

• Support marine science capacity building, information exchange, collaboration and

appropriate technology transfer on mutually agreed terms, and mobilise capital for
technologies where there are market gaps.

• Fill major data gaps and digitise information on coastal and marine ecosystems, such
as mangroves, seagrasses, salt marshes, kelp beds, sand dunes, reefs, deep ocean
ecosystems and the ocean floor.

Transformations for a Sustainable Ocean Economy | 17

18 | High Level Panel for a Sustainable Ocean Economy
 OCEAN FINANCE

OCEAN FINANCE
Capital to finance the transformation to a sustainable ocean economy is readily
available. US$90 trillion is projected to be invested over the next decade on
infrastructure alone, much of which will be on the coast. If grounded in global
principles and standards, finance can catalyse responsible policy and business
practices across the land-sea interface. Strong examples of such principles include the
UN Environment Programme Finance Initiative’s Sustainable Blue Economy Finance
Principles and the UN Global Compact’s Sustainable Ocean Principles. We need to
ensure that access to finance is equitable and supports sustainability, recognising the
needs of developing countries, particularly Small Island Developing States and Least
Developed Countries. Public sector finance can help unlock private sector financing.

Sustainable ocean finance is accessible for all and drives ecologically

sustainable and socially equitable economic growth.

Priority Actions

• Direct public sector financing and development assistance to investments in the

sustainable ocean economy, including for the development and implementation of
Sustainable Ocean Plans, to unlock private sector financing.

• Support the use of sustainable ocean finance principles and other voluntary
mechanisms led by the private sector and multilateral financial institutions in
recovery and stimulus efforts, to guide, de-risk, incentivise and monitor investment in
sustainable ocean activities to increase transparency and ensure reporting consistency.

• De-risk investments by creating focused blended finance capacity that combines

concessional finance from the public and private sectors with innovative private
insurance products.

• Support the development and application of a global ‘ocean risk map’ and ‘risk index’
to catalyse a responsible and sustainable ocean insurance market and investments in
the resilience of islands and coastal communities.

Transformations for a Sustainable Ocean Economy | 19

20 | High Level Panel for a Sustainable Ocean Economy
Photo creditsTransformations
/ Cover (clockwise): for a Sustainable
iStock, Ocean
iStock, Shutterstock, Economy
iStock, iStock; | 21
p. ii: Getty Images; p. 2: Sean/Unsplash; p. 5: iStock; p. 9: Shutterstock;
p. 12: iStock; p. 14: Shutterstock; p. 17: iStock; p. 18: iStock; p. 20: Sean/Unsplash.
 oceanpanel.org
22 | High Level Panel for a Sustainable Ocean Economy