Unlocking the blue economy: financing a sustainable ocean future

Abstract

The world’s oceans are integral to the livelihoods, food security, and economic well-be- ing of billions of people around the world. More than three billion people, roughly 40%

of the global population, reside in coastal areas and rely on the ocean as a fundamental source of their livelihoods [1]. Meanwhile, industries such as tourism, fisheries, marine transportation and petroleum-related to the ocean economy play a key role in global economic expansion and climate action [2], [3]. Despite the immense value of the ocean, marine ecosystems face many threats, including climate change with rising sea levels

and ocean acidification, pollution from natural and anthropogenic sources, unsustain- able fishing practices depleting fish stocks, and coastal development [4], [5]. For exam- ple, in the Sri Lankan context, the X-Press Pearl ship accident has caused enduring dam- age to the local coastal and marine ecosystem. The contamination of these ecosystems

with hazardous materials and plastic pellets has led to a sustained decline in fish stocks,

adversely impacting the fishing industry. The Sri Lankan eco-tourism has also experi- enced long-term declines in tourism revenue. The lasting health risks associated with

pollutants threaten both marine life and communities dependent on the ocean