Powering a sustainable ocean for a buoyant global economy

Bali - A new global organisation, Ocean 20, has been launched to boost lasting, equitable, resilient growth for G20 countries through a sustainable ocean economy.

A sustainable ocean powers a healthy global economy, but human activity and climate change have severely damaged the ocean.

Businesses and government leaders on the global, regional and national stages must play a definitive role in returning the ocean to optimal health.

The coastlines of New Zealand are about 15,000 km in length, or one-third of the Australian coastline, and they are the ninth longest stretch of coastline in the world.

There has never been a better and more urgent time for building resilient growth based on the foundations of a sustainable ocean economy. That moment has come for G20 countries, coinciding with the G20 leaders’ summit in Bali.

The ocean already contributes massively to the global economy, through resources, jobs and livelihoods, as well as food and transport, but it also has the potential to be a major source of clean energy through wave, solar and offshore wind power.

A healthy ocean is also critical to regulating the climate and weather systems and is the largest carbon sink on the planet.

Yet, several major anthropogenic drivers are causing a severe decline in the ocean’s health.

There is rampant global warming causing climate change, which, in turn, accelerates ice melt, rising sea levels and acidification.

Much of the world’s pollution, from plastics to chemicals and more besides, ends up in the ocean. While the overexploitation of marine biodiversity, especially through overfishing and the lack of cohesive and sustainable harvesting strategies, is causing significant species decline.

Business and government leaders on the global stage as well as at local, national and regional levels must play a definitive role in reversing this paradigm.

The world must all hold each other to account for the sake of children and generations to come, as much as for the long-term viability of businesses and economies. The planet cannot prosper without a healthy, thriving ocean.

Prioritising a sustainable ocean economy will bring multiple benefits for people, businesses, nature and the climate and the G20 can play a pivotal role in leading this agenda.