THE ocean economy is one of those phrases that started being used sporadically and nebulously by thought leaders several years ago.

Given the vast, all-encompassing nature of what such a term might refer to, any value it might once have had was inevitably rendered meaningless as attempts to unify everything from offshore wind to seabed mining and marine biotechnology was diluted into homeopathic concentrations of attention.

But as we consider the latest slew of scientific warnings that the world’s oceans are in worse health than we may have unreasonably hoped (a warning well timed to coincide with World Ocean Day), it is worth refloating the basic idea that ocean management requires global coordination.

Given the parlous state of multilateralism and existing efforts to tackle such things via piecemeal approaches, such a call may seem implausible.

But as the International Maritime Organization secretary-general Arsenio Dominguez has rightly pointed out, shipping has an obligation here to be the ones protecting the oceans.

We have a voice — we have a duty to use it.

The problems are as vast as the oceans such statements seek to protect, and the reality is that shipping currently plays a peripheral role in international efforts.

While traditional maritime industries continue to innovate at a brisk rate, and shipping is arguably now a leader in decarbonisation, it is the emerging ocean industries that are attracting most of the political and commercial attention.

Below the waves, the trillions of lumps of nickel, copper, cobalt and manganese scattered across the ocean floor are the target of a race to dominate the seabed mining that will electrify the global economy and fuel shifting political capital.

Closer to the surface, naval might is back at the heart of geopolitical competition — and conflict. Controlling trade lanes, ports and maritime alliances is all locked up in the new era of superpower rivalry between the US and China.

Any attempt to coordinate the vastly fragmented constituent parts of the ocean economy, is thus likely doomed to failure. But try we must.

The lack of current regional coordination on ocean economy efforts is a case of political negligence, but there are some promising signs that this is starting to change. The new European Ocean Pact at least acknowledges the strategic importance of the blue economy for Europe’s future and suggests that coordination is now on the political radar.

The alphabet soup of regional and international subsets of bodies you have never heard of meanwhile try their best, but with limited support and no commercial champions sailing into view.

Inside the IMO, global ocean economy efforts are starting to gain traction, albeit with little to show so far.

But Dominguez’s heartfelt push on the power of multilateral action is a timely reminder to us all.

“Governments, industries, civil society: this is our ocean, our obligation — and our opportunity. The ocean and the planet depend on it.”

Bravo secretary-general.

Let’s hope that your member state representatives were listening. 

Richard Meade
Editor-in-chief, Lloyd’s List

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