Rebalancing the ocean economy requires shifting power, knowledge, and investment toward the communities that depend on it most
This piece is part of the series 'Governing the Oceans: Rethinking Access and Equity'
The global ocean economy is entering a period of rapid transformation. Over the past quarter-century, it has doubled in real terms, from US$ 1.3 trillion in gross value added (GVA) in 1995 to US$ 2.6 trillion in 2020, according to the Organisation for Economic Co-operation and Development (OECD).
But climate change is altering marine ecosystems at unprecedented rates; technological innovation is reshaping how ocean resources are observed, exploited, and managed; and geopolitical and logistical disruptions are testing the resilience of maritime supply chains.
These shifts are exposing a longstanding imbalance at the heart of ocean governance. The communities most dependent on the marine environment are disproportionately affected by these challenges and are often underrepresented in shaping its future.
At the centre of this imbalance lies what has increasingly been termed the “tropical majority”: the billions of people living in low- and middle-income countries across tropical regions whose livelihoods, cultures, and food systems are closely tied to the ocean. While these communities experience increased vulnerability due to rising ocean-related risks and impacts of colonisation, they are the leaders in ocean solutions and protection. For example, the largest total area allocated to the world’s marine protected areas is in the tropics. Any credible response to the evolving ocean economy must therefore move beyond treating these regions as passive recipients of policy and instead recognise them as central actors in designing solutions.
Any credible response to the evolving ocean economy must therefore move beyond treating these regions as passive recipients of policy and instead recognise them as central actors in designing solutions.
Yet the architecture of contemporary ocean decision-making and conservation is largely constructed by institutions, funding mechanisms, and scientific paradigms rooted in high-income countries. This has often led to the export of one-size-fits-all approaches that insufficiently account for local ecological variability, governance arrangements, and socioeconomic conditions.
Governance systems that do not align with how coastal communities use and value marine resources are unlikely to succeed over the long term. For generations, for instance, Pacific island communities have used area-based and seasonal restrictions to prevent overexploitation. Such traditional practices generally align with culture and livelihoods, ensuring their longevity. Conversely, management policies that overlook local and Indigenous governance systems can undermine social cohesion and compliance.
Whether for sustainable fisheries or new port infrastructure, unlocking aligned potential will require a fundamental shift in how ocean knowledge is produced and applied. Historically, ocean science has privileged certain forms of expertise, particularly the natural sciences, while sidelining social sciences, humanities, and Indigenous and local knowledge systems. Addressing complex ocean challenges, however, demands a more integrated approach that reflects the social and ecological realities of marine resource use
In practical terms, this means moving towards co-designed research that involves local communities from the outset, aligns with local priorities, and ensures that benefits are shared equitably. It also requires sustained investment in scientific infrastructure and training within tropical countries, expanded access to data and literature, and long-term commitments to data stewardship that enable countries to manage and use their own data.
Ensuring a rebalance in ocean governance is not solely the responsibility of governments or research institutions. It also demands new forms of collaboration across the private sector, finance, and civil society.
For many companies operating in ocean economy sectors such as shipping, fisheries and aquaculture, tourism, and offshore energy, the risks associated with ocean degradation are becoming increasingly material. For example, when a major port shuts down due to storms or flooding, the disruption ripples through entire supply chains. In 2021, severe floods in Germany, Belgium, and the Netherlands disrupted waterways and caused widespread damage to critical infrastructure, including residential and commercial structures, resulting in a total of over €10 billion in damages between the three countries
By providing similar frameworks, tools, and peer-learning platforms, our work can help ensure that outcomes generate shared benefits for the coastal communities involved.
At the World Economic Forum (WEF), the focus is on public-private collaborations such as those facilitated by the WEF to help bridge fragmentation between coastal communities, business, and governance that often characterise efforts to build a more sustainable and equitable ocean economy. By providing similar frameworks, tools, and peer-learning platforms, our work can help ensure that outcomes generate shared benefits for the coastal communities involved.
It is equally important to foster collaboration across traditionally siloed actors, and it can serve as a testing ground for new models of partnership such as blended finance for coastal resilience, data-sharing initiatives, or community-led conservation enterprises. When designed inclusively, such collaborations can help ensure that actors from the tropical majority are not merely participants but co-leaders in shaping agendas and outcomes.
For the ocean economy to deliver its full potential, new ideas should embrace nature-positive growth that anticipates and supports technological, policy, and financial breakthroughs. Another case in point is the 1000 Ocean Startups coalition, hosted at the World Economic Forum, that is dedicated to accelerating innovation for ocean health. The coalition brings together accelerators, incubators, venture capital firms, funds, family offices, and other entrepreneur-support organisations (ESOs) to support the development and scale-up of at least 1,000 ocean-positive solutions by 2030.
To date, the 1000 Ocean Startups coalition includes 65+ ESO members, which have collectively supported over 850 ocean-focused start-ups and represent more than US$ 3 billion in assets under management.
Emerging innovations, from satellite monitoring to artificial intelligence, offer unprecedented opportunities to further improve ocean management. However, without deliberate effort, these innovations risk exacerbating existing inequalities, particularly if access to data, infrastructure and skills remains concentrated in a handful of countries. Promoting open, accessible and locally relevant technological solutions can help ensure that the benefits of innovation are more evenly distributed.
Emerging innovations, from satellite monitoring to artificial intelligence, offer unprecedented opportunities to further improve ocean management.
Financial flows represent another critical lever. Despite growing interest in the ocean economy, investment remains heavily skewed towards large-scale, capital-intensive projects, often with limited direct benefits for local communities. Frameworks such as the Ocean Investment Protocol outline how industry leaders, financial institutions and policymakers can play a central role in enabling a more sustainable blue economy. To take another example, growing grey literature increasingly highlights ocean investment opportunities with impacts for local communities, such as “Making Waves in the Regenerative & Sustainable Ocean Economy” developed by the Ocean Risk and Resilience Action Alliance, the World Economic Forum, Builders Vision and Katapult Ocean.
The challenges facing the ocean economy are complex and interdependent. Addressing them will require not only technological innovation and financial investment, but also a rebalancing of power and participation. This is the only way to ensure that a transition to a sustainable ocean economy is not only effective but fair and equitable.
Alfredo Giron is Head of Ocean at the World Economic Forum and the Friends of Ocean Action.
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Alfredo Girón Nava leads the World Economic Forum’s Ocean work though ACT Ocean and the Friends of Ocean Action. His work bridges ocean science, multilateral governance, and private finance to advance sustainable fisheries, ...
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