Is ocean health compatible with economic growth?
Could WA play a significant role in attracting talent, growing ventures and driving investment in Blue Economy innovation?
The advocated mechanism for increasing both ocean health and economic returns is often some form of innovation.
Drivers for innovation in this direction include consumer expectations, industry efficiencies, climate change policy, diversification beyond the resources industry and moves towards knowledge-based, value-adding industries.
Oceans are ‘natural capital’ providing $2.5 trillion in goods and services annually.
The ‘Blue Economy’ term aligns ocean health and equitable economic growth and includes valuing degradation prevention and ecological regeneration.
Consumer demands are driving industry’s adoption of sustainable production, supply-chain transparency, sustainability certification and alignment with ‘circular economy’ principles.
Incubators, accelerators and new financing mechanisms are being used to grow new Blue Economy ventures around the world.
WA has a good foundation for growing the Blue Economy: