Momentum for sustainable ocean health is growing in the private sector

The ocean is essential to life on Earth – it absorbs approximately 30% of all carbon dioxide (CO2), produces around half of the world’s oxygen, provides food for over 3 billion people and supports unique ecosystems, such as coral reefs and mangroves, that protect coastlines from extreme weather events.

Yet, expanding pollution, overfishing and climate change put these many functions at risk. The ocean is not only vital to people and planet; we must also recognize how ocean health can drive a prosperous future.

Several ocean-based sectors are already seeking to balance economic growth with environmental and social sustainability, working towards a regenerative and sustainable blue economy, including ports, shipping and renewable energy. However, action needs to accelerate further across the many sectors that rely upon and profit from the ocean.

The upcoming third UN Ocean Conference in Nice, France, is an opportunity for key stakeholders, from businesses to governments and civil society, to learn, connect, engage and accelerate action towards a sustainable blue economy.

Over the years, the business community has increasingly engaged in multilateral processes.

The 1999 UN article, “Sustainable Development of Oceans and Coasts: The Role of the Private Sector,” highlighted the crucial yet often overlooked role of the private sector in ensuring the long-term well-being of the ocean.

It addressed the need for a comprehensive approach to conservation and development that engaged various ocean stakeholders and industries.

The UN Secretary General’s 2010 Ocean Report followed, emphasizing the need to “strengthen efforts to create a global, cross-sectoral industry alliance to constructively engage the UN and other international processes relevant to oceans.”

Following these calls to action, business and finance groups have joined major meetings – such as the UN Ocean Conference – to integrate private sector perspectives into global ocean discussions.

However, business engagement has still been minimal. At the first conference in 2017, the World Ocean Council was the only global ocean business organization in attendance.

By the time the second conference in 2022 came around, other ocean-business initiatives had launched, and the role of business and finance was featured much more prominently.

The number of companies taking voluntary actions to support the sustainable use and conservation of the ocean, ranging from investments in ocean-based businesses to initiatives focused on marine conservation and pollution prevention, grew considerably from the first to the second event, with momentum for action growing.

Building on the success and momentum of previous meetings, the 2025 UN Ocean Conference provides a unique platform to further advance collaboration among businesses and finance, governments and the intergovernmental, scientific and conservation communities.

Following the milestone 2016 OECD report on the blue economy – the first attempt to consider the ocean from an economic perspective – and the 2017 UN Ocean Conference, subsequent business initiatives have accelerated and expanded substantially.

The private sector can play a pivotal role in informing science and policy for sustainable ocean management by addressing critical data and innovation gaps.

Through the Smart Ocean – Smart Industry platform, the World Ocean Council is working to ensure that industry data collection and sharing are coordinated, efficient, cost-effective and integrated into national and international public science programmes.

With about 100,000 merchant ships, 3-4 million fishing boats, 1.3 million kilometres of submarine cables and many thousands of platforms (for energy production, aquaculture and more) in the sea, the programme works to harness the use of this commercial infrastructure to host or deploy instruments that gather ocean, weather and climate data.

The programme also aims to enhance industry participation in increasing ocean understanding and expanding ocean databases. It seeks to improve the monitoring, modelling, forecasting and management of the ocean in collaboration with multiple ocean stakeholders, including scientists, governments, industry and intergovernmental agencies.

Today, ocean-based industries are uniquely positioned to balance economic growth with environmental and social sustainability, encompassing ports, shipping, renewable energy, sustainable fisheries, aquaculture and tourism.

New partnerships, such as the Nature and People Positive Ports, focus on securing nature-positive commitments from major global ports and sharing verifiable strategies that benefit both people and nature.

In parallel, efforts will be made to raise awareness about building new ports in emerging markets, ensuring that new investments incorporate nature-positive criteria.

While ports can contribute significantly to economic and social development at both the domestic and global scales, they can also have substantial impacts on the natural environment.

As demand for port services increases, the sector’s impacts and dependencies on nature must be considered, and where possible mitigated by introducing nature-positive practices.

Over $54 billion in cost savings and revenue could be made by 2030 for businesses operating across the port sector’s value chain.

This can be achieved by designing ports to minimize environmental impact, utilizing cleaner energy and more sustainable materials, optimizing operations to reduce pollution, promoting material recycling through collaboration and protecting and restoring natural habitats.

Renewable energy is another example. Estimates suggest that the world will need to triple its renewable energy capacity by 2030 to meet the goals of the Paris Agreement. Offshore wind will be key to achieving these goals, as it is one of the fastest-growing renewable industries and one of the lowest CO2-emitting energy sources.

The World Economic Forum currently focuses on the role of offshore wind in scaling capacity and transitioning the sector’s practices to include nature-positive infrastructure and strategies, which support job creation, local community benefits and safeguarding marine ecosystems.

Estimates suggest that, by 2030, the annual economic value of ocean-based industries could reach $3 trillion. With numerous growth opportunities in the blue economy, collaboration between civil society, policymakers and the private sector is essential to ensuring a sustainable path forward.

As threats to ocean integrity become more urgent, we must recognize the intrinsic links between the global economy and ocean health – connections that not only protect the ocean but also help mitigate risk, ensure profitability and build a more resilient society.