The ocean covers more than 70% of the surface of our planet and has long supported commerce through activities such as shipping and transportation, commercial and recreational fishing, power generation, and more. All of these activities are considered part of the “Blue Economy” – and in recent years, a whole host of other activities have surfaced including aquaculture, sustainable fisheries, carbon sequestration, renewable energy, marine biotech, and marine cleantech.

According to the World Bank, the blue economy is the “sustainable uses of ocean resources for economic growth, improved livelihoods, and jobs while preserving the health of ocean ecosystems”. The National Oceanic and Atmospheric Administration (NOAA) states that the “New Blue Economy” is a knowledge-based economy, looking to the sea not just for the extraction of material goods, but for data and information to address societal challenges and inspire their solutions”.