Two Cheers for the Blue Economy

After surviving holiday meals with friends and families, and arriving at the Omicron letter of the Greek alphabet in the global pandemic, we could use a new conversation topic we can all agree on.

I’ve got one: the Ocean Economy. Even controversial podcast host Joe Rogan agrees: Our oceans do look like a “beautiful monster soup.”

It’s more than that, though. About five months ago, I started working on this article for Fortune and got fascinated not just with the majesty of alien-looking sea creatures that we’re still learning about, but also the untapped potential of our oceans. The industries derived from them are known as the “blue economy.” This ranges from mining precious metals from seabeds to offshore mussel farming.

After diving into the story for several months, here are two things I wish everyone knew about the ocean economy (and I won’t shut up about it, if prompted):

1/ It will take a new type of thinking about ocean resources--and loads of public pressure--to reimagine sustainable use of ocean resources, and get us out of the situation we’re in (broken food supply chains and worsening climate change).

Humans’ reliance on large bodies of water to feed and transport themselves is literally as old as time. But in recent years, we’ve seen glimpses of global awakening when it comes to what it means to rely on ocean resources in a responsible way.

To be clear, not every blue economy project is truly sustainable and there are a lot of disagreements, including whether seabed mining should be even happening; the merits of salmon farming; and how far 3D seaweed farms can go to feed the planet’s growing population.

But many researchers, authors and investors tell me a shift in thinking is opening the door to more sustainable farming practices and solutions.

“I've certainly seen in the last five years, some really exciting thinking about using the oceans in a way that's good for the oceans and not as fast as well,” says Helen Scales, author of The Brilliant Abyss: Exploring the Majestic Hidden Life of the Deep Ocean, and the Looming Threat That Imperils It. “For me, I find it's the most exciting way to think about the blue economy. It's not just about people, it's about ocean ecology.” (Side note: Scales’ book is beautifully written and makes an excellent holiday gift.)

As we think about space travel and conquering new planets, there is still so much we don’t know about Earth and the resources we have here on Earth.

While blue economy enthusiasts have labored for years, a lot of governments have been slow to move aggressively. Many investors are skittish as well to throw serious money behind projects in the absence of proper regulations and infrastructure. (Funny, the same questions and obstacles haven’t stopped them from investing in SpaceX or Rivian.)

2/ The United States is the biggest economy in the world, but it doesn’t produce enough fish to feed its own people. 
Did you know that the U.S. federal government recommends people consume seafood minimum, twice a week? If everyone decided to do that and all seafood imports were banned, there simply wouldn’t be enough fish to feed everyone.

Most fish we consume comes from outside the United States, farmed using tools and practices that are still not possible here.

One of the most fascinating conversations I had for the article was with Paul Doremus, the deputy assistant administrator for operations at NOAA Fisheries, the federal authority that oversees marine ecosystems. He agreed the U.S. seafood “production potential” was much greater and the permitting system holds many seafood farmers back.

“We're working with other federal agencies and working with the state to try to maintain already high levels of sustainability driving or regulatory system,” he said. “But it's not coordinated really well, multiple agencies are involved in various aspects of ensuring the sustainable operations of anything in the ocean environment, and we need to coordinate that better.” 

It’s not just a U.S. problem, it’s a global issue. The ocean could provide six-times more food than it does today, according to some estimates.

Government officials working with other agencies, as well as a new generation of blue economy startups, could potentially bring about that pivotal moment of growth. That would make our food supply chain more sustainable and less damaging to the environment. Aquaculture has a smaller carbon footprint compared to traditional livestock. The ocean economy is about so much more than just the striking-looking monster soup.

But yes, I do agree with Joe Rogan’s thoughts on the ocean and think his enthusiasm applies to the broader concepts and business models of the blue economy: “If we found something like this on another planet, it would be all people would talk about for months, but since it’s here we barely notice that our oceans have some insanely fascinating creatures.”