Action Brief: An Ocean of Opportunities - How the Blue Economy Can Transform Sustainable Development in Small Islands Developing States

As a critical component of the global economy, the ocean and its ecosystems provide important goods and services and support numerous activities essential for economic development, such as capture fisheries, maritime transport and ports, coastal tourism, coastal protection, and energy. These sectors collectively contribute to the ocean economy, estimated to be US$2.3 trillion per year in market goods. At the same time, we must not overlook that the ocean and its ecosystems provide non-market services that are critical for our survival, such as generating oxygen, absorbing excess heat, and providing naturebased solutions to climate change adaptation and mitigation challenges. Their ability to continue providing these vital services has been threatened by a number of pressures such as pollution, overfishing, habitat loss, and climate change, driven by unsustainable economic activities. Through this action brief, UNDP seeks to strengthen the knowledge base of the blue economy, challenge views on what it means, and clarify how SIDS can benefit from it. More specifically, it provides a blueprint for a multisectoral, integrated approach to the blue economy. It is primarily intended for decision- and policymakers with responsibility for planning and delivering social and economic benefits and ensuring the long-term sustainability of the ecosystem services provided by the ocean.