The report estimated the marine economy — defined as activities that use ocean resources — contributed more than $10 billion to the New Zealand economy, or 3.9% of GDP, in 2022.
It found that figure could increase to $14b by 2035 if the sector was able to transition to more sustainable practices.
The report highlighted various drivers for the transition to a “blue economy”, including climate change mitigation, the rapidly increasing sustainability requirements of offshore markets and the food and nutrition needs of a growing global population.
“Continuing the transition from our current marine economy to a sustainable ‘blue economy’ is going to be critical in meeting offshore market expectations, enabling future growth, creating new job opportunities and ensuring the health, wellbeing and earning potential of our ocean for future generations,” Westpac NZ managing director institutional and business banking Reuben Tucker said.
The World Bank defined the blue economy as “the sustainable use of ocean resources to promote economic growth, social inclusion and the preservation or improvement of livelihoods, while at the same time ensuring environmental sustainability of the oceans and coastal areas”.
The report estimated aquaculture exports alone could grow from $0.6b currently to $3b by 2035.
More than half the world’s seafood was now produced by aquaculture and that was likely to continue as wild stocks were increasingly unable to meet demand, Mr Tucker said.
Westpac was the first bank to join Moananui, a not-for-profit alliance of New Zealand organisations that shared a commitment to growing sustainable ocean-related business opportunities.
There were plenty of areas where greater sustainability and regeneration was possible.
Shipping, wild capture fishing, aquaculture, renewable energy and tourism were often cited examples.
Extracting offshore minerals was a possibility but only if it could be done in a way that did not adversely affect natural ecosystems.
Any decisions in that area would need to be guided by the government and local communities, the report said.
Westpac industry economist Paul Clark said transitioning to a blue economy would not be easy.
Among other things, it required an equitable partnership between government, which sets the rules, and businesses, local communities, Māori and iwi, all of whom have a unique relationship with and potential to affect the ocean.
While the transition would require a large amount of investment, collaboration and co-ordination across a number of sectors, global firms had shown interest in investing in a “just transition”, and domestic partners had already made a significant amount of collaborative progress, Mr Clark said.
— APL
