The term “blue economy” has been circulated among environmental commentators for years—usually meaning whatever the speaker wants it to mean. For some, it’s about sustainable fisheries and marine protected areas. For others, it’s a broad term that can encompass offshore wind, deep-sea mining, and blue carbon credits. And to skeptics, it’s a convenient buzzword that remains vague when it comes to measurable actions.
Until recently, the concept didn’t have an operational definition or a credible funding stream. That lets the term be understood in a range of ways, whether a corporate-friendly approach to conservation, or a new way to talk about extracting marine resources, sustainably or otherwise.
Yet the time when the ocean was treated as an afterthought in climate discussions is ending. A critical mass of investors, scientists, and community leaders are no longer asking if the blue economy is real and instead figuring out how quickly they can scale it.
That was my impression after the Villars Ocean Forum, a gathering of over 150 leaders from academic, activist, and business backgrounds. It’s a community of doers: People have already started projects and are now figuring out how to fund them.
In one corner, a glaciologist who’s just returned from a Greenland expedition reflected on the prospects for geoengineering, while in another, entrepreneurs and venture capitalists discussed ocean-based carbon credits. Over coffee, community organizers shared how they were training locals to monitor whales and collect environmental DNA data to inform the management of marine protected areas.
The blue economy isn’t a subject matter that’s restricted to a single sector. It’s a web of real projects, balance sheets, and social relationships based on the premise that the ocean is not infinite. It’s a living system whose health, in turn, determines the viability of coastal communities, supply chains, and insurance portfolios.
Everyone at Villars understood that using science to motivate policy changes, and then seek philanthropic funding, wasn’t working. Instead, scientists are starting to talk directly to corporates themselves, collecting data that feeds directly into corporate disclosure frameworks like the Taskforce on Nature‑related Financial Disclosures (TNFD). Investors then use that data to price risk and structure blue bonds. Local communities, in turn, operate the monitoring stations and get fees in return.
The science isn’t in doubt. Professor Tim Lenton from the University of Exeter reminded attendees that almost 85% of the world’s warm-water coral reefs have tipped into irreversible decline. Half a billion people rely on these reefs for food, income, and coastal protection. The reefs support local economies through activities like fisheries and tourism, which generate over $9.9 trillion in annual economic value.
Other scientists warned that the Atlantic Meridional Overturning Circulation (AMOC), the great ocean conveyor belt, is more likely to collapse than expected, which will freeze European capitals and disrupt monsoons in West Africa and India.
The conversation has moved beyond whether these changes are happening, to who is doing the work to fix them, and how people can get them the money they need.
Take ocean mapping. For decades, seabed cartography was a scientific backwater. Now, offshore wind developers, submarine cable companies and defense contractors are pouring money into high‑resolution seafloor mapping. These investments aren’t driven by the altruistic goal of ocean conservation—but this work still enables a better understanding of the ocean, perhaps assisting conservation as a positive side-effect.
There are other ways market-based solutions and conservation are working hand-in-hand. A blue carbon project in the Caribbean, supported by the Global Environment Facility and executed by the Caribbean Biodiversity Fund through its Caribbean BluEFin initiative, is now generating high-integrity carbon credits from mangroves and seagrasses. The project embeds local communities as stewards and beneficiaries, channeling climate finance directly to people who manage these ecosystems. The emerging risk-adjusted yield is attractive enough to bring in family offices and impact funds as backers.
Tipping points, social and natural
We often talk about tipping points in a negative sense, like when an ecosystem degrades too far to be salvageable. But there are “positive” tipping points too, when the restoration of an ecosystem builds upon itself and leads to positive shifts elsewhere. A recovering kelp forest on the Pacific Coast might allow sea otters to be introduced.
There are social tipping points too: the mainstreaming of blue bonds might encourage conglomerates to adopt schemes like the TNFD.
But it’s important to remember that there isn’t a silver bullet when it comes to conservation, sustainability and emissions reduction. No one at Villars claimed a victory: Regulatory frameworks are still fragmented and data on the deep ocean is still limited. The economy still rewards extraction over regeneration.
Yet the eye-rolling has stopped. What Villars told me is that the ocean economy is entering a phase of decentralized and cross-sector collaboration, instead of grand inter-governmental treaties. Local governments, communities and private investors are moving forward without waiting for global consensus.
Climate politics may be stalled in some national capitals. But ocean action is becoming a reality, through monitoring stations and mapping vessels. Investors are finally understand that a living ocean is a natural capital asset that matters to the balance sheet.
The opinions expressed in Fortune.com commentary pieces are solely the views of their authors and do not necessarily reflect the opinions and beliefs of Fortune.
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