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Thursday 1 August 2013

The Ocean Economy beyond shipping, fishing and tourism.

The Organisation for Economic Co-operation and Development is running a project to explore the prospects of developing an ocean based economy with particularly emphasis on emerging ocean-based industries.

The project divides the ocean economy into established marine activities and emerging activities. 

Established marine activities encompass shipping and shipbuilding, capture fisheries, traditional maritime and coastal tourism, and port facilities and handling. 

Emerging ocean-based industries include: Off-shore wind, tidal and wave energy, oil and gas extraction in deep-sea and other extreme locations; marine aquaculture; marine biotechnology; sea-bed mining for metals and minerals; ocean-related tourism and leisure activities; and ocean monitoring, control and surveillance.

The ocean economy’s long-term outlook and future contribution to global growth and jobs while managing the ocean in responsible and sustainable ways are key issues.

This project is taking a long term view to the year 2030 and will be funded by voluntary contributions by OECD members.

In a world where free trade agreements and trading blocks are now common place I am curious how the OECD will somehow view or divide the asset that is the worlds oceans beyond a country's territorial waters. Do all countries potentially share in the benefits and risks or only OECD members?

To read more on The Ocean Economy Project you can go to the OECD website.

All for now,

+Brad Skelton 

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