A new report just out by Westpac’s industry economist Paul Clark, titled A Sustainable Marine Sector – Transitioning to a Blue Economy, lays out a vision for New Zealand’s ocean industries. The big idea? A flourishing marine economy without gutting the environment. But who controls it? Who benefits? And can we fast-track development without wrecking the ecosystems making New Zealand special?
Source: PFN Ai Archives showing Maori effigy and commercial enterprise
New Zealand's marine sector covers 4-million Sq Km with marine industries contributing around $10 billion to the economy, projected to hit $14 billion by 2035. Shipping, aquaculture, and tourism are key growth areas, while offshore mineral extraction presents a contentious opportunity. The government wants to double exports, but scaling up means making tough choices about sustainability and ownership.
The report notes aquaculture is a win win, with farmed seafood exports set to surge. Marine tourism is recovering, and even shipping is expanding, thanks to New Zealand’s reputation for marine engineering. But development comes with risks, including over-fishing, habitat loss, and pollution loom large. Fast-tracking projects without environmental safeguards could be disastrous.
Offshore minerals pose the biggest question. There’s an estimated $500 billion worth of untapped resources under New Zealand’s waters. But does deep-sea mining fit into a "blue economy"? The answer depends on whether extraction can be done without lasting environmental harm, an uncertain prospect at best.
Ownership remains a sticking point. The report acknowledges Māori and iwi play a dual role as business operators and guardians (kaitiaki). "The reality is that transitioning to the blue economy requires, among other things, that business, government and communities (which include Māori and iwi) work together to deliver this end state," says report author, Paul Clark. Whether that collaboration ensures fair distribution of economic benefits remains to be seen.
Consumers have a role to play too. Demand for sustainable seafood, low-emission shipping, and eco-friendly tourism is growing. Money talks, and businesses will follow if the market shifts toward sustainability.
The future of New Zealand’s marine economy isn’t just about profit, it’s about who gets a say, who gets a slice, and who gets left behind.
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