A healthy Baltic Sea can provide blue natural capital for our economy, our societies, and future generations – yet if financial flows in the region continue to follow current business-as-usual pathways, the Baltic Blue Economy (BBE) will remain at peril.
Recent research, done by WWF and 3Keel, mapping financial flows and their environmental and social impacts on the Baltic Sea region revealed that the BBE is currently some distance from being sustainable where nature can thrive, and resources are available in perpetuity. Governments, industry, and financial actors are in a position to steer future investments towards nature and climate positive outcomes; while guidelines, guardrails, and accountability frameworks relevant to the ocean context are coming on stream and are applicable to support current and future decision-making in the Baltic Sea region. Will they be employed to accelerate the transition to a Sustainable Blue Economy (SBE)?
Key findings
- The total turnover of the BBE is approximately €1.17 trillion per year, with an estimated Gross Value Added (GVA) of €263.5 billion – one and a half times the GVA of the entire agricultural sector within the EU.
- The extraction sector is the largest of all in terms of turnover, commands the largest share of financial flows and stocks, ranks worst in terms of environmental and social impact.
- The rise of renewables in the Baltic as the lead profit generating economic sector is cause for optimism and a potential source of examples for other sectors.
