This article was published in the Opinion section of Nikkei Asia on April 16, 2025.

by Riccardo Puliti and Fabrizio Bozzato

Fabrizio Bozzato is Program Director at the Department of Planning and Coordination of the Sasakawa Peace Foundation. Riccardo Puliti is the International Finance Corporation’s regional vice president for Asia and the Pacific and oversees all investment and advisory operations across the region.

Our oceans, seas and coastal regions -- along with the economic activities associated with them, such as fisheries, coastal tourism and shipping -- have historically played a vital role in the prosperity of millions around the world, especially in Asia and the Pacific.

Looking ahead, the positive impacts of the marine economy could be significant. Ocean-based industries added about $1.5 trillion in value to the global economy in 2010. By 2030, this could be as much as $3 trillion. According to recent estimates, the blue economy could generate up to 12 million new jobs by 2030, including in key sectors such as food and fishing, shipping, ports and tourism. The sector could also employ as many as 40 million people by 2030, especially in higher-paying sectors like marine aquaculture, information technology and offshore wind. The blue bond market is also rapidly expanding and could hit as much as $70 billion by 2030.

However, this vast economic potential faces a profound and growing challenge: Plastic production and consumption have severely contaminated marine ecosystems, threatening biodiversity, livelihoods and economic development. Our oceans are currently home to an estimated 75 million to 199 million tonnes of plastic. Without changes to plastic production, use and disposal, this figure could triple in the next 15 years.

Governments and the private sector are both increasingly taking notice of the challenges facing the blue economy and the opportunities to unleash its potential. The urgency of countering marine plastic pollution -- which interferes with fishing, harms marine wildlife and negatively impacts both health and economic growth -- has made it a central policy priority in many nations. Indonesia and the Philippines, for instance, enacted policies on plastic use, while Japan aims to reduce additional pollution by marine plastic litter to zero by 2050.

A number of international ocean agreements and treaties have also been developed, although these require ratification and rapid implementation to have an impact. Coalitions, such as the High Ambition Coalition to End Plastic Pollution, are bringing together an informal group of over 60 countries working to end plastic pollution by 2040. There are also concerted efforts underway to bring in a wide range of stakeholders -- public, private and civil society -- to turn plastic pollution commitments into concrete action.

Financial players are increasingly recognizing the potential of blue finance. Guidelines and standards for blue financing are gaining traction. Business and investor interest is, in turn, unlocking new financial solutions and shaping a pipeline of bankable blue economy projects. Many of the efforts that focus on addressing plastic pollution are already delivering results and demonstrating clear economic benefits.

For instance, a blue loan from the Stop-Winlock enabled Indorama Ventures, a global leader in plastic bottle manufacturing and recycling, to expand its recycling capacity. This circular economy initiative not only reduced plastic waste but also generated economic value through high-value recycling. Similarly, BDO Unibank in the Philippines issued a $100 million blue bond -- the first of its kind in the country -- to finance projects that prevent marine pollution and preserve clean water resources. Efforts like these are paving the way for other investors and corporates to take action, with similar initiatives expanding in Europe and Latin America.

Research institutions and policy organizations also have a critical role to play. A case in point is Japan’s Sasakawa Peace Foundation (SPF) that has been actively involved in research, strategic guidance and collaboration with partners such as governments of small island developing countries, intergovernmental organizations, national research agencies, universities and think tanks to curb plastic waste and protect marine ecosystems. This includes, for example, a joint project with the Japan Agency for Marine-Earth Science and Technology to assess the extent of plastic pollution in the Arctic Ocean’s Pacific sector, and an investigation into plastic pollution in South Asia’s rivers and coastal areas while developing policy recommendations to address the issue.

Our oceans, seas and coastal areas have played a vital role in economic life and activity in Asia and the Pacific for thousands of years. With good policy tailwinds, innovative financial instruments, effective collaborations and sustainable business models, the region can turn the challenge of marine plastic pollution into an economic opportunity and ride the wave of the blue economy.