The report – A Sustainable Marine Sector – estimates that in 2022 the marine economy, defined as activities that use ocean resources, contributed more than $10bn to the New Zealand economy (3.9% of GDP). However, the report finds there’s considerable potential for growth and estimates that if the sector is able to transition to more sustainable practices, that figure could increase to $14bn by 2035.

Reuben Tucker, Westpac NZ managing director institutional & business banking, says the sector has strong growth potential and harnessing that in a sustainable way will be important for export growth success.

“Our marine sector covers 10 times the land area of Aotearoa,” Mr Tucker says. “We need to make sure we’re working together to achieve the best outcomes for this incredibly precious resource. Some businesses are already exploring innovative new ways to harness the power of our oceans in a sustainable way and we’re keen to support this work.”

The report highlights a number of drivers for the transition to a blue economy, including climate change mitigation, the rapidly increasing sustainability requirements of offshore markets, and the food and nutrition needs of the world’s growing population.

“Continuing the transition from our current marine economy to a sustainable ‘blue economy’ is going to be critical in meeting offshore market expectations, enabling future growth, creating new job opportunities and ensuring the health, wellbeing and earning potential of our ocean for future generations,” Mr Tucker says.

The report estimates that aquaculture exports alone could grow from $0.6bn currently to $3bn by 2035.

“More than half the world’s seafood is now produced by aquaculture and that’s likely to continue, with wild stocks increasingly unable to meet demand.

“Areas such as biotechnology, seaweed farming and offshore renewable energy are also all seeing increasing investment. We want to collaborate with businesses, government, iwi and our communities to ensure the transition to a sustainable blue economy delivers positive economic and environmental outcomes for all,” Mr Tucker says.

Westpac is the first bank to have joined Moananui, a not-for-profit alliance of New Zealand organisations that share a commitment to growing sustainable ocean-related business opportunities.

Members pledge to collaborate to support innovation and sustainable development in the marine sector – Moananui’s tagline is “big ocean, big opportunity, big responsibility”.

Moananui chief executive Jodie Kuntzsch says it’s great to have Westpac on board.

“Aotearoa's vast marine estate is our gateway to global leadership. By harnessing ocean-based innovation, we're transforming our blue economy from potential to reality, and Westpac's partnership amplifies our momentum,” Ms Kuntzsch says.