Advancing China's Sustainable Blue Economy 2025

173.1 Overview of global ocean accounting Ocean accounts are a comprehensive set of structured tables that compile and integrate data concerning ocean’s natural assets, use of those assets to support economic activities and social well-being, impacts of economic activities on the ocean environment and ecosystems, and governance conditions. These accounts apply the same accounting concepts and principles found in established frameworks like the System of National Accounts (SNA) and the System of Environmental-Economic Accounting (SEEA). By incorporating macroeconomic accounts, environmental- economic accounts, ecosystem accounts and structured data on ocean beneficiaries, technology, governance and management, ocean accounts provide a holistic view of the relationship between ocean wealth, ocean health, ocean economy and ocean governance. This integration allows for the accounting of legal, illegal, unreported and unregulated activities, as well as the assessment of natural assets (condition and extent), flows, wastes, expenditures, taxes and subsidies related to the ocean. Ocean accounts enable countries to move beyond traditional GDP measures to better manage and monitor progress toward SBE development. By integrating multiple data sets from various sources, these accounts help track changes in ocean wealth, ocean-related income and welfare, and ocean-based economic production. They create a common information infrastructure that supports evidence-based decision making on ocean governance, policy development and the effectiveness of policy outcomes, including strategically planning SBE development. Additionally, ocean accounts can facilitate private sector financing in the ocean economy and ecosystem restoration projects by providing investors with regularly updated and comparable data, enabling them to track the success of their portfolios. They also support the derivation of Beyond GDP indicators, enabling international comparisons and reporting on commitments like the Sustainable Development Goals (SDGs), Kunming-Montreal GBF and the Paris Agreement. By organizing and presenting information in accessible formats such as dashboards, scenarios, spatial plans and indicators, ocean accounts ensure that decision makers can easily understand and utilize the data for informed governance and sustainable development. The development of ocean accounting frameworks represents a critical and burgeoning approach to measuring and managing SBE development. More than 50 countries have reported undertaking some form of pilot ocean account, although the majority are sectorally narrow (only four have done a full Ocean Economy Satellite Account). Globally, progress has been made in establishing basic frameworks, providing SNA/SEEA compliant technical guidance and piloting approaches, particularly related to ocean and coastal ecosystems and ocean economy accounts. 3.1.1 The limitations of current global ocean accounting Despite significant progress, current implementation practices of ocean accounting remain focused on pilot studies and is experimental. These practices are yet to be established as official statistics. Comprehensive accounts need to be developed to be effective tools for holistic ocean management and sustainable development planning. The existing state of ocean accounting reflects both the complexity of measuring ocean-related economic activity and the historical focus on conventional economic metrics. Several limitations characterize current approaches, including the ability to understand and apply local knowledge for decision making (a significant area of research for the global community). These limitations must be addressed to ensure that ocean accounts are effective tools for comprehensive ocean management and sustainable development planning. Key considerations in implementing the ocean accounting framework are: 1) Variations in definitions of ocean-related activities and boundaries The Global Ocean Accounts Partnership (GOAP) Technical Guidance on Ocean Accounting clearly defines the scope of ocean-related activities, however the measurement approaches of blue, coastal activities and indirect ocean- related services vary significantly across jurisdictions. While ocean activities are defined by the Organisation for Economic Co-operation and Development (OECD) and others, countries still implement their own definitions, which leads to variations in what is included. For example, many have terrestrial components, while some also include freshwater lakes. The proportion (or “partial” in technical 3. Improving ocean accounting to support sustainable development jokuephotography/iStock.com