From carbon dioxide absorption to temperature regulation to the fact that 90% of our goods are shipped across open waters—the importance of the ocean to our ecosystems and economy can’t be overstated.
But the ways we think about and use the ocean’s wealth of resources need to be reimagined.
Kate Moran and Julie Angus know a thing or two about the ocean, and both believe Canada has the potential to become a leading blue economy by empowering new technologies, entrepreneurs, and sustainable solutions.
Angus rowed the Atlantic in 2006 before co-founding a clean-tech startup—Open Ocean Robotics—that uses autonomous boats to gather ocean data. Moran received her PhD in ocean engineering from Dalhousie on Canada’s east coast before advising the Obama Administration on matters of marine science. She now heads Ocean Networks Canada, the world’s largest and most advanced cabled ocean observatory.
Moran and Angus’s organizations have already introduced exciting technologies to map, monitor, and analyze ocean data for scientific and commercial applications. University accelerator and commercialization programs can help entrepreneurs and scientists build even more, they say, while governments can directly support the sector through procurement, as ocean tech and data becomes increasingly important to economic, environmental, and defense interests.
Canada can be a global leader in the ocean’s future. Both Angus and Moran see no better time than the present to invest in it.
1. Ensuring healthy oceans is critical to a sustainable future
The ocean absorbs 90% of the planet’s excess heat, produces over half of the world’s oxygen, and absorbs roughly 30% of the carbon dioxide pumped into the atmosphere. Oceans are crucial for our survival and also present immense opportunities for innovation and economic growth.
2. Canada has what it takes to lead a new approach to oceans
By 2030, the global oceans economy is set to be worth US$3 trillion, according to the OECD, and Moran believes it’s likely to be worth even more. Canada has the coastline, ample technical expertise, and strong complementary know-how in areas like AI to seize economic opportunities in critical areas of negative carbon aquaculture management, ocean renewable energy infrastructure, autonomous marine technology, and net-zero marine transportation systems, Moran believes.
3. Indigenous communities have a role to play in marine sustainability
Significant swaths of Canada’s three coasts are inhabited by Indigenous communities. As proven stewards of the land, they should play a leading role in Canada’s ocean sector. Providing technology to Indigenous populations can empower communities and enhance collaboration towards a sustainable future for our country as well as our oceans.
4. We need to harvest the bounty of data the ocean holds
A stunning 70% of our planet is covered in ocean, yet 80% of it remains unexplored, unobserved, and unmapped. Technological advances mean we’re more prepared than ever to capture and analyze ocean trends. Real-time data collection can help us better understand ocean ecosystems, the effects of climate change, and help us safeguard the Arctic and curb illegal fishing.
5. Let’s attract more innovators to the marine space
Angus believes university accelerators and incubators are key to unlocking the next wave of innovation. But we also need to enable more collaboration between entrepreneurs, large industry and government. Moran and Ocean Networks Canada have already begun engaging with oil and gas companies that see the need for sustainable ocean development.
As Senior Vice-President, Office of the CEO, John advises the executive leadership on emerging trends in Canada’s economy, providing insights grounded in his travels across the country and around the world. His work focuses on technological change and innovation, examining how to successfully navigate the new economy so more people can thrive in the age of disruption. Prior to joining RBC, John spent nearly 25 years at the Globe and Mail, where he served as editor-in-chief, editor of Report on Business, and a foreign correspondent in New Delhi, India. He is the author of three books and has a fourth underway.
This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.
Non-U.S. Analyst Disclosure: Jim Allworth, an employee of RBC Wealth Management USA’s foreign affiliate RBC Dominion Securities Inc. contributed to the preparation of this publication. This individual is not registered with or qualified as a research analyst with the U.S. Financial Industry Regulatory Authority (“FINRA”) and, since he is not an associated person of RBC Wealth Management, may not be subject to FINRA Rule 2241 governing communications with subject companies, the making of public appearances, and the trading of securities in accounts held by research analysts.
In Quebec, financial planning services are provided by RBC Wealth Management Financial Services Inc. which is licensed as a financial services firm in that province. In the rest of Canada, financial planning services are available through RBC Dominion Securities Inc.