A new Westpac NZ report reveals that transitioning to sustainable practices could significantly expand New Zealand’s marine economy, potentially contributing $14 billion to the economy by 2035, up from $10 billion (3.9% of GDP) in 2022.

The report, “A Sustainable Marine Sector,” emphasises the importance of shifting toward a “blue economy” model to meet international market demands and support the government’s export growth targets. Reuben Tucker, Westpac NZ’s Managing Director of Institutional & Business Banking, notes that New Zealand’s marine sector spans an area ten times larger than its landmass, presenting substantial opportunities for sustainable development.

Key growth drivers include climate change mitigation, increasing global sustainability requirements, and rising food demands from a growing world population. The aquaculture sector alone could see exports surge from $0.6 billion to $3 billion by 2035, particularly significant as aquaculture now produces more than half of the world’s seafood.

Emerging opportunities identified in the report include biotechnology, seaweed farming, and offshore renewable energy. To support this transition, Westpac has become the first bank to join Moananui, a non-profit alliance dedicated to developing sustainable ocean-related business opportunities in New Zealand.

Moananui CEO Jodie Kuntzsch welcomes Westpac’s involvement, stating that New Zealand’s extensive marine territory positions the country for potential global leadership in sustainable ocean innovation.