Designing a blue technology barometer

THE BACKGROUND

FINANCE FOR IMPACT contributed to the creation of the MIT Blue Technology Barometer, a tool ranking 66 coastal countries, and territories on their progress and commitment toward protecting ocean sustainability. The lead developer for this innovative tool was the MIT Technology Review, a leading voice in the fields of technology and sustainability.

THE PROJECT

The Barometer measures the performance of these countries and territories across four specific pillars: ocean environment, marine activity, technology innovation, and policy & regulation. Within each pillar, a series of indicators—a list of qualitative and quantitative factors—were selected and populated. The Blue Technology Barometer was developed through the analysis of select datasets and primary research interviews with global blue technology innovators, policymakers, and international ocean sustainability organizations. FINANCE FOR IMPACT provided support to create the Barometer. Our team is committed to equipping market participants with the insights and analytical tools they need to manage risks and integrate environmental, social, and governance considerations into decision-making. Today, a large part of our project portfolio supports the creation of sustainable growth paths for innovation, entrepreneurship, and the establishment of new initiatives in the blue economy, ranging from ocean-related ESG metrics to blue fund strategies.

THE RESULTS

The top 10 scorers in the barometer for 2021—the “blue technology leaders”—are all advanced economies and, with the important exception of South Korea, are all Western economies. At 7.83, the United Kingdom ranks first, in large part because of its blue technology ecosystem and its leadership position in offshore renewable energy facilities, which includes the world’s largest offshore wind farm. Germany follows closely, at 7.54; the German government has been a strong advocate and investor in coastal marine conservation at home and abroad. The United States (7.23) ranks fourth, propelled by the strength of its blue technology innovation sector. Four Nordic countries, which have collaborative solutions-minded governments and deep digital technology innovation ecosystems with numerous links to their maritime economies, are in the top 10: Denmark (7.37), Finland (6.93), Norway (6.92), and Sweden (6.71) rank third, fifth, sixth, and eighth, respectively.