Ocean-related Investment

1. Outcome

This Circular provides guidance on compiling indicators of ocean-related investment within the Ocean Accounts framework. Investment is a critical driver of the ocean economy, encompassing public expenditure on coastal infrastructure and marine protection, private capital formation in ocean industries, and the emerging sustainable ocean finance market. Understanding the scale, composition, and trends of ocean-related investment enables policymakers to assess whether sufficient resources are being directed toward sustainable ocean development and conservation--including the targets set under Sustainable Development Goal 14 to increase the economic benefits from the sustainable use of marine resources (SDG 14.7) and to conserve at least 10 per cent of coastal and marine areas (SDG 14.5).

Upon completing this Circular, readers will understand how to measure gross fixed capital formation (GFCF) in ocean industries using thematic and extended accounting principles from the System of National Accounts^[1], compile indicators of public and private ocean investment disaggregated by sector and purpose, track sustainable ocean finance instruments including blue bonds and ESG-classified marine investments, and develop investment tracking methodologies that integrate physical and monetary data. Decision use cases for these indicators include tracking the effectiveness of blue bond proceeds in achieving marine conservation targets, measuring ocean-related GFCF as a share of national capital formation to inform infrastructure planning, and aligning investment reporting with TNFD and IFRS sustainability disclosure frameworks. The guidance supports the compilation of investment indicators that are consistent with SNA 2025 concepts and that can be linked to broader Ocean Accounts as described in TG-0.1 General Introduction, the statistical standards outlined in TG-0.2 Standards Overview, and the economic activity accounts presented in TG-3.3 Economic Activity Relevant to the Ocean.

Investment indicators derived from this guidance support analysis of ocean economy development pathways (TG-2.5 Ocean Economy Structure), sustainable finance monitoring (TG-1.7 OA and Multilateral Development Finance and TG-1.8 OA and Project-Level Finance), and resource efficiency assessment (TG-2.11 Resource Efficiency).

2. Requirements

This Circular requires familiarity with:

• TG-0.1 General Introduction to Ocean Accounts -- for the conceptual framework and key components of Ocean Accounts
• TG-0.2 Standards Overview -- for the international statistical standards underpinning ocean accounting, including SNA 2025, SEEA, and classification systems
• TG-3.3 Economic Activity Relevant to the Ocean -- for the ocean economy thematic and extended accounting framework, industry classifications, and supply and use table structures that provide the foundation for investment measurement

3. Guidance Material

Investment in the ocean economy encompasses the acquisition of fixed assets by enterprises and government for the production of ocean-related goods and services, as well as targeted expenditure on marine environmental protection and ecosystem restoration. This Circular provides methodological guidance for measuring and analysing ocean-related investment using the gross fixed capital formation (GFCF) framework from the System of National Accounts, supplemented by functional classifications for environmental expenditure and emerging standards for sustainable finance reporting. Investment measurement is directly relevant to SDG 14 targets, particularly SDG 14.7 (increasing economic benefits to small island developing States and least developed countries from the sustainable use of marine resources) and SDG 14.5 (conserving at least 10 per cent of coastal and marine areas), as tracking the flow of investment towards sustainable ocean activities provides evidence on whether these targets are being supported by adequate resource mobilisation.

3.1 Ocean Investment Framework

Investment in the ocean context can be organised into three conceptual categories that reflect different motivations, sources, and measurement approaches. This three-category framework provides a useful analytical structure but is not formally standardised in the SNA or SEEA. Countries may adapt these categories based on national policy priorities, provided that classification choices are documented to support transparency and comparability across compilations.

Categories of ocean investment

Ocean economy capital formation comprises investment by enterprises and government in produced assets used for the production of ocean-related goods and services. This includes vessels, port infrastructure, offshore platforms, aquaculture facilities, fish processing equipment, and marine research installations. Following the SNA definition, gross fixed capital formation "is measured by the total value of a producer's acquisitions, less disposals, of fixed assets during the accounting period plus certain specified expenditure on services that adds to the value of non-produced assets"^[2].

Environmental expenditure for ocean protection comprises expenditure by government, enterprises, and households on activities whose primary purpose is preventing, reducing, or eliminating pollution and other forms of degradation affecting marine and coastal environments. The SEEA Central Framework defines environmental protection activities as "economic activities whose primary purpose is preventing, reducing and eliminating pollution and other forms of degradation of the environment"^[3]. When directed at marine environments, this includes expenditure on coastal waste management, marine pollution control, and ecosystem restoration.

Sustainable ocean finance comprises financial instruments--including loans, bonds, equity, and investment fund shares--where proceeds are directed to activities that sustain or improve the condition of marine and coastal environments. The 2025 SNA introduces supplementary measures for ESG (Environmental, Social, Governance) finance and green finance, defining green finance as "finance for activities or projects that sustain or improve the condition of the environment"^[4]. For ocean-focused instruments, these are often termed "blue finance."

Ocean Investment Classification Table

Table 1 provides an overview of the principal types of ocean-related investment, their treatment in the SNA framework, illustrative ocean examples, and typical data sources for compilation.

Table 1: Ocean Investment Classification

This classification supports the disaggregation of ocean investment by purpose and source, enabling analysis of the balance between productive capital formation, environmental protection, and external financing flows.

Relationship to national accounts

Ocean investment indicators are derived from the broader national accounts framework and should be consistent with national totals. The ocean economy thematic and extended account structure described in TG-3.3 Economic Activity Relevant to the Ocean provides the organising framework. Within this structure:

• Ocean economy GFCF represents the subset of total national GFCF attributable to ocean industries
• Environmental expenditure for ocean protection represents a functional classification of expenditure that may cross multiple industries
• Sustainable ocean finance represents a supplementary classification of financial instruments by purpose

The sum of ocean economy GFCF across all ocean industries provides a measure of total capital investment in the ocean economy, which can be expressed as a share of national GFCF to indicate the investment intensity of ocean-related development.

Spatial and jurisdictional considerations

Investment measurement follows the residence principle of the SNA, attributing investment to the economic territory where the producing unit is resident. For ocean activities, this creates specific considerations:

• Investment in vessels registered in a country's ship registry is attributed to that country, regardless of where the vessels operate
• Offshore installations within a country's Exclusive Economic Zone (EEZ) are treated as being within the economic territory of the coastal state
• Investment by non-resident enterprises operating under licence within the EEZ (such as foreign fishing fleets) is attributed to the country of residence of the enterprise

The treatment of maritime investments has been clarified in SNA 2025, which provides guidance on the economic ownership of ships and offshore structures^[5]. For areas beyond national jurisdiction (ABNJ), the 2025 SNA notes that "where there is interest in organising data about these types of natural capital outside of the scope of the integrated framework of the SNA ... the accounting definitions and treatments of the integrated framework of the SNA and the SEEA can be applied"^[6]. This is relevant for investment in activities spanning EEZ and high seas areas. The entry into force of the BBNJ Agreement on 17 January 2026 may introduce new governance arrangements with implications for statistical treatment of investment in ABNJ; compilers should monitor developments in this area and consult TG-6.6 Deep-Sea and ABNJ for further guidance on accounting for activities in these zones^[7].

3.2 Public Investment Indicators

Public investment in the ocean economy comprises GFCF by general government in ocean-related produced assets, as well as government expenditure on marine environmental protection. Measurement draws on government finance statistics and the Classification of the Functions of Government (COFOG).

Government GFCF in ocean industries

Government capital formation in ocean industries includes investment in:

• Port and harbour infrastructure -- wharves, breakwaters, navigational aids, port terminals
• Coastal protection structures -- sea walls, groynes, beach nourishment works
• Marine research facilities -- oceanographic research stations, research vessels, monitoring infrastructure
• Fisheries management assets -- patrol vessels, monitoring systems, hatchery facilities
• Maritime safety assets -- lighthouses, coast guard facilities, search and rescue equipment

Where government GFCF is recorded by function using COFOG, the following classes are relevant to ocean investment^[8]:

• COFOG 04.5 -- Transport (including maritime transport infrastructure)
• COFOG 04.2 -- Agriculture, forestry, fishing and hunting (including fisheries management)
• COFOG 05.3 -- Pollution abatement (including marine pollution control)
• COFOG 05.4 -- Protection of biodiversity and landscape (including marine conservation)
• COFOG 03.2 -- Defence (including naval assets, where separately identifiable)

The Statistical Framework for Measuring the Sustainability of Tourism (SF-MST) notes that "government gross fixed capital formation may also be classified using COFOG and hence data for expenditures following the same classes ... may be available"^[9]. This approach can be adapted for ocean economy measurement. Guidance on integrating government fiscal classifications with ocean accounts is provided in TG-1.1 Budget Processes, which addresses COFOG concordances and the mapping of budget line items to ocean economy categories.

Government environmental expenditure for ocean protection

The SEEA Central Framework provides a framework for measuring total national expenditure on environmental protection (the Environmental Protection Expenditure Account or EPEA), which can be adapted for marine contexts. For ocean protection, relevant expenditure categories include^[10]:

• Wastewater management -- treatment of coastal and marine wastewater, prevention of marine pollution from land-based sources
• Waste management -- collection and treatment of marine debris, coastal cleanup operations
• Protection of biodiversity and landscapes -- marine protected area management, species conservation, habitat restoration
• Research and development -- marine environmental research, development of ocean-friendly technologies

Government environmental protection expenditure encompasses both current expenditure (operational costs of protection activities) and capital expenditure (investment in environmental protection infrastructure and equipment). The SEEA defines total national expenditure on environmental protection as including final consumption, intermediate consumption, and gross fixed capital formation on all environmental protection goods and services, plus capital formation for characteristic activities, plus relevant transfers^[11].

Indicator examples

From the public investment data, the following indicators can be derived:

3.3 Private Investment Indicators

Private investment in the ocean economy comprises GFCF by corporations in ocean-related produced assets. Measurement draws on business survey data, administrative records, and estimation techniques that identify the ocean-related component of broader industry investment.

Corporate GFCF in ocean industries

Following the industry classification approach in TG-3.3 Economic Activity Relevant to the Ocean, private sector GFCF can be compiled for core ocean industries and ocean-related industries.

Core ocean industries where investment is entirely ocean-related:

• Division 03 (Fishing and Aquaculture) -- vessels, nets, aquaculture pens, processing equipment
• Division 50 (Water Transport) -- ships, port equipment, navigation systems
• Class 0610/0620 (Offshore Petroleum) -- platforms, drilling equipment, pipelines
• Offshore renewable energy -- wind turbines, tidal installations, foundations

Ocean-related industries where the ocean component of investment must be estimated:

• Class 1020 (Fish Processing) -- processing plants and equipment for marine products
• Class 3011/3012 (Shipbuilding) -- shipyards, construction equipment, dry docks
• Class 5222 (Port Services) -- cargo handling equipment, terminal facilities
• Coastal tourism -- accommodation facilities with marine access, marine recreation equipment

For industries only partially related to the ocean, the methods described in TG-3.3 Economic Activity Relevant to the Ocean Section 3.3 for determining ocean-related shares can be applied to investment data.

Types of ocean-related assets

The SNA classification of produced assets provides the structure for recording GFCF. For ocean industries, relevant asset categories include^[12]:

Fixed assets:

• Dwellings and buildings -- coastal commercial buildings, port facilities, processing plants
• Other structures -- breakwaters, offshore platforms, aquaculture structures
• Transport equipment -- vessels of all types, offshore supply vessels, submersibles
• Machinery and equipment -- fishing gear, processing machinery, navigation equipment
• Intellectual property products -- marine research and development, software for ocean applications

Inventories (not GFCF but relevant for ocean economy measurement):

• Work-in-progress (fish in aquaculture pens approaching harvest)
• Finished goods inventories (processed seafood products)

Table 2 provides an illustrative asset breakdown for the aquaculture sector to demonstrate how investment can be disaggregated by asset type within a single ocean industry. This template can be adapted by compilers for other ocean sectors.

Table 2: Illustrative Asset Breakdown -- Aquaculture Sector Investment

Shares are illustrative and will vary substantially by country, species farmed, and production system. Compilers should derive actual shares from national data sources.

Investment in environmental technologies

Corporate investment in environmental protection technologies, sometimes called "end-of-pipe" or "integrated" investments, represents a specific component of ocean-related GFCF with analytical importance. The SEEA distinguishes^[13]:

• End-of-pipe investments -- technologies that treat or control emissions and discharges after they are generated (e.g., ballast water treatment systems, exhaust gas cleaning systems)
• Integrated investments -- modifications to production processes that prevent or reduce pollution at source (e.g., fuel-efficient vessel designs, sustainable aquaculture systems)

These investments contribute to both ocean economy development and marine environmental protection, providing a link between the economic and environmental dimensions of ocean accounting. The SEEA notes that "estimating the expenditure on integrated investments requires consideration of the general concerns in respect of measuring adapted goods" including the challenge of defining reference technologies against which "cleaner" alternatives can be compared^[14].

Indicator examples

From the private investment data, the following indicators can be derived:

3.4 Sustainable Ocean Finance Indicators

Sustainable ocean finance (often termed "blue finance") comprises financial instruments where proceeds are directed to activities that sustain or improve marine and coastal environmental conditions. The 2025 SNA provides a framework for measuring sustainable finance that can be adapted for ocean contexts.

Defining sustainable ocean finance

Following the SNA 2025 framework, sustainable ocean finance can be defined as a subset of green finance where the environmental focus is specifically marine and coastal^[15]. This includes:

Blue debt securities -- bonds and other debt instruments where proceeds finance ocean-positive activities:

• Blue bonds issued by sovereigns, corporates, or development banks
• Sustainability-linked bonds with ocean-related key performance indicators
• Green bonds with marine-focused use of proceeds

Blue loans -- loans where a significant share of the debtor's activities improve marine environmental conditions:

• Loans to sustainable fisheries enterprises
• Loans for marine renewable energy projects
• Loans for coastal ecosystem restoration

Blue equity -- equity investments in enterprises whose activities predominantly improve marine conditions:

• Investment in sustainable aquaculture
• Investment in ocean cleanup technologies
• Investment in marine biotechnology

The SNA recommends that sustainable finance be compiled as supplementary "of which" items within the financial accounts, enabling tracking without disrupting the standard accounts structure^[16]. The classification follows Table 35.3 of SNA 2025, which distinguishes debt securities, loans, equity, and investment fund shares/units, with "of which" items for ESG and green classifications.

At the time of drafting, no universally agreed "blue finance" taxonomy exists at the international level, although several regional standards provide partial coverage. The EU Taxonomy for sustainable activities includes technical screening criteria for activities contributing to the sustainable use and protection of water and marine resources, and several other jurisdictions are developing similar standards. Compilers should document which definitions and taxonomies are applied in their compilations and monitor developments in international standard-setting for blue finance classification to support future comparability^[17].

Measurement challenges

Measuring sustainable ocean finance presents specific challenges:

1. Definitional ambiguity -- unlike green finance more broadly, "blue finance" lacks universally agreed taxonomies or certification standards. Compilers must document which definitions are applied.

2. Self-labelling versus verification -- instruments may be self-labelled as "blue" by issuers, verified by second-party opinion providers, or certified against standards. The SNA notes that "a combination of approaches, potentially country specific, will need to be adopted" and that "to combat concerns about 'greenwashing', it is important to provide metadata indicating the levels of assurance provided"^[18].

3. Attribution of multi-purpose instruments -- green bonds with mixed use of proceeds (some marine, some terrestrial) require allocation methodologies.

4. Stock versus flow measurement -- both the outstanding stock of blue instruments and the transactions (issuance) during a period are of analytical interest.

5. International dimensions -- blue bonds may be issued in international markets and held by non-resident investors. The Balance of Payments and International Investment Position Manual (BPM7) provides guidance on recording these flows^[19].

The Taskforce on Nature-related Financial Disclosures (TNFD) recommends disclosure of the "value of green finance instruments used, such as green bonds and sustainability-linked bonds" as a core opportunity metric^[20]. TNFD also recommends tracking capital expenditure deployed towards nature-related opportunities by type of opportunity^[21]. For organisations reporting under TNFD, Ocean Accounts provide the structured data infrastructure needed to compile these disclosures.

Linking finance to outcomes

Measurement of sustainable ocean finance is most useful when linked to environmental outcomes. The SNA 2025 notes that "to support assessments of the effectiveness of sustainable finance, it is relevant to present data on the levels of investment in ESG and green activities ... alongside data about the outcomes arising from that activity"^[22]. For marine contexts, this means presenting blue finance data alongside:

• Changes in ecosystem extent (hectares of marine protected areas, mangrove coverage)
• Changes in ecosystem condition (coral reef health indices, water quality indicators)
• Changes in ecosystem service flows (sustainable fish catch, coastal protection services)

This integration is addressed in TG-3.1 Assets and TG-3.2 Flows from the Environment to the Economy. The TNFD emphasises that organisations should "connect" risk and opportunity metrics to relevant dependency, impact, and response metrics "where possible"^[23], reinforcing the importance of linking finance flows to environmental baselines. Detailed guidance on structuring project-level blue finance instruments--including blue bonds, debt-for-nature swaps, and results-based finance--is provided in TG-1.8 OA and Project-Level Finance. This Circular focuses on the indicator derivation and statistical measurement aspects; compilers should consult TG-1.8 for instrument-specific design and structuring guidance.

Indicator examples

From sustainable ocean finance data, the following indicators can be derived:

3.5 Investment Tracking Methodology

Effective tracking of ocean investment requires integration of multiple data sources, consistent application of classification criteria, and documentation of methods to ensure comparability over time and across countries.

Compilation procedure

The compilation of ocean investment indicators follows a systematic procedure that extracts investment data from national accounts and applies ocean-economy-specific classifications. The steps are:

Step 1: Identify ocean industries. Using the industry classification concordance in TG-3.3 Section 3.3, identify all ISIC classes that constitute the ocean economy. For each class, determine whether it is wholly ocean-dependent (ocean ratio = 1.0) or partially ocean-related (ocean ratio < 1.0).

Step 2: Extract GFCF data from national accounts. From the balanced national supply and use tables, extract the GFCF column for each identified ocean industry. If national SUTs aggregate industries above the ISIC class level, use supplementary business surveys or administrative records to disaggregate the relevant investment data. The GFCF column in the Use Table (see TG-3.3 Section 3.4, Table 1) provides investment by product category; the GFCF row by industry provides investment by producing industry.

Step 3: Apply ocean economy ratios. For partially ocean-related industries, multiply the GFCF by the ocean economy ratio estimated in TG-3.3. For example, if 40 per cent of coastal accommodation output serves marine tourism, apply a 0.40 ratio to the GFCF in accommodation.

Step 4: Disaggregate investment by asset type. Using business survey data or administrative records (vessel registries, port authority investment plans), disaggregate ocean economy GFCF into asset categories: dwellings and buildings, other structures, transport equipment (vessels), machinery and equipment, and intellectual property products. This disaggregation follows the SNA asset classification (SNA 2025 Chapter 13) and enables analysis of the composition of ocean investment.

Step 5: Compile government ocean investment from fiscal data. Extract government GFCF from government finance statistics, identifying ocean-related functions using COFOG classes (04.2, 04.5, 05.3, 05.4). Compile government environmental protection expenditure (current and capital) for marine purposes from EPEA data sources. The methodological guidance in TG-1.1 Section 3.3 addresses the mapping of COFOG classes to ocean functions.

Step 6: Compile sustainable ocean finance indicators. Identify blue bonds, blue loans, and other sustainable finance instruments from financial market data, central bank statistics, and securities regulator records. Classify instruments as blue finance where use of proceeds or performance targets are marine-focused. Document the taxonomy or criteria applied (e.g., EU Taxonomy, Climate Bonds Initiative marine criteria).

Step 7: Reconcile and validate. Ensure that the sum of ocean economy GFCF by industry is consistent with (though not necessarily identical to) the corresponding industries' investment in the broader national accounts. Document any adjustments made for ocean-specific estimation. Validate totals against alternative data sources (e.g., vessel registry investment records, port authority financial statements).

Worked example: Synthetic ocean investment tracking

Table 3 presents a worked example showing how ocean investment indicators can be compiled and presented for a hypothetical coastal state ("Country B"). All monetary values are in millions of US dollars.

Table 3: Ocean Investment Tracking -- Country B (Illustrative)

The data in Table 3 reveal several structural patterns. Ocean economy GFCF totals USD 860 million, representing 4.5 per cent of national GFCF, with private investment (USD 735 million) substantially exceeding government investment (USD 125 million). Offshore energy dominates private ocean investment at 43 per cent of private ocean GFCF, reflecting the capital-intensive nature of offshore oil, gas, or wind operations. Government ocean investment is concentrated in port infrastructure (68 per cent of government ocean GFCF), consistent with the public good characteristics of maritime transport infrastructure. Marine environmental protection expenditure (USD 80 million) is additional to GFCF and reflects ongoing operational and capital costs for marine conservation. The sovereign blue bond issuance of USD 200 million represents a significant sustainable finance flow, larger than total government ocean GFCF, suggesting that blue bond proceeds are being directed toward a mix of capital investment and operational marine conservation programmes.

Data sources

Ocean investment data can be derived from several sources:

National accounts and business statistics:

• Annual national accounts GFCF by industry
• Business register data on enterprise characteristics
• Capital expenditure surveys
• Investment intentions surveys

Government finance statistics:

• Government final consumption expenditure and GFCF by COFOG function
• Budget documentation and appropriations data
• Environmental expenditure surveys (following EPEA methodology)

Financial sector data:

• Central bank data on loans by sector
• Securities regulator data on bond issuance
• Stock exchange data on listed companies by sector

Administrative and specialised sources:

• Ship registration data (vessel values, new registrations)
• Maritime authority permits and licences
• Aquaculture facility registrations
• Port authority investment records
• Marine protected area management budgets

For guidance on survey methods and administrative data integration, see TG-4.2 Survey Methods and TG-4.3 Administrative Data.

Classification and attribution

Consistent classification is essential for time-series analysis. Compilers should:

1. Document industry classification -- specify which ISIC codes are treated as "ocean industries" and how ocean-related shares are estimated for mixed industries
2. Apply consistent boundaries -- maintain the same definitional boundaries for the ocean economy over time, documenting any changes
3. Reconcile to national totals -- ensure that ocean economy investment components sum to amounts consistent with (though not necessarily identical to) broader industry-level national accounts data
4. Distinguish current from capital expenditure -- apply consistent criteria for capitalisation thresholds

Quality assessment

Investment data quality should be assessed against dimensions of data quality established in statistical frameworks^[24]:

• Relevance -- do the investment indicators address user needs for understanding ocean economy development?
• Accuracy -- are estimates based on robust source data with manageable margins of error?
• Timeliness -- is the data available quickly enough to inform policy decisions?
• Coherence -- are ocean investment estimates consistent with broader national accounts and with other Ocean Accounts components?
• Comparability -- can the data be compared across countries and over time?

For newly compiled ocean investment accounts, compilers should document data quality limitations and plan for improvements over successive compilation cycles.

Reporting framework

Ocean investment indicators should be presented in a format that facilitates policy use. A recommended reporting framework includes:

1. Summary table -- headline investment indicators for the most recent period and previous periods
2. Investment by institutional sector -- government versus private sector investment
3. Investment by ocean industry -- disaggregated by fishing, aquaculture, shipping, offshore energy, etc.
4. Investment by asset type -- structures, vessels, equipment, intellectual property
5. Environmental investment -- investment specifically for marine environmental protection
6. Sustainable finance -- blue bonds, blue loans, and other purpose-classified instruments
7. Methodological notes -- documentation of sources, classifications, and estimation methods

Table 4 provides an illustrative summary table template showing how key investment indicators might be presented in a country's ocean accounts publication.

Table 4: Illustrative Ocean Investment Summary Template

This template enables users to observe trends and assess the relative scale of ocean investment across institutional sectors and financing channels. Where possible, investment data should be accompanied by contextual indicators from related accounts (ocean GVA, employment, ecosystem extent) to support interpretation.

4. Acknowledgements

This Circular has been approved for public circulation and comment by the GOAP Technical Experts Group in accordance with the Circular Publication Procedure.

Authors: V.N. Attri

Reviewers: GOAP Technical Experts Group

5. References and Further Reading

For additional guidance on the topics covered in this Circular, see:

• TG-0.2 Standards Overview -- for the international statistical standards underpinning the investment measurement framework
• TG-1.1 Budget Processes -- for guidance on government fiscal classifications and COFOG concordances
• TG-1.7 OA and Multilateral Development Finance -- for guidance on using Ocean Accounts in development finance contexts
• TG-1.8 OA and Project-Level Finance -- for guidance on blue bonds, debt-for-nature swaps, and other sustainable finance instruments
• TG-3.3 Economic Activity Relevant to the Ocean -- for the ocean economy thematic and extended accounting framework underpinning investment measurement
• TG-6.6 Deep-Sea and ABNJ -- for guidance on accounting for activities in areas beyond national jurisdiction