These trends should come as no surprise. "Blue ocean" was flagged as a metaphor for a space for limitless business opportunities as early as 2005, when W. Chan Kim and Rénee Mauborgne published the ground-breaking book, Blue Ocean Strategy. They contended that many companies were competing in so-called "red ocean" established markets with an existing number of competitors and often razor-thin margins, such as low-cost family cars.

Conversely, they argued, "blue ocean" markets provide an underdeveloped business space ripe for innovation with vast opportunities for sustainable and profitable growth－for instance the fully electric cars developed by Tesla Motors.

This potential is rapidly being realized. Businesses now have a choice: compete in crowded markets of the "red ocean" with increasing financial, climate and nature-related risks, or explore the largely uncontested potential of blue ocean.

Large enterprises are pivoting to ride the blue wave. A study commissioned by High Level Panel for a Sustainable Ocean Economy on Ocean Solutions that Benefit People, Nature and the Economy published last year found that sustainable ocean investments could produce $15.5 trillion in net benefits by 2050 and build future-focused industries that generate six times more food and 40 times more renewable energy.