The blue economy is a significant driver of economic growth in the State and Metropolitan Region of Rio de Janeiro, accounting for an estimated 27-44% of state GDP, with activities highly concentrated in the metropolitan region. The state government is currently implementing several blue economy policies, including a State Policy on the Sea Economy, a Blue Economy Management Project, and programmes fostering blue innovation and good governance of the Guanabara Bay. However, gaps related to policy making, coherence and implementation need to be addressed to unlock the potential of a more resilient, inclusive, sustainable and circular (RISC-proof) blue economy in the metropolitan region. Based on a policy dialogue with the State Secretariat of Environment and Sustainability and 100+ stakeholders from the public, private and non-profit sectors, this policy paper analyses the state of play of the blue economy in the state and metropolitan region, identifies the main governance gaps, and recommends an action plan towards a RISC-proof blue economy in the Metropolitan Region of Rio de Janeiro.