You probably have heard of the green economy, but do you know what is the meaning of blue economy? Read this article to discover more!
The World Bank defines the blue economy as the “sustainable use of ocean resources for economic growth, improved livelihoods, and jobs while preserving the health of ocean ecosystem.”
According to this definition, the sustainable sea economy is the equivalent of the green economy, focused on the use of marine resources.
Indeed, both the green and the blue economy aim at using the resources offered by our planed in a more sustainable way.
The Importance of The Blue Economy
The blue economy is perfectly aligned with the United Nation’s Sustainable Development Goal n. 14 Life Below Water: “Conserve and sustainably use the oceans, seas and marine resources for sustainable development”.
Like the green economy, this type of economic model aims for improvement of human wellbeing and social equity, while significantly reducing environmental risks and ecological scarcities.
This can have an impact on a wide range of economic sectors:
- The more conventional fisheries, aquaculture, maritime transport, coastal, marine and maritime tourism, or other traditional uses;
- The more innovative businesses such as coastal renewable energy, marine ecosystem services and seabed mining.
The goal is to find new ways of using this kind of resources in order to avoid the risk of destroying them, since this would have a negative impact not only on the environment, but also on the global economy.
Interesting Economic Facts
According to the UN estimates about the potential of the blue economy, every year, the ocean economy has an estimated turnover of between US$3 and 6 trillion.
The World Bank report on marine sustainable development states that fish stocks are exploited by illegal, unreported, and unregulated fishing, which is responsible for US$10–22 billion in unlawful or undocumented revenue.
In an article by FAO about the marine economy, it is said that worldwide, nearly 60 million people are directly employed in the fisheries and aquaculture sector.
If you enjoyed this article about the sustainable ocean economy, discover the opportunities offered by the circular economy.