Blue Economy: Definition
Blue Economy is a concept that refers to the sustainable use of oceanic resources. This generic definition is fairly broad. The specific term varies depending on the organization involved in resource exploitation. The World Bank defines the Blue Economy as the sustainable use of oceanic resources for better livelihoods and job possibilities, as well as stronger economic growth. Along with maintaining the health of its ecology.
The Blue Economy encompasses a diverse range of economic activity. Examples of this are
- Aquaculture and fishing (for seafood harvesting).
- Exploration and extraction of marine natural resources, including oil and gas.
- Offshore windmills generate renewable energy.
- Trade and commerce-related applications (marine transportation, tourism).
- Environmental conservation (waste management, climate change mitigation via carbon sinks).
The Blue Economy concept was first promoted by the United Nations (UN) during the 2012 summit. It highlights that a healthy ecosystem leads to an increase in the productivity of marine resources. The UN also emphasizes the negative impact of unsustainable economic activities, pollution, habitat degradation, and other factors on marine ecology. According to the OECD, oceans are the “new frontiers of economic activity” with enormous potential for economic development, growth, wealth creation, innovation, and job expansion.
Blue Economy
The term “Blue Economy” refers to the responsible use of marine resources in a sustainable manner. It includes utilizing marine resources for economic development, transportation, exploration, and livelihoods. These activities must not negatively impact the marine and coastal ecosystems. The maritime economy is present in many economic areas, such as tourism, fishing, transportation and shipping, and oil and gas development, among others.
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Table of Content
- Blue Economy: Definition
- Factors Influencing The Blue Economy
- Significance of The Blue Economy
- Importance of The Blue Economy
- Challenges with The Blue Economy
- Blue Economy: Next Step