What is the blue economy and why is it significant?



What is the blue economy and why is it significant?

As per the World Bank, Blue economy refers to the sustainable use of the ocean's resources for economic growth, improved livelihoods, and jobs while preserving the health of ocean ecosystem.

Let's, first of all, get acquainted with a few important facts:
  • 80 percent of international goods are traded through sea transport.
  • Millions of people visit oceans and coastal areas for tourism purpose.
  • The fisheries industry makes more than 80 billion dollars in profits.
  • The majority of the litter in the oceans is land-based. 

The United Nations has laid down goals for sustainable development and one of them focuses on "life below water" (SDG14). The blue economy definitely helps in achieving that by promoting society to gather for a collaborative effort towards ocean preservation.

The oceans are primarily used for shipping purposes, commercial fishing purposes, and oil, gas, minerals, and mining industry. All these slowly degrade the quality of resources and increases the risk of losing scarce resources which we obtain from the oceans. They also lead to pollution and subsequently global warming. The blue economy concept plays the role of controlling the negative outcomes and improving the human well being and social equity.

Island States: The countries which have less land mass and abundant coastal areas surrounding it are island states. The economy in these states will hamper if the marine resources are destructed. The majority of employment in these places comes from tourism, fishing, and mining. By implementing measures that help in simultaneous waste management, these states can retain their sanctity for future generations to cherish. Not to forget, the waste management helps in maintaining an optimum environment for fishes to breed and therefore provide food security along with some help in poverty reduction.

The renewable energy generated through hydropower projects is also dependent on these water resources and therefore help in the social and economic development of the states. These measures also would contribute towards carbon sequestration which is really helpful in mitigating or at least deferring global warming. Carbon sequestration involves capturing carbon and storing atmospheric carbon dioxide for a long period of time.

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Coming up Next: What is a derivative contract and what is it used for?

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