The blue economy is an economic paradigm based on the sustainable and responsible management of marine and coastal resources. This approach aims to promote economic prosperity by recognising the intrinsic value and vital role of the oceans in global well-being.
Important notes on blue economy
- The Organisation for Economic Cooperation and Development (OECD) estimates that by 2030, ocean-related economic opportunities will be worth 5% of global GDP;
- The Food and Agriculture Organisation of the United Nations (FAO) and other international organisations have worked to promote the concept of the blue economy and provide guidelines for its implementation;
- A key element of the blue economy is the promotion of research and international collaboration for the shared management of marine resources. For example, through the establishment of marine protected areas, the regulation of industrial activities involving the oceans and the control of marine pollution.
The blue economy is closely linked to the concept of sustainability and the need to balance economic growth with environmental conservation. Economic activities related to maritime and coastal ecosystems are numerous and are expanding faster than global regulation. This expansion not only causes mutual damage and trade-offs between different activities, but above all endangers the health of ecosystems, the availability of resources and the wellbeing of communities that directly depend on such ecosystems and resources. The blue economy approach views the oceans and seas as a major source of economic opportunity, innovation and employment, as well as an attractive area for investment without compromising the health of marine ecosystems.
A sustainable approach to economic activities related to oceans and coasts includes several dimensions. For example, the blue economy requires the adoption of sustainable fishing practices to ensure the long-term availability of fish resources. It also encourages the development of sectors such as coastal tourism, marine renewable energy and marine biotechnology, which can create jobs and generate economic value without harming the environment.