What is Blue Economy?

"Blue economy is an emerging concept which encourages better stewardship of our ocean or 'blue' resources."

The term ‘blue economy’ refers to the exploitation, protection, and regeneration of the marine environment in terms of economics. Its breadth of interpretation differs among organizations. However, when discussing a sustainable development approach to coastal resources, the word is most commonly employed in the context of international development. This can cover a wide range of economic sectors, from traditional fisheries, aquaculture, maritime transport, coastal, marine, and maritime tourism, or other traditional uses, to more emerging areas like coastal renewable energy, marine ecosystem services (i.e. blue carbon), seabed mining, and bio prospecting.

Blue economy is an emerging concept which encourages better stewardship of our ocean or 'blue' resources.
“Blue economy is an emerging concept which encourages better stewardship of our ocean or ‘blue’ resources.”

The World Wildlife Fund’s Principles for a Sustainable Blue Economy seek to summarize the notion of the Blue Economy in order to ensure that ocean economic development leads to true prosperity. The paper contends that a sustainable Blue Economy should be controlled by inclusive, well-informed, adaptive, accountable, transparent, holistic, and proactive public and private systems. To achieve these objectives, public and private actors must establish measurable goals, assess and communicate their performance, establish adequate rules and incentives, effectively govern the use of marine space, develop standards, recognize that marine pollution typically originates on land, and actively collaborate to promote change.

Definition of blue economy

According to the World Bank, the blue economy is the “sustainable use of ocean resources for economic growth, improved livelihoods, and jobs while preserving the health of ocean ecosystem.”

The European Commission defines it as “All economic activities related to oceans, seas and coasts. It covers a wide range of interlinked established and emerging sectors.”

What is blue economy? | Photo: US Government
What is blue economy? | Photo: US Government

The Commonwealth of Nations considers the blue economy “an emerging concept which encourages better stewardship of our ocean or ‘blue’ resources.”

Conservation International adds that “blue economy also includes economic benefits that may not be marketed, such as carbon storage, coastal protection, cultural values and biodiversity.”

The Center for the Blue Economy says “Blue economy is now a widely used term around the world with three related but distinct meanings- the overall contribution of the oceans to economies, the need to address the environmental and ecological sustainability of the oceans, and the ocean economy as a growth opportunity for both developed and developing countries.”

- Advertisement -
Md. Mizanur Rahaman Mizanhttps://www.mizanurrmizan.info
Md. Mizanur Rahaman Mizan aka Mizanur R. Mizan is a freelance writer from Bangladesh who has interests in teacher-education, research, literature, international affairs, history, and sports. Mizan likes watching different kinds of films and listening to pop and classical songs. Follow him on ResearchGate or join him on other social media.
Category's Most Popular

Elon Musk’s Starlink wants to provide internet service in Bangladesh from 2023; $99 per month

Elon Musk's internet service provider Starlink has started providing internet services in different countries. The company is working to increase the scope...

What is Industry 4.0? Concept, definition, history, design principles, smart factories of Industry 4.0 and challenges

The fourth industrial revolution or Industry 4.0 is currently a hot topic. This article provides readers with an overview of the fourth...

What is continental shelf and its Origin? What is the formation or structure of continental shelves?

Continental shelves are a component of the continent even though they are submerged. The margin of the continental shelf, not the coast, is where...

Understanding Stock Market— Definition, Functions and Importance of Stock Market and How It Works

Table of contentsWhat Is the Stock Market?Understanding the Stock MarketHow the Stock Market Works?What Are the Functions of a Stock Market?What Is...

Information about IFIC Bank Aamar Account

Table of contentsIFIC Aamar AccountFeatures IFIC Aamar AccountMandatory Documents for IFIC Amar AccountOptional Documents for IFIC Amar AccountNominee for IFIC Amar AccountFor...

SPFS is the SWIFT alternative in Russia; How SPFS Works

SPFS (Russian: Система передачи финансовых сообщений (СПФС), romanized: Sistema peredachi finansovykh soobscheniy, lit. 'System for Transfer of Financial Messages') is a Russian equivalent...

Redmi Note 11 Comes with AMOLED Display and 50 MP Camera, What Is the Price in Bangladesh?

Redmi Note 11 Comes with AMOLED Display, What Is the Price in Bangladesh? Xiaomi on Monday unveiled the first smartphone in the locally made Note...

Digital Loan App— definition, advantages, disadvantages and safety

Who doesn't need money? There are events in our life that often require us to spend money in various sectors. Not all...
Related Articles

Digital Loan App— definition, advantages, disadvantages and safety

Who doesn't need money? There are events in our life that often require us to spend money in various sectors. Not all...

What is Industry 4.0? Concept, definition, history, design principles, smart factories of Industry 4.0 and challenges

The fourth industrial revolution or Industry 4.0 is currently a hot topic. This article provides readers with an overview of the fourth...

Understanding Stock Market— Definition, Functions and Importance of Stock Market and How It Works

Table of contentsWhat Is the Stock Market?Understanding the Stock MarketHow the Stock Market Works?What Are the Functions of a Stock Market?What Is...

Adolescence: Importance of Defence Strategies and Role of Social Media in Adolescent Conflict Management

Adolescence is a very important period in a person's life. At this time the change or growth of the body of the...

LEAVE A REPLY

Please enter your comment!
Please enter your name here