Developing the Blue Economy

Traditionally, the ocean economy is viewed solely as a mechanism for economic growth. In this business-as-usual approach, large-scale industrial economies have developed the ocean economy by exploiting maritime and marine resources, often without considering how those activities impact the future health or productivity of those same resources. This has led to marine ecosystems being viewed and treated as limitless resources; the marine environment becoming a dumping ground for waste; overfishing diminishing fishing stocks; ocean habi- tats being degraded from coastal developments; sea-level rise impacting coastal communities and infrastructure; increasing ocean acidification; and the marginalisation of poor coastal communities. 

In response, there is a transition underway worldwide towards the blue economy, which views economic development and ocean health as complementary to one another. In the blue economy, the environ- mental risks of and ecological degradation from economic activity are mitigated or significantly reduced. Therefore, economic activity balances the ocean ecosystems’ long-term capacity to support this activity and remain healthy and resilient.1,2 

Despite recognising the benefits of the blue economy, the concept has yet to be mainstreamed worldwide for various reasons. For instance, while our scientific knowledge of the oceans, including coastal processes, fisheries science, marine biology, and so forth, are well developed, there is a lack of understanding on how best to develop and implement tech- nologies, investment strategies, and interdisciplinary partnerships that enhance synergies and reduce trade-offs between sectors in the develop- ment of a blue economy. There are many cases of initiatives worldwide that ignore blue economy concepts, even when they are obvious and proven to be beneficial to humans and nature.3,4,5 

As such, there is a need for innovative policies, technologies, and financing tools to accelerate the transition towards a blue economy that is low-carbon, efficient, and clean with its growth driven by investments that reduce carbon emissions and pollution; protect and restore blue carbon ecosystems; enhance the resilience of vulnerable coastal commu- nities; enhance food security and nutrition; and promote sustainable economic growth opportunities.6,7 

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