Blue Economy Explained
The Blue Economy is the responsible use of ocean and sea resources for the growth of the country’s economy while at the same time preserving the ecosystem. It is not only concerned with the marketed benefits but also with some non-marketed benefits such as coastal protection and carbon storage. B.E (Blue Economy) has different economic sectors and policies which determine whether the use of sea and ocean is sustainable. The Blue Economy works towards proper management of the resources ocean sustainably and the realization of the management of these resources.
B.E concept is vital for development. It includes the conservation of ecology and economic benefits. The success of B.E is defined by the measures of the balance of social and economic aspects. Based on the research of experts on matters of the blue economy, there are two critical fields to look at; the extensive initiatives of the blue economy focus on the economic gain at the expense of environmental degradation, and the successful interventions incorporated into economics, social-cultural, and ecological objectives. The Covid-19 global pandemic, however, challenged the blue economy sector, and rebuilding it requires a very strong political commitment to make it realize a balance between economic, environmental, and societal benefits.
The seas offer a vital source of energy and minerals and can be put into multiple activities such as fisheries, aquaculture, and trade. Maritime transport in terms of bunkers, containerships, and ports for the vessels also plays a major role in the globalization market. Blue economy has been highlighted by the United Nation as what is exactly required to implement SDG 14, Life below Water. The United Nations further iterates that Blue Economy should enhance social inclusion, promote economic development, and ensure the environmental sustainability of oceans and coastal areas. The blue economy is working to develop new emerging sectors that have been almost nonexistent 20 years ago. These include; marine energy and biotechnology and blue carbon sequestration.
The benefits of the Blue Economy
Among the benefits of a blue economy are;
1. An appreciable potential for a very high and fast GDP growth.
2. It’s a foundation of sustainable development in the country.
3. It contributes to the growth, development, and innovations in the coastal region- where more than 40% of the world’s population lives.
4. Marine and Maritime sectors of offshore energy are developed.
5. It protects intangible blue resources such as carbon sequestration.
6. The Blue Economy also offers millions of jobs to people in different sectors such as fisheries.
However, the Blue Economy is not without challenges.
1. There is pollution and associated climate change and the destruction of maritime ecosystems. Terrorism and piracy have also posed maritime insecurity.
2. There is a gender imbalance in the blue economy sector where women occupy less than 1% of this sector.
With these challenges, potential solutions have been identified.
1. The organization of a summit by Japan, Kenya, and Canada will serve as the starting point for greater innovations.
2. Small fishermen are granted incentives to adopt sustainable practices.
3. There is an encouragement to engage in protected maritime activities to increase and recover the productivity of the sea.
The blue economy is vital for the development of coastal cities all over the world. In Africa, such cities are Mombasa in Kenya, Durban, and Pretoria in South Africa, and Dar es Salaam in Tanzania. When properly embraced and managed, it will contribute greatly to the economy of the countries.
