All about the blue economy

Table of Contents

 “Every drop of the ocean is a drop of life for us” – John F. Kennedy.

Oceans cover 71% of the Earth’s surface! This shows the extent of the oceans. These vast blue areas are home to more than 50% of the species on the planet. If we wanted to express the importance of the oceans in one sentence, we could say that “ the oceans are a key determinant of environmental and human health”.

The oceans play a fundamental role in maintaining biodiversity and sustainability. However, human activities are threatening these blue areas. Water pollution and unscrupulous fishing of aquatic animals are among the most harmful human actions against the oceans.

Oceans are very important for the life of humans and other creatures on Earth. What can be done to stop the damage and prevent further damage? The concept of sustainability is one of the concepts that has become very important in recent years. Ocean sustainability means the conservation and optimal management of biological resources, the environment, and the health of these vital ecosystems to ensure a sustainable life on this planet for future generations.

Ocean Economy

In recent decades, the concept of the ocean economy has been widely discussed among economists as a broad concept.

What is the ocean economy?

This concept refers to the economic activities related to the oceans and seas, including fisheries, aquaculture, shipping, maritime trade and transportation, exploitation of resources such as oil and gas, coastal and marine tourism, energy production from marine resources (such as wave and wind energy), and conservation and management of the biological resources of the seas and coasts.

Aquaculture is an important pillar of the ocean economy. Aquaculture contributes to the ocean economy through food supply, economic development, technological growth, trade, and conservation of natural resources.

Fisheries and aquaculture provide food, jobs, and economic growth. However, overfishing has threatened marine ecosystems and depleted fish stocks. To mitigate these challenges, sustainable fishing practices such as enforcing catch limits, protecting aquatic habitats, and promoting responsible aquaculture should be adopted.

Blue Economy

One of the concepts associated with the ocean economy is the blue economy. The World Bank defines the blue economy as “the sustainable use of ocean resources for economic growth, livelihoods, and the health of the ocean ecosystem”.

The term “blue economy” refers to an economy based primarily on marine resources and activities related to the seas and oceans.

This concept was born from the importance of water resources and oceans to the global economy and their role in international trade, transportation, environmental protection, and food supply.

A look at the available statistics can determine the importance and scale of the blue economy. The value of the blue economy is estimated at more than $1.5 trillion per year worldwide. In addition, the blue economy provides jobs for more than 30 million people and provides protein for more than three billion people worldwide.

Regions with access to oceans and seas have the potential to be major beneficiaries. This access to the oceans creates great opportunities for the people of these regions. Economic growth, food security, and job creation are just some opportunities the oceans offer them. Of course, it should be noted that the destruction of marine resources causes great damage to them; this is one of the reasons for the need for sustainable development and responsible use of water resources around the world.

In recent years, some countries have made many investments in the field of blue economy. The United States of America is at the top of the list of investors in this field, followed by the United Kingdom, Indonesia, and Norway.

Sustainable aquaculture

Sustainable aquaculture has been identified as a key investment opportunity for the blue economy. Sustainable aquaculture has been identified as a key investment opportunity for the blue economy, according to a new report from Morgan Stanley.

According to the report, more than $3 trillion will need to be invested in protecting the oceans in the coming years to help them cope with climate change, protect biodiversity, and support economic growth.

Fish and shrimp farming is considered one of the most important sectors of aquaculture. Shrimp farming is linked to the blue economy through protein supply, export and income generation, environmental protection, and sustainable development.

The blue economy of shrimp farming includes innovative solutions to address unsustainability issues.

Blue technology

Blue technology plays an important role in the development and sustainability of the blue economy. Blue technology refers to the application of innovative and sustainable practices in the marine and ocean sectors to address environmental challenges and contribute to economic development. Blue technology encompasses a wide range of technologies and solutions aimed at sustainably harnessing the ocean’s potential.

The adoption of blue technology aims to promote responsible use of ocean resources, reduce negative impacts on marine ecosystems, and stimulate economic growth through the development of new industries and employment opportunities related to the blue economy.

References:

https://www.lse.ac.uk
https://thefishsite.com/articles/sustainable-aquaculture-identified-as-key-blue-economy-investment-opportunity

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