1.

Introduction
This report aims to study the importance of blue economy and the contribution of blue
economy across the globe. The understanding of this concept will help students to
grasp the idea of sustainability and development and how it is essential for us to
establish a sustainable development program in today’s world where pollution and
disruptions are taking over the natural resources of this world. Before proceeding it is
vital to make sure that we are aware of what blue economy is. This report will cover the
basic knowledge of blue economy its benefits and implications across the globe.
1.1. Background to the report
The Blue economy also known as “Ocean economy” is a new notion that took place in
the United Nations Conference in 2012, A conference on sustainable development in
Rio de Janeiro. Blue economy a component of sustainability is considered to be
representing the durability of oceans in the longer run, how the healthy ocean life can
provide economic, social as well as environmental benefits (Godfrey, S. S., 2016).

2. What is blue economy?

The topic of this report revolves around a developing-world project (Blue economy) that
is functioned by SIDS. Even though the project is being led by SIDS it holds great
significance for maritime nations and countries that are fascinated towards waters
beyond their borders. Unlike SIDS that has been heavily reliant on the seas for the
survival of nation, Blue economy is a vast approach. It is known to be an Ocean-based
economy encompassing several other aspects. Looking from the Blue ocean’s
perspective an ocean is more a “development space” that serve to integrate the process
into spatial planning. The process include conservation, minerals and oil riches
extraction, sustainable consumption, coastal transportation, bioprospecting, and
sustainable energy production (Sustainable development. Un. org, 2021).
The blue economy has become an integral component for it encourages the sustainable
consumption of ocean’s resources, preserving the life of ocean along with. It promotes
sustainable development on a wider spectrum at both national and international levels.
The elements in the success of the blue economy within the industries has been

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investments, global agreement and cooperation, and technological innovation
(Upadhyay, D. K. and Mishra, M., 2020).
2.1. Significance of blue economy
Oceans play an important role in building the economy of a nation for they conserve
ecosystems, absorbs estimated 30% of the global carbon emissions, generate
opportunities for employment and food and keeps the world temperate. The general
health of oceans is deteriorating and needs attention for it contributes at least 3 to 5
percent of global GDP (Worldbank.org, 2021).
2.2. Threats to Oceans
The issues concerned are fish populations getting overfished, declining marine and
coastal health due to bad climate, erosion in the coastal zones being created because
of aggressive development and marine pollution that has been increasing bat alarming
rate especially due to land based sources (Worldbank.org, 2021).
Land and water operations for instance, “ghost gear, ship coatings, plastic pollution, and
emission of several toxic compounds” creates maritime pollution that negatively affects
the shipping, tourism and fisheries. Trash pollution on the other hand has been a
popular controversial topic of the decade, as per the statistics of 2016 it has been stated
that the amount of plastic will be found more than the fish population in the ocean
(World Economic Forum, 2016; Shaw et al., 2019; Weforum.org, 2016).
Moreover, aquaculture and tourism are also affected due to disruptions on the ocean
floors that occurs due to sand and gravel mining and the pollution created from fishing
methods and equipment. Similarly, the coastal infrastructure is in danger because the
increasing water levels are opening gates for storms of higher frequency and severity
(Shaw et al., 2019).
The businesses will have a negative impact for worsened social and environmental
consequences, noticeably the women and girls (vulnerable sector of the economy) will
be disproportionately impacted (Worldbank.org, 2021).

3. Contributions of Blue economy

3.1. Established sectors of Blue economy
Sector Contribution/activity

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Fishing Seafood processing, maintaining
aquaculture, enhancements in the field of
fishery. Fishing harbors, processing
technologies and landing sites are
gaining sources of coastline cities and
countries for they provide nations with
major job opportunities and economic
benefits (Ababouch, L. and FIPI, 2021).

Marine renewable energy Marine renewable energy initiated

through PBE (Powering the blue
economy) intends to provide an aces to
clean water and robust sources of energy
in the island communities and marine
nations (Energy.gov, 2021).

Coastal tourism The facilities and leisure areas developed

for the tourists are worthy of discussion.
Tourists visit the coastlines and can enjoy
scuba diving, swimming, watching bird,
sailing and jet skiing, boating and many
other fun activities that generate the
nation a major revenue (Roy, 2019).
Mineral extractions Mineral extractions are a vital plan of the
Blue economy project of it has a wide
variety of industrial applications for
instance, green technology. For this
particular reason the extractions of
minerals from ocean floors has caught
the attention of engineers. A major of the
governmental investments has been
made in mineral extractions in the
investigation of deep sea deposits
(Wenhai et al., 2019).

1. https://sustainabledevelopment.un.org/content/documents/2978BEconcept.pdf

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 2. https://www.tandfonline.com/doi/abs/10.1080/09733159.2020.1785087?
journalCode=rnmf20#:~:text=ABSTRACT-,ABSTRACT,of%20sustainable
%20and%20inclusive%20development.
3. https://www.worldbank.org/en/topic/environment/brief/the-world-banks-blue-
economy-program-and-problue-frequently-asked-questions
4. https://www.metabolic.nl/publication/value-at-risk-in-the-blue-economy/
5. https://www.weforum.org/press/2016/01/more-plastic-than-fish-in-the-ocean-by-
2050-report-offers-blueprint-for-change/
6. https://www.afdb.org/fileadmin/uploads/afdb/Documents/Events/DakAgri2015/
Fisheries_and_Aquaculture_in_the_Context_of_Blue_Economy.pdf
7. https://www.orfonline.org/research/blue-economy-in-the-indian-ocean-
governance-perspectives-for-sustainable-development-in-the-region-47449/
8. https://www.energy.gov/eere/water/marine-energy-blue-economy
9. https://www.tandfonline.com/doi/abs/10.1080/09733159.2016.1175131?
journalCode=rnmf20#:~:text=The%20concept%20of%20%E2%80%9COceans
%20Economy,Rio%20de%20Janeiro%20in%202012.&text=This
%20sustainability%20aspect%20is%20also,for%20both%20animals%20and
%20humans.
10.

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