Blue Economy- At a Glance
Oceans cover three quarters of the Earth’s surface, contain 97% of the Earth’s water, and represent 99% of the living space on the planet by volume . Our atmosphere and the climate rely on oceans, which absorb half of the greenhouse gases emitted by the humans . As a result of human activity, the oceans are under tremendous threat. Pollution, acidification, and rising temperatures all threaten the delicate balance upon which all of humanity relies. At the same time, the oceans also provide opportunities for prosperity. The worldwide ocean economy is valued at $1.5 trillion a year and is forecast to rise to $3 trillion annually by 2030 .
Our coasts are some of the most developed and heavily populated land zones globally . According to the UN , over 600 million people live in coastal areas less than 10 meters above average sea level, and over 2.4 billion live within 100 km of the coast. Exclusive Economic Zones (EEZ) are a concept adopted at the 3 rd United Nations Conference on the Law of the Sea (1982-2012) through which a coastal State can assume jurisdiction over the exploration and exploitation of marine resources in its adjacent section of the continental shelf, defined as the area 200 miles from shore.
Explore the EEZs of countries around the world:
The Blue Economy is comprised of water and ocean-based industries, natural assets, and ecosystem services, and are an immense resource for economic growth . The World Bank defines the Blue Economy as the sustainable use of ocean resources for economic growth, improved livelihoods and jobs, and ocean ecosystem health.
The Blue Economy is an emerging focus area for sustainable development that is comprised of both mature and emerging industries. Mature blue industries include maritime transport, shipbuilding and port infrastructure, fishing, and offshore platforms for hydrocarbon extraction. Emerging blue industries include renewable marine energy production (or “blue energy”), maritime biotechnology (or “blue biotechnology”), subsea mapping and mining, and numerous forms of aquaculture.
Challenges in Achieving the Blue Economy’s Potential
The potential for developing the Blue Economy is limited by many challenges. These challenges include marine pollution, destruction of coastal and marine landscapes, unsustainable fishing, uneven distribution of benefits, environmental justice, and the impacts of climate change, for example, in the form of slow-onset events like sea-level rise and more intense and frequent weather events. Currently, the impacts of climate change on oceans includes warming and acidification that leads to loss of biodiversity and proliferation of invasive species.
Job creation and economic growth from the Blue Economy can also be unevenly distributed among different communities. For example, indigenous communities and small-scale fishers may be excluded from benefits that result from large-scale commercial fishing, which contributes to social and economic disparities and increases existing power imbalances. The Blue Economy can contribute to environmental injustice as well, particularly in developing countries, where poor communities may face disproportionate exposure to environmental risks associated with ocean activities. For example, oil spills, marine pollution, and overfishing can have severe impacts on local ecosystems and communities, affecting their health and livelihoods. These issues can be compounded by environmental regulations that are inadequate, weak governance structures, and lack of access to relevant legal remedies.
Compounding these challenges are weak policies, regulations, and institutional frameworks in many countries to effectively govern marine and coastal resources, leading to unregulated coastal development.
For more information, see the World Bank’s 2017 report on the potential of the Blue Economy.