Blue economy is a term in economics relating to the exploitation and preservation of the marine environment. The Blue Economy encompasses many activities that impact all of us. At its simplest, “blue economy” refers to the range of economic uses of ocean and coastal resources — such as energy, shipping, fisheries, aquaculture, mining, and tourism. According to the World Bank, the blue economy is the "sustainable use of ocean resources for economic growth, improved livelihoods, and jobs while preserving the health of ocean ecosystem. During Rio+20 Summit in June 2012, Pacific small island developing states stated that, for them, "a green economy was in fact a blue economy". It underpins the thinking behind the Commonwealth Blue Charter, highlighting in particular the close linkages between the ocean, climate change, and the â¦ Seas and oceans are drivers for the European economy and … Sustainable Blue Economy Conference What is the Blue Economy? You have clicked on a link to a page that is not part of the beta version of the new worldbank.org. Similar to the ‘green economy’, the blue economy brings human well-being, social equity and environmental sustainability into harmony. We studied Aotearoa New Zealand-based initiatives to create economic value from sustainable marine practices and activities. Blue Economy. Blue oceans offer firms areas of uncontested competition easing their entry and growth. Blue ocean is a slang term referring to the uncontested market space of an unknown industry or innovation. Find Out. Ocean economy simply deals with the use of ocean resources and is strictly aimed at empowering the economic system of ocean. ", As the WWF reveals in its purpose of the report, there is still no widely accepted definition of the term blue economy despite increasing high-level adoption of it as a concept and as a goal of policy-making and investment.. The blue economy embraces economic opportunities.  Blue economy goes beyond viewing the ocean economy solely as a mechanism for economic growth. Blue growth is the long term strategy to support sustainable growth in the marine and maritime sectors as a whole. Diving into the blue economy 15 January 2019, New York. These definitions are analysed in terms of the minimum criteria which are necessary for a Blue Economy. We face big challenges to help the world’s poorest people and ensure that everyone sees benefits from economic growth. The book expresses the ultimate aim that a "Blue Economy business model" will shift society from scarcity to abundance "with what is locally available", by tackling issues that cause environmental and related problems in new ways. Blue growth is the long term strategy to support sustainable growth in the marine and maritime sectors as a whole. The term Blue Economy refers to the development of oceanic economic activities in an integrated and sustainable way. This It is founded upon a systems approach, wherein renewable and organic inputs are fed into sustainably designed systems to fuel âblue growthâ. While a green economy was generally marked by effective use of natural resources, the definition of a blue economy as one based mainly on healthy marine resources also surfaced. Learn how the World Bank Group is helping countries with COVID-19 (coronavirus). However, the most referenced definitions emphasize sustainability and make an explicit connection between the utilization of marine resources for economic advancement, and the maintenance and improvement of the … Africa Blue Economy Forum Concept Note. Drawing from the notion of a “Green Economy”, it refers to the control of the Earth’s oceans and marine life. As a setting for global trade and commerce, and as a significant source of food and energy, the oceanâs contribution is already important. Data and research help us understand these challenges and set priorities, share knowledge of what works, and measure progress. The Blue Economy rather inspires the young and the entrepreneurial minds and offers a broad platform of innovative ideas that have been implemented somewhere in the world to demonstrate that the future is bright, provided we go beyond the known and the obvious It is closely related with ecological economics. Why is the blue economy a â¦ In order to become actionable, the blue economy concept must be supported by a trusted and diversified knowledge base, and complemented with management and development resources that help inspire and support innovation. Download infographics & read articles.  Blue economy also attempts to embrace ocean ecosystem services that are not captured by the market but provide significant contribution to economic and human activity. It covers several sectors linked directly or indirectly to the oceans such as â â¦  Aquaculture is the fastest growing food sector with the supply of 58 percent of fish to global markets. Blue Economy Activity in Bangladesh: Estimates suggest some 3 million Bangladeshi directly and indirectly depend on oceanic economic activities like fisheries and commercial transportation. At its simplest, âblue economyâ refers to the range of economic uses of ocean and coastal resources â such as energy, shipping, fisheries, aquaculture, mining, and tourism. Alongside the “green economy”, it represents a basis for rational and sustainable use of natural resources, both … State of the blue economy 8 Box 2. , UN Conference on the Human Environment (Stockholm 1972), "The 2018 Annual Economic Report on EU Blue Economy", "What on Earth is the 'blue economy'? They include carbon sequestration, coastal protection, waste disposal, and the existence of biodiversity. Global data and statistics, research and publications, and topics in poverty and development. BLUE ECONOMY DEVELOPMENT FRAMEWORK Growing the Blue Economy to Combat Poverty and Accelerate Prosperity The world counts numerous coastal and island countries with lower and lower-middle income levels, for whom oceans represent a significant … There has been a strong increase in fish production from 861,000 tons in 1950 to 11.5 million tons in 2010 and the world's total demand for fâ¦ Again, it depends on the way you define the term. These Principles provide a definition of a Sustainable Blue Economy and a roadmap to help us get there. The lack of investment in human capital for employment and development in innovative blue economy sectors. A United Nations representative recently defined the Blue Economy as an economy that "comprises a range of economic sectors and related policies that together determine whether the use of ocean resources is sustainable. The Blue Economy: 10 years – 100 innovations – 100 million jobs is a book by Gunter Pauli.The book expresses the ultimate aim that a "Blue Economy business model" will shift society from scarcity to abundance "with what is locally available", by tackling issues that cause environmental and related problems in new ways. We provide a wide array of financial products and technical assistance, and we help countries share and apply innovative knowledge and solutions to the challenges they face. Blue economy refers to marine-based sustainable economic development which leads to improved human wellbeing and social equity, while significantly reducing environmental. Thank you for participating in this survey! The blue economy at a glance. Fisheries, which is a vital oceanic resource forms the core of the Blue Economy, as one of the main resources of the Indian Ocean which provide food to hundreds of millions of people and greatly contribute to the livelihoods of coastal communities. The Blue Economy is regarded as the decoupling of socio-economic activities and development from environmental degradation and optimizing the benefits which may be derived from marine resources. Thomas and Pet Soede noted how, at the United Nations Conference on Sustainable Development (UNCSD) Rio+20 Summit in June 2012, the dependence of many small islands on marine resources highlighted the role of the sea. Every country has a different meaning, and some are not sustainable â marine-based but not blue. The Blue Economy captured the attention of all IORA Member States due to its growing global interest and potential and for being recognised as the top priority for generating employment, food security, poverty alleviation and ensuring sustainability in business and economic models in the Indian Ocean. The “Blue Economy” as a concept finds its origin against this background. Exploring the potential of the blue economy 7 June 2017, New York. Africa's Blue Economy: A policy handbook. The World Bank Group works in every major area of development. Véase también â The most referenced definitions emphasize sustainability and make an explicit connection between the utilization of marine resources for economic advancement, and the maintenance and improvement of the â¦ Its scope of interpretation varies among organizations. â¢ A clear definition of a sustain-able Blue Economy. A recent note by Goldman Sachs's chief economist on the prospects of a 'blue wave' is really about one thing... and it's not economics. Will you take two minutes to complete a brief survey that will help us to improve our website? This is a tall order, particularly for Small Island Developing States (SIDS) and Least Developed Countries (LDCs) who face significant limitations." This defini-tion makes it clear that the Blue Economy must respect ecosystem Seas and oceans are drivers for the European economy and have great potential for innovation and growth. Blue economy stories from around the world âHow Australia sustainably manages the worldâs last wild commercial fishery of pearl oystersâ âAdvocating for a Blue Economy Investment Facilityâ With 189 member countries, staff from more than 170 countries, and offices in over 130 locations, the World Bank Group is a unique global partnership: five institutions working for sustainable solutions that reduce poverty and build shared prosperity in developing countries. It plays an important role in ensuring food security, poverty alleviation and also has a huge potential for business opportunities. From November 26-28, Kenya will host the Sustainable Blue Economy Conference in Nairobi. The âblue economyâ concept seeks to promote economic growth, social inclusion, and the preservation or improvement of livelihoods while at the same time ensuring environmen- tal sustainability of the oceans and coastal areas. Every year, the ocean economy has an estimated turnover of between US$3 and 6 trillion. The concept of the Blue Economy integrates a new approach to the economic exploitation of the resources of our oceans, lakes, rivers and other bodies of water. Blue economy is a term in economics relating to the exploitation and preservation of the marine environment. Defining the Orange Economy is a complex matter. But I can say that most are normally dealing in these two very important aspects: sustainability and livehlihoods. The book is translated into 35 languages, it is the subject of animated movies, and several documentaries. Blue economy The âBlue Economyâ is an emerging concept which encourages better stewardship of our ocean or âblueâ resources. GK, General Studies, Optional notes for UPSC, IAS, Banking, Civil Services.  Aquaculture is vital to food security of the poorest countries especially. The Blue Economy: 10 years â 100 innovations â 100 million jobs is a book by Gunter Pauli. En inglés blue economy se aplica: a una escuela de pensamiento de la economía circular,  cuyo máximo exponente es el libro The Blue Economy, del economista y empresario Gunter Pauli; y; a la definición de la Unión Europea citada al comienzo de esta página. For others, it simply refers to any economic activity in the maritime sector, whether sustainable or not. Sectors overview The state of the Blue Economy (BE) in the Mediterranean is analysed for the following economic sectors This page was last edited on 12 December 2020, at 02:03. “Blue Economy” has become a popular buzz word over the past decade. Learn how the World Bank Group is helping countries with COVID-19 (coronavirus). It is the maritime contribution to achieving the goals of the Europe 2020 strategy for smart, sustainable and inclusive growth. Welcome to the original, simple and unabridged version of the Blue Economy. The blue economy is as yet a new paradigm in name only The emerging concepts of the blue economy and blue growth are important public policy aspirations, but little more as yet. Blue Economy Activity in Bangladesh: Estimates suggest some 3 million Bangladeshi directly and indirectly depend on oceanic economic activities like fisheries and commercial transportation. They include carbon sequestration, coastal protection, waste disposal, and the existence of biodiversity. It covers a wide range of interlinked established and emerging sectors. This conference represents an important opportunity to take stock of both the opportunities â and the challenges â which the Blue Economy concept presents, in the context of SDG14 - Life Below Water.. As the single largest natural asset on the planet which represents some 99% of the earthâs â¦ ï»¿ The Blue Economy is Zeri´s philosophy in action. The Blue Economy/Blue Growth concept featured prominently during Rio+20 and its high profile Oceans Day. , The World Bank specifies three challenges that limit the potential to develop a blue economy. ", Conservation International adds that "blue economy also includes economic benefits that may not be marketed, such as carbon storage, coastal protection, cultural values and biodiversity. The resulting new product creates a new stream for generating revenue meaning the Blue Economy balances environmental sustainability with building up social capital, raising income and creating jobs. The green economy is defined as an economy that aims at reducing environmental risks, and that aims for sustainable development without degrading the environment. Contents • GUNTER Pauli designed the blue economy concept, which came out of the 2012 Rio+20 Conference. They are universal and can be applied to any part of the oceans, seas or coasts, as well as used by any actor involved in the eco-nomic development of the sea, including governments, private and financial Secondly, the blue economy challenges us to realize that the sustainable management of ocean resources will require collaboration across borders and sectors through a variety of partnerships, and on a scale that has not been previously achieved. As per the World Bank, Blue Economy is the sustainable use of ocean resources for economic growth, improved livelihoods, and jobs while preserving the health of ocean ecosystem. A related term of blue economy is ocean economy and we see some organizations using the two terms interchangeably.  However, these two terms represent different concepts. “Blue economy" has gained popularity as a potential driver of sustainable economic growth in the region, but the concepts has remained unclear, particularly for business. It is focused on capturing potential synergies and managing the trade-offs across industries to better address the growing threats now confronting oceans, and particularly those posed by climate change. The Blue Economy is sustainable use of ocean resources for economic growth, improved livelihoods and jobs, while preserving the health of marine and coastal ecosystem. Ambivalencia del término inglés blue economy. The Blue Economy is regarded as the decoupling of socio-economic activities and development from environmental degradation and optimizing the benefits which may be derived from marine resources. The âblue economyâ concept provides a more holistic vision that embraces economic growth â when it is sustainable and does not damage other sectors. Coastal and Island developing countries have remained at the forefront of this Blue Economy advocacy, recognizing that the oceans have a major role to play in humanity's future. In the first of the proposed white papers, the âState of the blue economyâ, we seek to take stock of the blue economy concept today and identify key strategies forâand impediments toâadvancing the idea of a sustainable ocean economy. establmaritime sectors, whether sustainable or not, 2as the blue economy while classifying emerging sectors under blue growth; • in the widest interpretation, the term blue economy refers to simply . There are several definitions of the blue economy. The âBlue Economyâ as a concept finds its origin against this background. , A related term is blue growth, which means "support to the growth of the maritime sector in a sustainable way. It mirrors our long-accepted definition of sustainable development as one that meets the needs of the present without compromising the ability of future generations to meet their own needs. Blue Economy Concept Paper 1). For others, it simply refers to any economic activity in the maritime sector, whether sustainable or not. Therefore, blue economy is a part of green economy. Ever since I initiated the Blue Economy in 2004 as "ZERI in Action" hundreds of people have contributed to bring the content within reach of many. Thank you for agreeing to provide feedback on the new version of worldbank.org; your response will help us to improve our website. 1.3. Description: Blue Ocean Strategy can be applied across sectors or businesses.It is not limited to just one business. Blue economy also attempts to embrace ocean ecosystem services that are not captured by the market but provide significant contribution to economic and human activity. ” They explain that orange, a pigment used in ancient Egypt to adorn the tombs of the pharaohs, is the dominant color for culture, creativity and identity. This briefing paper has been prepared for the World Ocean Summit 2015, to share the initial findings of two upcoming white papers on the “State of the blue economy” and “Investing in the blue economy”, sponsored by the Gordon and Betty Moore Foundation, which … These definitions are analysed in terms of the minimum criteria which are necessary for a Blue Economy. Careful definition and illustrative case studies are fundamental work in developing a Blue Economy. – Human Nature - Conservation...", "Ocean Economy Takes Center Stage at Davos", "Blue Economy versus Ocean Economy- Translation in Hindi, Kannada, Malayalam, Marathi, Punjabi, Sindhi, Sindhi, Tamil, Telgu - Examrace", "What a 'blue economy' really is – WWF's perspective", "Blue growth - Maritime Affairs - European Commission", "The Potential of the Blue Economy : Increasing Long-term Benefits of the Sustainable Use of Marine Resources for Small Island Developing States and Coastal Least Developed Countries", "FAO Reports 87% of the World's Fisheries are Overexploited or Fully Exploited", Rio Declaration on Environment and Development, Convention on Biological Diversity (1992), https://en.wikipedia.org/w/index.php?title=Blue_economy&oldid=993710030, Creative Commons Attribution-ShareAlike License. The blue economy: Growth, opportunity and a sustainable ocean economy The blue economy: 1 Research objectives Our economic relationship with the ocean is once again evolving in important ways. blue economy offshore wind energy blue bioeconomy/ biotechnology desalination aquaculture coastal tourism ports, warehousing and water projects shipbuilding & repair maritime transport fish processing industry established sectors sectors with long-term proven contribution to the economy. The Blue Economy shifts the focus from the status quo where oceans have been viewed as a means of free resource extraction and an unlimited sink for the disposal of waste to one where ocean values services are included in decision-making and where the benefits are shared more equitably for Inadequate care for marine resources and ecosystem services of the oceans. Your feedback is very helpful to us as we work to improve the site functionality on worldbank.org. Is where the best for health and the environment is cheapest and the necessities for life are free thanks to a local system of production and consumption that works with what you have. World Wildlife Fund begins its report Principles for a Sustainable BLUE ECONOMY with two senses given to this term: "For some, blue economy means the use of the sea and its resources for sustainable economic development. ", The Commonwealth of Nations considers it "an emerging concept which encourages better stewardship of our ocean or 'blue' resources. The Blue Economy is not tailored to the large corporations, which have an established business model that will be hard to change. Introduction The “Rio +20” United Nations Conference on Sustainable Development (UNCSD), held in Rio de Janeiro, 20-22 June 2012, focused on two key themes the further development and refinement of the Institutional Framework for Sustainable Development and the However, the most referenced definitions emphasize sustainability and make an explicit connection between the utilization of marine resources for economic advancement, and the maintenance and improvement of the â¦ Investing in the blue economy 15 Box 3. , On top of the traditional ocean activities such as fisheries, tourism and maritime transport, blue economy entails emerging industries including renewable energy, aquaculture, seabed extractive activities and marine biotechnology and bioprospecting. The healthy mushrooms before beyond reach of the majority of the consumers are now available fresh and abundantly requiring much less transportation. Blue Jay Communication Ltd., London. The ble economy: roth opportnity nd sstinble ocen economy Contents 1. The EU Blue Economy Report analyses the scope and size of the blue economy in the European Union, solidifying a baseline to support policymakers and stakeholders in the quest for a sustainable development of oceans, sea and coastal resources. The blue economy embraces economic opportunities. Blue Economy of Bangladesh Pankaj kumar mallick SID: MDS-141503 Presenting date: 16/05/15 Course name: Fundamental of Economics Course code : MDS -5101 2.  Fisheries are now overexploited, but there is still plenty of room for aquaculture and offshore wind power. Only in the European Union the blue economy employed 3,362,510 people in 2014. The blue economy: Research objectives 5 Box 1. As blue research expands with the world increasingly understanding its importance, policy makers and research institutions worldwide concerned with ocean and coastal regions are demanding further and improved analysis of the Blue Economy. The second African Blue Economy Form focused on the challenges and opportunities in Africa’s growing ocean economy, the relationship between traditional and emerging industries, and promoting sustainability through the development of a circular economy. The blue economy is relevant to all countries and can be applied on various scales, from local to global. In this definition, the blue economy can be seen as a subset of the green economy; • another definition classifies ished . " The term is adopted by the European Union as an integrated maritime policy to achieve the goals of the Europe 2020 strategy. It also includes economic benefits that may not be marketed, such as carbon storage, coastal protection, cultural values and biodiversity. Can humans use the ocean as a tool for lifting people out of poverty, all the while protecting its valuable ecosystems? REPORT: The Potential of the Blue Economy : Increasing Long-term Benefits of the Sustainable Use of Marine Resources for Small Island Developing States and Coastal Least Developed Countries, BRIEF: Oceans, Fisheries and Coastal Economies, Environmental and Social Policies for Projects. The ‘blue economy’ concept provides a more holistic vision that embraces economic growth – when it is sustainable and does not damage other sectors. It also includes economic benefits that may not be marketed, such as carbon â¦ Before you leave, we’d love to get your feedback on your experience while you were here. ", European Commission defines it as "All economic activities related to oceans, seas and coasts. There are several definitions of the Blue Economy. The outcomes of Rio+20 have proven to be a strong catalyst for driving new efforts towards the implementation of previous and new commitments on oceans and inland waters to restore, exploit and conserve aquatic resources. Similar to the âgreen economyâ, the blue economy brings human well-being, social equity and environmental sustainability into harmony. blue economy are clearly identified as priorities and reflected as far as appropriate in national strategies _10. Therefore, blue economy encompasses ecological aspects of the ocean along with economic aspects. Balancing economy and conservation: A Coastal Governance Index 13 3. Definition: 'Blue Ocean Strategy is referred to a market for a product where there is no competition or very less competition.This strategy revolves around searching for a business in which very few firms operate and where there is no pricing pressure. Creating a universal definition is both absurd and unnecessary, sustain Felipe Buitrago Restrepo and Iván Duque, authors of “The Orange Economy, an infinite opportunity. The Blue Economy approach is premised in the sustainable use, management and conservation of aquatic and marine ecosystems and associated resources. The power of the Blue Economy is that is injects money back into the local economy, and contrary to traditional belief, it offers high quality products at a lower cost price.
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