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.”
Blue economy is a term in economics relating to the exploitation, preservation and regeneration of the marine environment .
Its scope of interpretation varies among organizations.
However, the term is generally used in the scope of International Development when describing a sustainable development approach to coastal resources.
This can include a wide range of economic sectors, from the more conventional
- fisheries,
- aquaculture ,
- maritime transport,
- Coastal, marine and maritime tourism,
or other traditional uses, to more emergent spaces such as
- coastal renewable energy,
- marine ecosystem services (i.e. blue carbon),
- seabed mining, and
- bioprospecting.
The World Bank specifies three challenges that limit the potential to develop a blue economy.
- Current economic trends that have been rapidly degrading ocean resources.
- The lack of investment in human capital for employment and development in innovative blue economy sectors.
- Inadequate care for marine resources and ecosystem services of the oceans.
Source : Wikipedia , PIB, The Hindu , The Indian Express, Google , World Bank, IMF , WEF
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