What Is Blue Economy?
BY INDONESIA OCEAN EXHIBITION | PUBLISHED DEC 1, 2021, 13:00 UTC
Maximizing the benefit of ocean resources| Unsplash/Oziel Gomez
According to the World Bank, the blue economy is a sustainable use of ocean resources for economic growth, improved livelihoods, and job preserving the health of ocean ecosystems.
The blue economy model aims for improvement of human wellbeing and social equity, while significantly reducing environmental risks and ecological scarcities. It provides for an inclusive model in which coastal states - which sometimes lack the capacity to manage their rich ocean resources - can begin to extend the benefit of those resources to all.
The idea of 'blue economy' was first articulated by Gunter Pauli in 2010 and later discussed at the United Nations Conference on Sustainable Development in 2012.
The concept of blue economy is still subject to multiple interpretations, this happens because of geographical locations of each place and different coverage of activities. The literature “Prospects of Blue Economy in the Indian Ocean” in the journal of Research and Information System for Developing Countries, gave an indicative list of sectors and activities that classify as blue economy:
Taxonomy of Blue Economy Sectors and Activities | RIS, 2015
Roy, A. R. and A. (2019, April 4). Blue Economy in the Indian Ocean: Governance perspectives for sustainable development in the region. ORF. Retrieved December 4, 2021, from https://www.orfonline.org/research/blue-economy-in-the-indian-ocean-governance-perspectives-for-sustainable-development-in-the-region-47449/.