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What is Blue economy?

What is Blue Economy?

What is the blue economy? What does it entail?

The Blue economy conference for 2018 kicked off two days ago and will be concluding today. It brought many nations, organizations, and people together.

Let’s get to understand what it entails

In general terms, it is the use of the marine environment for its economic value. Include activities such as fishing, marine tourism, marine sport, transport, among others.

Did you know?

  • Oceans cover 72% of our planet’s surface.
  • The ocean helps to both generate oxygen and absorb carbon dioxide. It gives us life just like trees.
  • Oceans recycle nutrients and regulate global climate and temperature.
  • Ocean provides employment and a source of food.

Humans are known to take more than needed when it comes to exploiting resources. Especially natural resources. Hence needs to be put in check before they can cause depletion of whatever they are exploiting.
And that’s where the blue economy conference comes in. It is used as a tool to ensure the sustainable exploitation of marine resources. As well as ensuring that the environment is well taken care of.
According to World Wildlife Fund, Blue economy means the use of marine and its resources for sustainable economic developments.

They are geared to promote three key agenda, which includes:

  1. The overall contribution of the marine environment to economies.
  2. Addressing the environmental and ecological sustainability of the marine environment.
  3. Blue economy as a growth opportunity for both developed and developing countries.

Which are some of the potential for a blue economy?

  • Marine biotechnology and bio-prospecting
  • Aquaculture
  • Seabed extraction
  • Renewable energy
  • Carbon sequestration
  • Existence of biodiversity

Challenges

  • Over-exploitation of marine resources.
  • Illegal undertakings in oceans, that is illegal fishing, use of illegal equipment.
  • Waste disposal to the oceans. There’s inadequate care for the marine environment and its ecosystem.
  • Piracy activities.

A snippet of the Blue Economy Conference 2018

It is being hosted by Kenya and co-hosted by both Canada and Japan. And is the first global conference on the sustainable blue economy.
What is the participant expected to learn during the conference?

  • How to harness marine and its resources potential for improved lives.
  • Placing the latest innovations, scientific advances, and practices under check to build prosperity. Not forgetting to conserve our waters.
  • Participant countries and groups to commit and submit practical actions for a successful blue economy.
  • Participants will be able to come together.

 

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