“If the ocean were a country, it would be the world’s seventh largest economy” (Karmenu Vella, 2017)
The ocean economy and the Blue Growth
The ocean economy is driven by a combination of population growth, rising incomes, dwindling natural resources, responses to climate change and pioneering technologies. While traditional maritime industries continue to innovate at a brisk rate, it is the emerging ocean industries that are attracting most of the attention. These industries include offshore wind, tidal and wave energy; oil and gas exploration and production in ultra-deep water and exceptionally harsh environments; offshore aquaculture; seabed mining; cruise tourism; maritime surveillance and marine biotechnology (OECD, 2016).
As a marine and coastal analogue to the Green Economy, the Blue Economy approach is based on a vision of “improved wellbeing and social equity, while significantly reducing environmental risks and ecological scarcities” (UNEP 2013). The concept of a "blue economy" emphasizes conservation and sustainable management, based on the premise that healthy ocean ecosystems are more productive and a must for sustainable ocean-based economies. (FAO).
The “blue growth” refers now to a more sustainable ocean economy enabling the optimum use of its resources according to the health of the ocean and its ecosystems. Investing in the Blue Economy means also unlocking the potential of the ocean to create more jobs and boost the economy.
