The Blue Economy – Ocean based economies

Oceans cover 72% of the surface of our blue planet  and life originated in the Oceans ! Even today ocean provide a substantial portion of the global population with food and livelihood. And oceans are the means of transportation for about 80% of global trade.

The oceans have the potential to meet the sustainable business needs of today’s world and hence they have a major role to play in humanity’s future. Sea bed currently provides 32% of global supply of hydrocarbons and the exploration is keep expanding. In addition, the sea bed mining is happening for sourcing sea based mineral resources. Sea also offers vast potential for renewable “Blue Energy” production from wind, wave, tidal, thermal and biomass sources. Marine and coastal based environment is the key resource for global tourism industry.  

The “Blue Economy” conceptualizes ocean as “Development Spaces”. Blue Economy offers an approach which suites the circumstances, constraints and challenges . Blue Economy based business / economic modelling will incorporate ocean values and services in decision making.

Blue Economy offers a number of opportunities for sustainable and clean growth in traditional and energy sectors. Few areas are as listed below:

a. Port and Shipping facilities

b. Fisheries

c. Tourism

d. Aquaculture

e. Energy

f. Biotechnology.

g. Submarine mining.

The Blue Economy approach urges the international community to judiciously manage the resources in and beneath international waters, by the refinement of international law and ocean governance mechanisms. A key component of international cooperation for the Blue Economy approach is Research.

(Source: Blue Economy concept paper , The future we want. UNCSD 2012)