Coastwide
Oxford Business Group

World - Towards a “blue” recovery: what does the blue economy offer to emerging markets?

Around the world, emerging nations with significant maritime resources are advancing plans to develop their respective blue economies, with a view to boosting short-term recoveries from the coronavirus pandemic as well as longer-term economic diversification.

Around the world, emerging nations with significant maritime resources are advancing plans to develop their respective blue economies, with a view to boosting short-term recoveries from the coronavirus pandemic as well as longer-term economic diversification.

While the concept of the blue economy has been around for some time, it has attracted increasing attention in recent months.

In essence, the blue economy concerns the sustainable management of ocean resources. A blanket term, it encompasses fields ranging from fisheries, to waste management and pollution, as well as maritime transport, tourism and renewable energy.

A watershed moment in the emergence of the contemporary understanding of the blue economy came with the release of the UN’s Sustainable Development Goals (SDGs) in 2015, and specifically SDG 14: “Conserve and sustainably use the oceans, seas and marine resources for sustainable development.”

A World Bank report published in 2017 highlighted the potential benefits associated with the implementation of SDG 14, particularly in the case of small island developing states (SIDS) and coastal least-developed countries (LDCs).

“The ‘blue economy’ concept seeks to promote economic growth, social inclusion, and the preservation or improvement of livelihoods while at the same time ensuring environmental sustainability of the oceans and coastal areas,” the report stated.

Many countries have moved to implement blue economy policies in recent years.

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