What is the Blue Economy in Barbados?

The Blue Economy is all of the resources, activities, people and practices that exist within our coastal zone. The Blue Economy therefore includes activities that have long been a part of the Barbadian economy, such as fishing andmand transportation.

What is the meaning of blue economy?

According to the World Bank, the blue economy is the "sustainable use of ocean resources for economic growth, improved livelihoods, and jobs while preserving the health of ocean ecosystem." European Commission defines it as "All economic activities related to oceans, seas and coasts.

What is included in blue economy?

The blue economy has diverse components, including established traditional ocean indus- tries such as fisheries, tourism, and maritime transport, but also new and emerging activi- ties, such as offshore renewable energy, aquaculture, seabed extractive activities, and marine biotechnology and bioprospecting.

What is the blue economy in the Caribbean?

The “blue economy” is of significant value to all Caribbean countries - the potential that a better and more effective use of marine resources presents is significant in terms of economic growth, community development and environmental protection.

What is the new blue economy?

The “new blue economy” is the term of art for identifying those activities that improve the human relationship with the ocean and for aligning our systems of accounting and metrics to both define and enhance our ocean-positive economy.

Barbados Shines a Light on the Blue Economy

What are the advantages of blue economy?

Benefits of blue economy: create green energy and fight climate change. professions and therefore create jobs in construction, maintenance and administration. shipping and tourism, have potential of growing and become greener with new technologies.

What is the difference between green and blue economy?

Green economy strategies tend to focus on the sectors of energy, transport, sometimes agriculture and forestry, while the blue economy focuses on fisheries sectors and marine and coastal resources. Both incorporate strategies to address climate mitigation and adaptation.

What are the disadvantages of blue economy?

What are the challenges of blue economy?

But we have some challenges to the perspective of Blue Economy such as frequent floods, marine pollution including Ocean acidification and blue carbon, lack of trained personnel, harmonizing sectoral policies, plans and laws, poor ocean governance and political support etc.

When was the blue economy created?

The concept of the Blue Economy started to gain traction in around 2012. There was some dispute over whether to call the concept 'Ocean Economy' or 'Marine Economy' but eventually, the term Blue Economy – largely propounded by the former Seychelles President, James Michel – carried the day.

What is Barbados known for?

It's no secret that Barbados is known for having some of the most beautiful beaches in the world. The serene Caribbean coast on the west is famed for its aquamarine waters and soft sands, while the wilder beaches in Barbados on the east coast are exhilarating to visit, with big rollers and dramatic scenery.

Is Barbados a part of the United Nations?

Barbados is the hub for the United Nations Multi-Country Office (MCO) for Barbados and the Eastern Caribbean, and has enjoyed a lasting partnership of over 40 years with the UN, which is vital considering the island's leading role in the Caribbean Community (CARICOM).

What is the red economy?

The red economy is the byproduct of Fordism (named after Henry Ford), which favors mass production and considers environmental resources to be unlimited. To put it simply, the red economy is a linear business model of taking resources and producing waste.

What is blue tourism?

Blue Tourism is a long-term research and innovation project focused on the environmental management, governance and planning of coastal and maritime tourism around major Regional Seas.

Why do we need innovation to manage the blue economy?

Innovation is an essential factor in ensuring that a sustainable blue economy can flourish. Blue technologies hold great promise for established and start-up companies researching and developing solutions that have a positive impact on the oceans.

How can we improve Blue Economy?

Blue development should increase the protection of adjacent waters, which means to enlarge blue economy space by expanding our development and protection to all marine (coastal and open ocean-deep sea) ecosystems.

How important is the ocean to our economy?

The ocean is the trading route for the planet.

Fourteen percent of U.S. counties that are adjacent to the coast produce 45 percent of the nation's gross domestic product (GDP), with over three million jobs (one in 45) directly dependent on the resources of the oceans and Great Lakes.

What is the meaning of green economy?

A green economy is defined as low carbon, resource efficient and socially inclusive.

What celebrities live in Barbados?

Some have built opulent holiday homes and frequently visit. Many celebs have even traced their roots back to Barbados such as Gwyneth Paltrow, Cuba Gooding Jr., LL Cool J, Stacey Dash and Meagan Good.

What do locals call Barbados?

Locals call themselves “Bajans”

While you may want to call them Barbadian, most will quickly correct and inform you that they are in fact, “Bajan”. Though both terms are correct, the world “Bajan” somehow seems better able to encapsulate the personality of the vivacious people of this island.

What country owns Barbados?

Barbados will remain part of the Commonwealth, a voluntary association of 54 countries with roots in the British Empire. On Tuesday, thousands celebrated across Barbados as nearly 400 years of British rule ended.

How do blue bonds work?

In a blue bond, earnings are generated from the investments in sustainable blue economy projects. Furthermore, the issuance of a blue bond enables investors to fulfill their corporate social responsibilities and generate benefit for the ocean and humankind.