What is the difference between blue economy and ocean economy?

Ocean economy simply deals with the use of ocean resources and is strictly aimed at empowering the economic system of ocean. Blue economy goes beyond viewing the ocean economy solely as a mechanism for economic growth. It focuses on the sustainability of ocean for economic growth.

What is 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 blue water economy?

The UN specifies Blue Economy as a range of economic activities related to oceans, seas and coastal areas, and whether these activities are sustainable and socially equitable. An important key point of Blue Economy is sustainable fishing, ocean health, wildlife, and stopping pollution.

What is blue economy example?

Some people refer it as “blue economy ⁴”. For example, Australia believes that the blue economy includes traditional and emerging marine industries and regards the value of marine industry as the value of the blue economy. India regards the blue economy as economic activities relying on the marine ecosystem or seabed.

What makes up the blue economy?

At its simplest, “blue economy” refers to the range of economic uses of ocean and coastal resources — such as energy, shipping, fisheries, aquaculture, mining, and tourism. It also includes economic benefits that may not be marketed, such as carbon storage, coastal protection, cultural values and biodiversity.

MODULE 1 - Introduction to Blue Economy

What is sea economy?

The ocean economy is defined by the OECD as the sum of the economic activities of ocean-based industries, together with the assets, goods and services provided by marine ecosystems.

Why do we need blue economy?

The blue economy is not just about market opportunities; it also provides for the protection and development of more intangible 'blue' resources. For example, traditional ways of life, carbon sequestration, and coastal resilience to help vulnerable states mitigate the often devastating effects of climate change.

What are the disadvantages of blue economy?

Who introduced the blue economy?

The idea of the “blue economy” was conceived at the Rio+20 United Nations Conference on Sustainable Development, held in Rio de Janeiro in June 2012.

What is blue economy in Nigeria?

According to the World Bank, the term 'blue economy' refers to the sustainable use and conservation of marine, inland aquatic, and coastal resources for food security, job creation, and economic growth. The blue economy encapsulates all sea-related commercial activities.

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.

What is the difference between blue economy and green 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.

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.

Is the blue economy sustainable?

The 'blue economy' concept provides a more holistic vision that embraces economic growth – when it is sustainable and does not damage other sectors. Similar to the 'green economy', the blue economy brings human well-being, social equity and environmental sustainability into harmony.

What is a brown economy?

A brown economy is one in which economic growth is largely dependent on environmentally destructive forms of activity, especially fossil fuels like coal, oil, and gas.

What is blue economy India?

India's blue economy is understood as a subset of the national economy comprising an entire ocean resources system and human-made economic infrastructure in marine, maritime, and onshore coastal zones within the country's legal jurisdiction.

What is ocean economy in South Africa?

Under Operation Phakisa - Oceans Economy, a priority programme, the South African Government, aims to grow the Ocean Economy's contribution to the country's GDP to R129-177 billion by 2033; some 250% to 350% of its present value. This is expected to provide up to a million new jobs.

What is blue economy in Kenya?

But a newer concept, known as the Blue Economy – or the sustainable use of ocean resources for economic livelihoods and jobs, and ecosystem health – challenges the notion that socio-economic development has to come at the price of environmental degradation.

What is blue economy Pakistan?

A Blue Economy that comprises marine or oceanic resources holds vast and untapped potential to drive economic growth in Pakistan. Investment in coastal and various categories of marine resources can help meet the food, transport, and energy needs of Pakistan.

What is blue economy in Bangladesh?

The Blue Economy conceptualises oceans and seas as “Development Spaces” where spatial planning integrates conservation, sustainable use of living resources, oil and mineral wealth extraction, bio-prospecting, sustainable energy production and marine transport.

How many jobs are supported by the blue economy?

The Blue Economy in the EU represents approximately 5.4 million jobs and generates a gross value added of almost 500 billion euros per year.

What is blue economy and potential?

“A blue economy is a long-term strategy aimed at supporting sustainable economic growth through oceans-related sectors and activities, while improving human well-being and social equity and preserving the environment,” he said.

What is the blue economy NOAA?

Summary: NOAA Blue Economy Strategic Plan for 2021-2025

The Strategic Plan focuses on five sectors that NOAA will advance through agency-wide initiatives: marine transportation, ocean exploration, seafood competitiveness, tourism and recreation, and coastal resilience.

What is the meaning of green economy?

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