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 is blue green economy?

The blue economy originates in the green economy concept of incorporating strategies to mitigate climate change and adaptation to result in “improved human well-being and social equity, while significantly reducing environmental risks and ecological scarcities.

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 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 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.

Green Economy and Blue Economy Explained

What is the meaning of green economy?

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

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 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 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 are the blue economy sectors?

All blue economy sectors including fisheries, aquaculture, coastal tourism, maritime transport, port activities and shipbuilding will have to reduce their environmental and climate impact.

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 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 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 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.

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.

When was the blue economy introduced?

The blue growth strategy, adopted by the Commission in 2012, is the current long-term policy framework for stimulating economic activities relating to oceans and seas.

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 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.

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 green economy Upsc?

A Green Economy is one whose growth in income and employment is driven by public and private investments that reduce carbon emissions and pollution, enhance energy and resource efficiency, and prevent the loss of biodiversity and ecosystems.

Who made green economy?

Sustainable Development Knowledge Platform. The term green economy was first coined in a pioneering 1989 report for the Government of the United Kingdom by a group of leading environmental economists, entitled Blueprint for a Green Economy (Pearce, Markandya and Barbier, 1989).

What is the main aim of green economy?

According to UNEP (2011) [78], green economy is defined as “low-carbon, resource efficient, and socially inclusive.” The main objective of the green economy is the “improved human well-being and social equity, while significantly reducing environmental risks and ecological scarcities.” It aims at “getting the economy ...

What are the six pillars of green economy?

The 'Green Development' theme has identified six strategic pillars: climate change, resource saving and management, circular economy, environmental protection, ecosystem protection and recovery, water conservation and natural disaster prevention.

What are different Colours of economy?