What is Blue economy?

What is blue economy? What does it entail?

The Blue economy conference for 2018 kicked off two days ago and will be concluding today. It brought many nations, organisation and people together.

Let’s get to understand what it entails

In general terms, it is use of marine environment for its economic value. Include activities such as fishing, marine tourism, marine sport, transport,among others.

Did you know?

  • Oceans covers 72% of our planet surface.
  • Ocean helps to both generate oxygen and absorbs carbon dioxide. Its literally gives us life just like trees.
  • Oceans recycle nutrients and regulates global climate and temperature.
  • Ocean provide employment and source of food.

Humans are known to take more than needed when it comes to exploiting resources. Especially natural resources. Hence needs to be put on check before they can cause depletion of whatever they are exploiting.

And that’s where the blue economy conference comes in. It is used as a tool to ensure sustainable exploitation of marine resources. As well as ensuring that environment is well taken care of.

According to World Wildlife Fund, Blue economy means use of marine and its resources for sustainable economic developments.

They are geared to promote three key agenda, which includes:

  1. Overall contribution of the marine environment to economies.
  2. Addressing the environmental and ecological sustainability of the marine environment.
  3. Blue economy as a growth opportunity for both developed and developing countries.

Which are some of potential for blue economy?

  • Marine biotechnology and bio-prospecting
  • Aquaculture
  • Seabed extraction
  • Renewable energy
  • Carbon sequestration
  • Existence of biodiversity

Challenges

  • Over-exploitation of marine resources.
  • Illegal undertakings in oceans , that is, illegal fishing, use of illegal equipment.
  • Waste disposal to the oceans. There’s inadequate care for marine environment and its ecosystem.
  • Piracy activities.

Snippet of the Blue Economy Conference 2018

Read the full article here.

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