Question

The ‘Blue Economy’ is an emerging concept which encourages better stewardship of our ocean or ‘blue’ resources. In this context, discuss how the blue economy goes beyond viewing the ocean economy solely as a mechanism for economic growth.

Answer 1

Approach:

• In the introduction, write in brief the importance of Oceans for the development of a country.
• To provide context write various issues related to oceans like global warming, overfishing, plastic pollution, and acidification and so on.
• After that write what do you understand by ‘Blue Economy’?
• Write how ‘Blue Economy’ goes beyond viewing the ocean economy solely as a mechanism for economic growth:
• Provide a conclusion highlighting importance ‘Blue Economy’ for a sustainable oceanic ecosystem for economic growth.

Oceans cover 72% of the surface of our blue planet and provide a substantial portion of the global population with food and livelihood. Enhancing more than 80% of global trade, marine and coastal environments constitute a key resource for economic development.

Various challenges threatening oceanic ecosystem:

• Global warming,
• Over-fishing
• Plastic pollution,
• Acidification
• Increasing prevalence of Dead zones in ocean
• Conflict zones are spreading into oceans leading to massive militarization of pristine oceanic environment;
• Ineffectiveness of international institutions like International Seabed authority and laws like UNCLOS fail to check the exploitation of seas and oceans

Blue Economy:
The Blue Economy conceptualises oceans as “Development Spaces” where spatial planning integrates conservation, sustainable use, oil and mineral wealth extraction, bioprospecting, sustainable energy production and marine transport.

• 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. At its core it refers to the decoupling of socioeconomic development through ocean-related sectors and activities from environmental and ecosystems degradation.
• It draws from scientific findings that ocean resources are limited and that the health of the oceans has drastically declined due to anthropogenic activities. These changes are already being profoundly felt, affecting human well-being and societies, and the impacts are likely to be amplified in the future, especially in view of projected population growth.

‘Blue Economy’ goes beyond viewing the ocean economy solely as a mechanism for economic growth:

• The Blue Economy breaks the mould of the business as usual “brown” development model where the oceans have been perceived as a means of free resource extraction and waste dumping; with costs externalised from economic calculations.
• The Blue Economy will incorporate ocean values and services into economic modelling and decision-making processes.
• The Blue Economy paradigm constitutes a sustainable development framework for developing countries addressing equity in access to, development of and the sharing of benefits from marine resources; offering scope for re-investment in human development and the alleviation of crippling national debt burdens.
• It endorses the principles of low carbon, resource efficiency and social inclusion.
• The mainstreaming of equity at international and national levels offers scope for developing countries to realise greater revenue from their resources and reinvest in their populace, environmental management, reduce national debt levels and contribute to the eradication of poverty and hunger.
• To achieve this, the Blue Economy approach is founded upon the assessment and incorporation of the real value of the natural (blue) capital into all aspects of economic activity (conceptualisation, planning, infrastructure development, trade, travel, renewable resource exploitation, energy production/consumption).
• Efficiency and optimisation of resource use are paramount whilst respecting environmental and ecological parameters like sustainable sourcing and usage of local raw materials and utilising feasible “blue” low energy options to realise efficiencies.
• Humanity’s relationship with the oceans, and how people use and exploit oceanic resources, is evolving in important ways. While the oceans are increasingly becoming a source of food, energy, and products such as medicines and enzymes, there is also now a better understanding of the non-market goods and services that the oceans provide, which are vital for life on Earth.
• Considering importance, Investing in improved governance and better stewardship will create a pipeline of investable opportunities to grow the blue economy in a way that benefits national economies and local communities while protecting the oceanic ecosystem.