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What is Blue Economy?

What is Blue Economy? Discuss the Benefits of Blue Economy.  

blue economy


Introduction 



 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."

  The objective of the Blue Economy is to promote smart, sustainable and inclusive growth and employment opportunities within the marine economic activities.

 The blue economy aims to move beyond business as usual and to consider economic development and ocean health as compatible propositions.

 It is generally understood to be a long-term strategy aimed at supporting sustainable and equitable economic growth through oceans-related sectors and activities.

 The blue economy is relevant to all countries and can be applied on various scales, from local to global.


 Benefits of Blue Economy

blue economy


  Blue economy promotes optimum and efficient utilization of resources.

  Blue economy is sustainable, inclusive and harmonious and it promotes environment friendly development.

  Blue economy creates several opportunities for youth and working class in emerging marine industries.

  Blue economy also provides social and economic benefits for current and future generations.

   Blue economy restore, protect, and maintain the diversity, productivity, resilience, core functions, and intrinsic value of marine ecosystems.

 Blue economy is based on clean technologies, renewable energy, and circular material flows that will reduce waste and promote recycling of materials.


 Future Action for the Sustenance of Blue Economy 



 Countries must accurately value the contribution of natural oceanic capital to welfare of the people in order to make the right policy decisions.

 Each country should weigh the relative importance of each sector of the blue economy and decide, based on its own priorities and circumstances.

 Anticipating and adapting to the impacts of climate change should be an essential component for the reforms related to blue economy.

 Ensuring ocean health will require new investment, and targeted financial instruments including blue bonds which can help leverage this investment for financial, social and environmental returns.
 The effective implementation of the United Nations Convention on the Law of the Sea (UNCLOS) is a necessary aspect of promoting the blue economy concept worldwide.


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