Blue economy

Empirical methods Prescriptive and policy Blue economy is a term in economics relating to the exploitation, preservation and regeneration of the marine environment.

This can include a wide range of economic sectors, from the more conventional fisheries, aquaculture, maritime transport, coastal, marine and maritime tourism,[1] or other traditional uses, to more emergent activities such as coastal renewable energy, marine ecosystem services (i.e. blue carbon), seabed mining, and bioprospecting.

"[5] Conservation International adds that "blue economy also includes economic benefits that may not be marketed, such as carbon storage, coastal protection, cultural values and biodiversity.

Secondly, the blue economy challenges us to realize that the sustainable management of ocean resources will require collaboration across borders and sectors through a variety of partnerships, and on a scale that has not been previously achieved.

As the WWF reveals in its purpose of the report, there is still no widely accepted definition of the term blue economy despite increasing high-level adoption of it as a concept and as a goal of policy-making and investment.

[9][10][11] Blue Technology refers to the application of innovative and sustainable practices that aid to a healthier water economy.

[12] Examples include ROVs that can monitor fish farms, robotics that can assist in the effort to regenerate corals,[13] or vehicles built to remove trash from waterways.

"[18] The term is adopted by the European Union as an integrated maritime policy to achieve the goals of the Europe 2020 strategy.

[21] Blue economy also attempts to embrace ocean ecosystem services that are not captured by the market but provide significant contribution to economic and human activity.