[Economy] What is Blue Economy in Context of SDG 14 – Life Below Water

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blue-economy

Hey readers in this post, you will learn the concept of the Blue Economy. The blue economy has become the buzz word recently, snatching the limelight from the green economy. 

So, let us learn why the global economy is focusing on oceans suddenly? what is the significance of the oceans? and why the Life Below Water is 14th sustainable development goals that human aspire to achieve. Let us dive in.

[Economy] What is Blue Economy in Context of SDG 14 – Life Below Water 1

Note: You can see in the image above, the life below water is 14 the Sustainable Development Goals under UNDP.

What is the Blue Economy? 

It is the “sustainable use of ocean resources for –

  • economic growth
  • improved livelihoods
  • jobs

while preserving the health of the oceanic ecosystem.

What is Sustainable Development?

It is the process of economic development where resources are used to satisfy the needs of – not only the present generation but also to conserve them, so the future generation can use it.

We will again get back to sustainable development, for now, let us understand the significance of the ocean for humanity.

Why Oceans are Important? 

  • Ocean represents 99% of the earth’s living volume.
  • It supplies 15% of humans dietary protein needs.
  • Notably, oceans absorb 30% of carbon dioxide emission.
  • If the ocean were a country, the ocean would rank #7 on the list of largest nations by GDP.
  • Oceans are the source of millions of jobs in tourism, fishing, trade, shipping, energy and so on.
  • Furthermore, oceans are resourceful. Oceans have shells, pearls, oil, high in protein food and much more.
  • Oceans regulate seasons on the lands.

Utilization of Ocean Resources for Human Benefit 

For the United Nations Development Programme (UNDP), the Blue Economy model is a natural next step in the overall realisation of sustainable human development.

The blue economy is an extension of sustainable development i.e. one that meets the needs of the present generation, without compromising the ability of future generations- to meet their own needs.

Simply, it is the utilisation of the ocean resources for the benefit of humans without sacrificing ocean health

Governance of the Blue Economy Model 

Look, to make sustainable use of the ocean resources we require an effective ocean and coastal governance. Here comes UNDP’s Ocean Governance Program in the picture. The program focuses on-

  1. Global Environmental Facility’s (GEF)
  2. Small Grants Programme, to regional efforts such as UNDP’s large Marine Ecosystems programme.
  3. Global efforts on sustainable shipping in cooperation with the International Maritime Organization (IMO) and GEF.

Basically, there are two elements of the Blue Economy. 

  1. Protection where necessary
  2. Restoration where needed

If protected and restored, coastal ecosystems such as coral reefs and mangroves can increase the productivity of the coastal ecosystem. Also, pollution will decrease and fish yield will increase in turns. 

Recent Sustainable Blue Economy Conference represented a unique opportunity for stakeholders at all levels, public and private, to share ideas.

Consequently, if ideas implemented well we can except sustainable development through the blue economy. Thanks for reading. 

Also read: Geography Notes

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