The European Commission recently launched its new blue economy strategy, an initiative that aims to promote the sustainable growth of the maritime and coastal sector in Europe. The blue economy agenda aims to exploit marine resources responsibly and sustainably, while fostering innovation and job creation.
Through this new strategy, the European Union aims to stimulate economic growth and job creation in the maritime sector, while protecting the environment and marine ecosystems. The blue economy represents enormous potential for the European Union, with an estimated gross added value of €750 billion and the creation of around 5 million jobs.
The agenda for the blue economy foresees a series of concrete measures, including the promotion of research and innovation, the development of clean and sustainable technologies, the improvement of the management of marine resources and the promotion of coastal and maritime tourism. The strategy also supports the development of new sea-based industries and services, such as aquaculture, marine renewable energy and marine biotechnology.
The European Commission considers that the blue economy is fundamental for Europe to achieve its climate and environmental goals, as well as to guarantee food and energy security. In addition, the blue economy can help create new jobs in coastal and island regions, which are often affected by seasonality and unemployment.
Populations living in coastal areas contribute significantly to the global economy, generating around US$ 1.5 trillion per year, with estimates that this volume will rise to US$ 3 trillion by 2030. These numbers are part of the so-called Blue Economy, sustainable economic development model based on the responsible and conscious exploitation of marine resources, encompassing all the riches and values derived from the oceans.
One of the key challenges of the blue economy is to more effectively understand and manage different aspects of ocean sustainability, from sustainable fisheries to ecosystem health and pollution prevention. Furthermore, the sustainable management of ocean resources requires collaboration across borders and sectors, through varied partnerships and on an unprecedented scale.
The blue economy encompasses sectors related to marine life and renewable resources of the oceans, such as fishing, as well as sectors related to non-living resources and considered “non-renewable”, such as extractive industries (dredging, deep-sea mining, oil and gas offshore) when carried out in a sustainable manner and that do not cause irreversible damage to ecosystems.
According to the World Bank, the blue economy is the sustainable use of ocean resources to drive economic growth, improve livelihoods and generate jobs while preserving the health of marine ecosystems. This definition is complemented by the European Commission, which covers a wide range of interconnected established and emerging sectors.
The blue economy agenda, as proposed by the European Commission, can contribute to climate change mitigation by developing offshore renewable energy, decarbonizing maritime transport and promoting green ports. It can also drive a more circular economy by adopting renewable fishing patterns, implementing ship recycling and establishing offshore platform decommissioning processes. In addition, the promotion of green infrastructure in coastal areas can preserve biodiversity and landscapes, benefiting tourism and the coastal economy.
Conservation International adds that the blue economy also includes non-tradable benefits such as carbon storage, coastal protection, cultural values and biodiversity.
Recently, the United Nations defined the blue economy as an economy that encompasses several economic sectors and related policies, which determine whether the use of ocean resources is sustainable.
However, it faces a series of challenges that limit its development potential. Throughout history, aquatic ecosystems have been considered limitless resources and places for waste disposal, which has led to rampant exploitation. However, these resources are far from limitless, and the impacts of this approach are becoming increasingly evident, especially in coastal areas, which suffer from climate change.
