TEMPO.CO, Jakarta – The emergence blue economy The framework continues to expand as more countries seek to join the movement. Previously, the World Bank said the global importance of the blue economy is expected to double to $3 trillion by 2030, indicating its dominant strength in various maritime sectors.

This article follows the ideas of a blue economy, its benefits and challenges, as highlighted by the World Bank and the LSE.

What is the blue economy?

The blue economy refers to economic projects closely linked to oceans, seas and coasts, encompassing various activities such as fishing, shipping, renewable energy, tourism, climate change and waste management.

According to the World Bank, the blue economy is “the sustainable use of ocean resources for economic growth, improved livelihoods and employment, and the health of ocean ecosystems.”

Citing the United Nations, the Center for the Blue Economy further defines the project: “It is now a widely used term around the world with three related but distinct meanings: the global contribution of oceans to economies, the need to take into account environmental issues and ecological sustainability of the oceans and the ocean economy as a growth opportunity for developed and developing countries.

At the beginning of its introduction, questions about the difference between the green economy and the blue economy were common at some environmental conferences. Broadly speaking, the blue economy has its origins largely in the concept of the green economy, which emphasizes environmental issues from an economic perspective.

While green economy strategies focus on the “green” sectors of energy, transportation, and small parts of agriculture and forestry, the blue economy focuses on fisheries, ocean, and coastal resources. , according to the Commonwealth Foundation.

Benefits and challenges of the blue economy

In the market context, the blue economy benefits local and regional development through job creation and economic growth.

In its paper on this emerging economic initiative, the OECD projects that by 2030, the blue economy could create more than 40 million jobs and contribute more than US$3 trillion to global economic growth. This expansion would be largely driven by ocean industries, which represent 2.5% of total global gross value added.

The blue economy movement will also benefit non-market sectors by providing ecosystem services such as food and raw material supply, carbon sequestration, water purification, biodiversity conservation and opportunities leisure.

In the fight against climate change, the oceans have gained popularity thanks to their ability to provide renewable energy. Additionally, economic joint venture can also enable better management of marine ecosystems, reduced emissions and healthier overall standards.

On the other hand, the marine ecosystem constitutes a vulnerable frontier, constantly threatened by human activities that lead to environmental degradation. According to UNRIC, threats to the ecosystem include pollution, ocean warming, acidification, eutrophication and the collapse of fisheries.

Through continued global cooperation and responsible practices, the blue economy holds great promise for economic growth. However, fully achieving a thriving blue economy requires addressing challenges such as pollution, ecosystem degradation and climate change.

World Bank | LSE

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