The ‘Blue Economy’ Myth: We Have to Stop Thinking the Ocean Can Be Run Like a Business

The “blue economy” refers to the sustainable use of ocean resources for economic growth, job creation, and environmental preservation. As global demand for resources grows, more attention is being given to managing the oceans effectively. The blue economy balances industries like fishing, aquaculture, shipping, tourism, and renewable energy with the need for marine conservation.

The United Nations and the European Union are leading efforts to protect ocean ecosystems. For example, in March 2024, the UN adopted a resolution aimed at addressing climate change, marine biodiversity loss, and pollution. These efforts emphasize the need to sustain marine resources for future generations.

However, there are challenges in defining the blue economy. While the World Bank sees it as the sustainable use of ocean resources for growth and health, the European Commission includes all economic activities linked to oceans. The lack of a clear, unified definition has caused confusion, with some viewing the blue economy as merely a means for corporations to exploit marine resources.

Marine industries, such as fishing, mining, and tourism, can harm ocean health, contributing to problems like biodiversity loss, pollution, and climate change. Coral reefs, which support half a billion people worldwide, are especially vulnerable due to ocean acidification and coastal development.

Despite these challenges and misconceptions, the blue economy is crucial for achieving sustainability, especially for developing countries that rely on marine resources. Experts warn that if ocean exploitation continues unchecked, the damage could be irreversible, affecting both the environment and the millions who depend on it for survival.

Read the full article “The ‘Blue Economy’ Myth: We Have to Stop Thinking the Ocean Can Be Run Like a Business” by Nnimmo Bassey

🔭   This summary was human-edited with AI-assist.