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Blue economy

Time to rethink humanity’s relationship with the oceans

Published on June 8, 2023

The COVID-19 pandemic exposed the fragility of economic systems focused solely on economic growth.

The ocean economy supports the livelihoods of almost half the Earth’s population. : Michael Joiner, 360info CC BY 4.0 The ocean economy supports the livelihoods of almost half the Earth’s population. : Michael Joiner, 360info CC BY 4.0
Authors Ria Ernunsari
Senior Commissioning Editor, 360info Southeast Asia

Editors Suzannah Lyons
Senior Commissioning Editor, 360info

DOI 10.54377/29d9-f9fa

The COVID-19 pandemic exposed the fragility of economic systems focused solely on economic growth.

With the value of the ocean economy predicted to double from USD$1.5 trillion in 2010 to an estimated USD$3 trillion by 2030, experts are calling for a more sustainable approach when it comes to exploiting coastal and marine resources.

They argue it is possible to both use the oceans to support economic growth and employment, while also protecting them for decades to come — a concept known as the blue economy.

As the planet marks United Nations World Oceans Day on 8 June, experts say more investment, further research and rethinking our relationship with the oceans is required to realise the full potential of the deep blue sea.

Originally published under Creative Commons by 360info™.

Editors Note: In the story “Blue economy” sent at: 07/06/2023 16:41.

This is a corrected repeat.

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In this Special Report

Seaweed farms are valuable resources with untapped potential. : NASA, Wikimedia Commons Public domain

Seaweed farming could free up millions of hectares of land and help cut carbon emissions if its true value is realised. Getting there takes time and investment.

The future of farming could be under the sea
Blue button jellies, known by their scientific name Porpita, are one of the organisms found living in the Great Pacific Garbage Patch. : Denis Riek, The Global Ocean Surface Ecosystem Alliance (GO-SEA) Field Guide https://commons.wikimedia.org/wiki/File:Blue_button_Porpita_sp.png CC BY-SA 4.0

Beyond any country’s jurisdiction, relatively little is known about the high seas and the life it contains. As high sea activities ramp up that needs to change.

We don’t know enough about the high seas to protect them
Funding for the blue economy remains a challenge in various parts of the globe. : Flickr: Pedro Ribeiro Simões (https://www.flickr.com/photos/46944516@N00/218617130) CC BY 2.0

Attracting much-needed investment into the blue economy can be spurred by tailor-made initiatives.

Powering the blue economy with blue finance
The ocean economy supports the livelihoods of almost half of Earth’s population. : Flickr: Gilbert Sopakuwa https://www.flickr.com/photos/g-rtm/30640445687/ CC BY-NC-ND 2.0

A new approach should be considered to ensure coastal and marine resources are exploited sustainably.

The ocean index helping to drive the blue economy
It’s estimated kelp forests provide USD$500 billion of value to society each year. : Aaron Eger CC BY 4.0

Restoring kelp forests to sustain the vital role they play in the blue economy will require people rethinking their relationship with the ocean.

Underwater gardening could save vital kelp forests
Can archipelagic Indonesia realise its potential through implementing a blue economy? : Flickr: 123_456 https://www.flickr.com/photos/123_456/8124969768/ CC BY-NC-ND 2.0

In the wake of COVID-19, Indonesia has the opportunity to shift away from a growth-oriented economic model towards an inclusive blue economy.

Unlocking Indonesia’s potential through a blue economy

Related content

Underwater gardening could save vital kelp forests

Restoring kelp forests to sustain the vital role they play in the blue economy will require people rethinking their relationship with the ocean.

The future of farming could be under the sea

Seaweed farming could free up millions of hectares of land and help cut carbon emissions if its true value is realised. Getting there takes time and investment.

Powering the blue economy with blue finance

Attracting much-needed investment into the blue economy can be spurred by tailor-made initiatives.

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