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A Deep Dive Into the Blue Economy

It’s happening, it’s all around us and everybody talks about it: the Blue Economy.

But it seems like a lot of people are not 100% sure of its meaning.. Clients and friends ask me “but, what is this Blue Economy?”.

I will try to give you the short version of it, but just so you know, we are talking about what has been one of the major players in keeping the world healthy and cannot be underemphasized.

The Oceans and all the waters surrounding us have kept the planet cool during the acceleration of global carbon emissions (helping mitigate climate change), AND is the major contributor to the oxygen we breathe.

If this was not enough to convince you of the importance of the Ocean, let’s dive into the Blue Economy: more than 90% of the traffic of goods and materials moving internationally happens via water, and the volume of seaborne trade is expected to double by 2030.

250 million jobs worldwide are linked to fisheries and contribute to $270 million annually per GDP, investing in more sustainable fisheries would generate more revenue and help restore fish stock.

It is estimated that by 2025 35% of crude oil production will come from offshore fields, in addition to renewable forms of energy: wind, solar and emerging ocean technologies such as tidal energy. This would not just give us clean energy but also create more jobs.

Aquaculture is the fastest growing food sector and provides about 50% of fish for human consumption, and is identified as a Bue Growth priority to help meet demands on the growing global population.

Tourism in coastal and island countries brings over 41 million visitors per year supporting a wide range of businesses such as restaurants, hotels, aquariums, marinas, boat manufacturers and so on…

What I’m trying to say is that this intricate web of jobs, resources & opportunities is what we ultimately call The Blue Economy. Unfortunately in the past we’ve forgotten about it and only in recent years have we had a surge of re-appreciation of what the Ocean does, gives and the opportunities that it holds.

As Mr. Wu (Secretary-General of the Ocean Conference and Under-Secretary-General of UN DESA,) said: “A blue economy is a long-term strategy aimed at supporting sustainable economic growth through oceans-related sectors and activities, while improving human well-being and social equity and preserving the environment”.

We here at Bolimini International Law Group have the luxury to work with a Technology Accelerator named Braid Theory inside an evolving Blue Tech Incubator called Altasea. This Blue tech campus is located in San Pedro, California in the outer harbor of the Port. Over the years we have seen first hand Start Ups in this space scale to become global players in the fight against global warming and ocean acidification. If you are a Start Up that needs legal help to grow your business - please give us a call!

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