Wednesday Scribbles : All About Blue Economy

Notes from a changing world…
June 28th

“My dream for the Blue Economy emerged out of my frustration with the green one. I’ve worked for thirty years to make the Green Economy happen but it seemed like everything that’s good for you and the environment is expensive and everything that’s bad for you and the environment is cheap. On observing the Green Economy closely, I realized that it only tries to make globalized markets a little less bad.”

Gunter Pauli, Author, The Blue Economy – 10 years, 100 innovations, 100 million jobs

The Blue Economy is a way of integrating ocean economy development with values of social inclusion and environmental sustainability through dynamic and innovative business models. It also features in Goal 14 of the Sustainable Development Goals (SDGs).
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The transition from a conventional economy in the ocean to a “blue” or sustainable one is a huge economic and investment opportunity and the role of the private sector is critical in creating business and financial opportunities to further marine sustainability.
Read more…The Blue Economy is a wealth and job creating approach towards the oceans by doing economically, socially and environmentally well. This approach has led to the setting up of Blue Funds across the globe.

Read more…The dependency of coastal and marine tourism on beautiful seascapes and healthy oceans can facilitate the role of private sector in institutionalizing the value of nature into business practices and investments and support the ocean sustainability movement.

Read more…The field of ocean robotics could unleash a major digital revolution in the blue economy. It can give us instant and affordable access to information through a network of sensors, manned and unmanned systems and underwater satellites.

The ASEAN region is made up of three times more territorial water than land and its economy depends heavily on clean water and healthy coasts. Member countries are looking towards regional ocean governance to enable marine-led sustainable prosperity.

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This ocean industry contributes almost a quarter of the Malaysia’s GDP. Through the Ministry of Science, Technology and Innovation (MOSTI), the National Oceanography Directorate was set up about two decades ago, to enable R&D in oceanography and marine sciences in the country.
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Although the Philippines has the 5th longest coastline, the economic footprint of its maritime industry is only about 3% of its GDP. This is due to lack of investment in the sector and the inability to translate scientific work on the oceans into policy and action.
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Venture capital for seafood startups and aquaculture technology in 2016 increased by 271 percent from 2015. However, the impact investment community has done so reluctantly. Ocean investors and investments are pitched against time and money to reverse the degradation of the seas.

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P.T. Bali Seafood International has secured $3.3 million to invest in holistic fisheries management in the Coral Triangle. The fund will build four modern fish processing centers and several auxiliary businesses will be built such as gear shops selling modern, sustainable fishing equipment.

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The principles of circular economy can be employed to transform production and consumption in the ocean industry. Businesses can use the circular economy approach to create positive blue impact and social capital.
(Disclaimer: All information quoted here is linked to the respective source articles)
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