Over the past 10 years, the phrase ‘blue economy’ has gained popularity as more people, governments and economists have come to understand
the enormous possibilities that the ocean and its resources present. The concept, blue economy, can be traced to Gunter Pauli’s 2010 publication and its currency gaining status at the 2012 United Nations Conference on Sustainable Development in Rio de Janeiro, Brazil.
The blue economy concept aims to market economic processes and social inclusion, hence the preservation or enhancement of livelihoods while also protecting the seas and coastal areas environmental properties. The concept is therefore a cohesive and deliberate sustainable development plan that strives to integrate the ocean into all levels of an economy. Even as the oceans are exploited for economic gains, its sustainability is always emphasised.
The blue economy has tremendous economic promise and capability. The Organisation for Economic Cooperation and Development has estimated that oceans contribute $1.5tn to the global economy annually and has an estimated asset value of $24tn. More so, the livelihood of nearly three billion people depends on ocean resources. According to estimates from the African Union, the blue economy currently brings in $300bn for the continent and supports 49 million jobs.
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