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SMALL ISLAND DEVELOPING STATES: THE BLUE ECONOMY
Blue Energy There are significant environmental and social advantages of offshore wind over onshore wind such as no competition for land and fewer transport constraints. Ocean- based renewable energy, including offshore wind, wave, and tidal energy, could meet nearly 10 percent of the greenhouse gas emissions reductions needed by 2050 to keep global warming within 1.5°C. The rapidly falling costs and favorable policy environments, especially in regions with vast coastlines like Viet Nam Blue Foods It is vital to address the sustainability challenges in the fisheries sector, such as overfishing, illegal fishing, and pollution from fishing equipment. The ocean could potentially provide six-times more food than it does today, with aquaculture poised to supply two-thirds of seafood for human consumption by 2030. Innovations in sustainable seafood include the development of monitoring technologies, novel fish feeds, and lab-grown seafood, offering pathways to increase the sector’s sustainability and productivity. 2
TRUE BLUE The ocean isn’t only beautiful, it is also necessary for our survival. Ecologically and economically, life as we know it would not be possible without healthy seas. Blue economy presents significant potential to protect the ocean’s prosperity and sustainability By Başak Pamir, OPEC Fund
“I f the ocean were a country, it would have a seat at the G7,” says Valerie Hickey, the World Bank’s Global Director of Environment, Natural Resources and Blue Economy. Given that three-quarters of our planet’s surface is covered by oceans and seas, this almost feels like an understatement. According to the United Nations Development Programme (UNDP), the ocean economy is estimated to be worth some US$2.5 trillion per year in goods and services globally. In other words, about the size of the German economy. What’s more, the ocean directly feeds and supports the livelihoods of more than 3 billion people across the globe. Though the natural capital value of the sea is estimated at US$24 trillion, these resources are sinking fast. The ocean’s health is declining due to local stresses
such as habitat destruction, overfishing and pollution, as well as rapid and unprecedented temperature changes due to climate change and increased acidity levels. All of which make it increasingly harder for marine life, and the economies that depend on them, to survive. An increasing emphasis on the Blue Economy, a concept devoted to the sustainable use of oceans resources, aims to reverse this trend by preserving a healthy oceanic ecosystem that supports economic growth and improved livelihoods. Martin Koehring, head of the World Ocean Initiative, highlights the critical need to shift the ocean narrative towards sustainability and economic opportunity within the blue economy. He identifies five key areas for growth and innovation in the Blue Economy, described right.
and Europe, are accelerating the adoption of blue energy technologies.
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Ocean Data and Tech The boom in ocean science, propelled by initiatives like the UN Decade of Ocean Science for Sustainable Development, is ushering in a new era of technology-driven ocean exploration and monitoring. Emerging technologies, including satellite imaging, remote sensors, big data, and artificial intelligence, are revolutionizing our understanding of ocean health and protecting marine ecosystems from illegal and unsustainable activities.
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