The ocean is at the foundation of life on the planet. It plays a vital role in safeguarding some of our most basic needs. The Blue Economy is a term for all actions aiming to make marine commerce more sustainable. It strives for a strong, resilient and climate-neutral economy, which will help to deliver the European Green Deal, the EU plan to be a climate-neutral continent.
More than 3 billion people worldwide rely on the ocean for their livelihood. Keeping the oceans clean and healthy is therefore crucial for sustainable development and reducing poverty. The Sustainable Development Goals of the United Nations’ Agenda 2030 (SDG 14. Life Below Water) reflect this.
The good news: there is much opportunity for business and investment to ensure both a healthy ocean and a healthy economy. The Blue Economy represents an estimated global gross marine product (GMP) of nearly €2.5 trillion a year, with the overall value of ocean assets estimated at €22.7 trillion.
The financial sector should play a role in reaching the current 2030 climate and energy targets, by investing more in sustainable technologies and businesses.
Established sectors of the Blue Economy include marine living & non-living resources; marine renewable energy; port activities; shipbuilding & repair; maritime transport and coastal tourism.
Among the emerging sectors are ocean energy; blue bioeconomy and biotechnology; desalination; maritime defense, security and surveillance; research and education, and infrastructure (submarine cables, robotics, etc.).
The Blue Economy strategy was adopted by the State of Israel in 2018, as part of a cooperation between the Israeli government and the European Union. This partnership aims to build a long-term strategy for the sustainable management of sea resources.
Read more about the Blue Economy strategy on the European Union website.