Maximizing the benefits of the blue economy

The Caribbean’s coastlines and maritime spaces are of vital importance to the economies of the region and represent an exciting and vibrant frontier for increased growth and development. As our understanding of the ocean economy continues to evolve, it is evident that the prevailing winds are driving us on a course towards improved efficiency, sustainability and stewardship.

This global campaign for sustainable harnessing of the oceans has been gaining considerable momentum in recent years, and has given to rise to the concept of the ‘blue economy’. According to the World Bank, the blue economy is “sustainable use of ocean resources for economic growth, improved livelihoods and jobs, while preserving the health of the marine and coastal ecosystem”.

The blue economy covers many areas. Chief among the established activities are fisheries; shipping; port and maritime logistics; marine coastal tourism and leisure; conventional minerals exploration and production; and marine construction projects. In the new economy, the emerging sectors which heavily feature cutting-edge innovation in their operations, encompass renewable ocean energy (including offshore wind), tidal and wave energy; offshore extraction of oil and gas in deepsea and other extreme locations; seabed mining for metals and minerals; marine aquaculture; marine biotechnology; ocean monitoring, control and surveillance; and education and research.

Untapped economic resources

Despite the increasing prominence of the blue economy, there are pockets of resistance that are slow to acknowledge the ocean as a true economic space with untapped resources that can strengthen the sustainable development process of the region. In fact, according to the United Nations Environment Program, ocean ecosystems are the least understood and most undervalued of all ecosystems.

The Caribbean Shipping Association fully endorses the concept of the blue economy and is committed to maintaining a sharp focus on sustainable marine economic activities that meet the needs of current and future generations. The opportunities are clearly there for the taking for the Small Island Developing States of the Caribbean. While the islands may be small in land area, the exclusive economic zones transform them into large ocean states.

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