Global Blue Economy Analysis Developments and Challenges

Abstract

Oceans are approximately three- quarters of the earth’s surface, accountable for more than 90% of the biosphere, providing an array of goods and services to the global community which includes food, employment, recreation and cultural well- being, minerals, oxygen production, greenhouse gas absorbance, climate change impact mitigation, and serve as highways for seaborne international trade (United Nations, 2017). For the development of economies along with the threats posed by the climate change and global warming the concept of the Blue Economy was first introduced in 1994 by Professor Gunter Pauli of the United Nations University (UNU). Because of this significant role played by the oceans, the importance of implementing sustainable development measures for marine environment was discussed at the United Nations Conference on Sustainable Development (Rio+ 20) held in Rio de Janeiro, Brazil in June 2012. Consequently, the conference adopted a set of ground- breaking guidelines on green economic policies which are considered as essential tools for achieving sustainable development goals (United Nations, 2012). With strong support from coastal and island nations at the conference, because of the contribution made by the oceans to their economies, the ocean derived green economy was accepted as the blue economy.