Sri Lanka's prospects for a blue economy.

Abstract

A global level Cost Benefit Analysis (CBA) commissioned by the High-Level Panel for A Sustainable Ocean Economy (The Ocean Panel) to strengthen the evidence base of the forthcoming “Towards a Sustainable Ocean Economy” report in 2020. Based on the results, the Ocean Panel proposes that a sustainable ocean economy can simultaneously deliver on three dimensions at the global level. They are 1. protect: reduce greenhouse gas (GHG) emissions while safeguarding biodiversity; 2. produce: contribute to sustainably powering and feeding a planet of 9.7 billion people in 2050; and 3. prosper: create better jobs and support more equitable economic growth, household income and well-being with generating more benefits than the costs incurred in doing so with attractive returns on investment. The study indicates, on the whole, sustainable ocean-based investments yield benefits at least five times greater than the costs. Over 30 years, investing US$ 2.0–$ 3.7 trillion globally across the four areas would generate a net benefit of $ 8.2–$ 22.8 trillion. (High-Level Panel on Ocean Economy, undated). Ocean-based industries such as fishing, offshore energy, shipping and coastal tourism had been conservatively estimated to be 3.5–7.0 percent of world gross domestic product, a value that was predicted to double by 2030. As of 2010, ocean-based industries contributed some 31 million direct full-time jobs, and the number is estimated to be higher when considering jobs provided via informal or artisanal employment (High-Level Panel on Ocean Economy, undated).