The Blue Economy – what is it?

The European Green Deal is the EU policy strategy for long-term, sustainable, economic growth. The key to the strategy is carbon neutrality and a zero-waste circular economy. Seas and oceans are expected to play an important role in this ambitious plan, and the European Commission has adopted a new approach for developing a sustainable, blue economy.

“Blue economy” is an economic term linked to the exploitation and conservation of the maritime environment, and is sometimes used as a synonym for “sustainable ocean-based economy”. As highlighted in the United Nations article, an important key point of Blue Economy is sustainable fishing, ocean health, wildlife and stopping pollution.

Global cooperation across borders and sectors is needed to ensure the environmental sustainability of the oceans and coastal areas as well as the preservation or improvement of livelihoods reliant on these areas. Whilst the EU Blue Economy employs about 4.5 million people and has a turnover of more than €665m, there is significant potential for further growth. The key to this growth will be innovation in both existing and emerging sectors. Advanced digital technology, novel biotechnology and marine-based renewables are important areas of research, with projects being funded through schemes such the Horizon Europe Framework Programme.

The use of the seas, the oceans and the coastal areas has accelerated in recent years and that is why at AquaBioTech, we take part in projects that aim to conserve and protect these resources and work towards a more sustainable future.

If you want to know more about the Blue Economy, take a look at the 2022 report.