Blue Economy (Sustainability)

Abstract

Although no specific definition is designated for this term, this concept has been previously defined based on the field of application and utilization. The blue economy refers to the sustainable utilization of ocean and coastal resources for economic growth, improved livelihoods, and job creation while preserving the health of marine ecosystems. It is also regarded as an economic concept encompassing various economic activities in the ocean and coastal area, including traditional activities such as fishing, shipping, and shipbuilding, as well as newer activities such as offshore wind and wave energy, ocean-based aquaculture, and marine biotechnology. It is defined as the range of economic activities in the coastal zone and on the ocean, including shipping, fishing, oil and gas extraction, tourism, and renewable energy production. Generally, the blue economy mainly focuses on the responsible extraction and utilization of marine resources required to enhance ocean-based economies while adopting more balanced conservation measures to ensure resource sustainability.

Full text

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Blue Economy (Sustainability)
Isa Olalekan Elegbede
1,2
,
Shehu Latunji Akintola
1
,
Abayomi Abdul-Azeez Jimoh
1
,
Toheeb Lekan Jolaosho
1
,
Simone Smith-Godfrey
3,4
, Anabela Oliveira
3,4
,
Amos Olayinka Oladosu
2
,
Debora Critina Ramalho
3,4,5
,
Rasheed Olatunji Moruf
3,4
, Success Afolabi
1
and
Ayodele Oloko
3,4
1
Department of Fisheries, Lagos State University,
Lagos, Nigeria
2
Department of Environmental Planning,
Brandenburg University of Technology, Cottbus,
Germany
3
Department of Fisheries and Aquaculture,
Bayero University Kano, Kano, Kano State,
Nigeria
4
Institute for the Oceans and Fisheries, The
University of British Columbia, Vancouver,
BC, Canada
5
Fisheries department, Fisheries Institute, São
Paulo State, Sao Paulo, Brazil
Synonyms
Bioeconomy;Blue growth;Ocean economy;
Ocean sustainability
Definition
Although no specificdefinition is designated for
this term, this concept has been previously defined
based on the field of application and utilization.
The blue economy refers to the sustainable
utilization of ocean and coastal resources for eco-
nomic growth, improved livelihoods, and job cre-
ation while preserving the health of marine
ecosystems. It is also regarded as an economic
concept encompassing various economic activities
in the ocean and coastal area, including traditional
activities such as fishing, shipping, and shipbuild-
ing, as well as newer activities such as offshore
wind and wave energy, ocean-based aquaculture,
and marine biotechnology. It is defined as the range
of economic activities in the coastal zone and on
the ocean, including shipping, fishing, oil and gas
extraction, tourism, and renewable energy produc-
tion. Generally, the blue economy mainly focuses
on the responsible extraction and utilization of
marine resources required to enhance ocean-based
economies while adopting more balanced conser-
vation measures to ensure resource sustainability.
Introduction
The “blue economy”or “sustainable ocean-based
economy”comprises several economic and gov-
ernmental sectors whose primary objectives are to
responsibly boost economic and social
© Springer Nature Switzerland AG 2023
S. O. Idowu et al. (eds.), Encyclopedia of Sustainable Management,
https://doi.org/10.1007/978-3-030-02006-4_401-1

development to guarantee the long-term sustain-
ability of the seas and coastlines. These blue eco-
systems and their resources, such as mangroves,
are also known to protect beaches and coastal
regions from unexpected storms and flooding,
thereby facilitating habitat biodiversity, climate
control, carbon storage, and detoxification.
Marine and coastal ecosystems provide
two-thirds of all critical services. Subsistence fish-
ing and farming have benefited most indigenous
people, especially in coastal settlements, from
marine resources (Elegbede et al., 2023a,b;
Okafor-Yarwood et al., 2020).
Over the years, incidents involving the
extreme depletion of many aquatic resources due
to anthropogenic activities, notably for profit gen-
eration, have been observed (Jolaosho &
Olorunniyi, 2022). The effects of these stresses
on the aquatic environment include acidification,
pollution, ocean warming, eutrophication, fisher-
ies collapse, loss of marine species, destruction of
breeding grounds, and instability of ecosystems
(Leadley, 2010; Naggar, 2020). This issue
demands an immediate response since the adverse
effects will have long-term consequences for the
planet’s health. To protect these resources for a
sustainable blue economy, it is necessary to
employ proper management strategies. The blue
economy is the sustainable use of ocean and
coastal resources for economic development, bet-
ter livelihoods, and job creation while maintaining
the health of marine ecosystems (United Nations
Development Programme, 2016). It includes his-
toric operations such as fishing, shipping, ship-
building, and recent activities such as offshore
wind and wave energy, ocean-based aquaculture,
and marine biotechnology. It is the spectrum of
economic activity in the coastal zone and on the
ocean, including shipping, fishing, oil and gas
exploitation, tourism, and the generation of
renewable energy (Halpern, 2015).
The world’s foremost economists presented a
technique for achieving sustainability many years
ago. Nevertheless, Belgian economist Gunter
Pauli created the notion of the blue economy in
2011, and the United Nations Development Pro-
gramme embraced it in 2014. Since then, govern-
ments and stakeholders have recognized it as a
crucial strategy for achieving sustainable devel-
opment and tapping the potential of the ocean
economy (United Nations Development Pro-
gramme, 2016). In recent years, the blue economy
idea has gained traction as the contribution of the
ocean economy to sustainable development has
been widely acknowledged (Brouwer &
Heesterbeek, 2018).
Developed countries have embraced and
implemented the recommended paradigm in var-
ious sustainable development applications
(Martnez-Vázquez et al., 2021; Brears, 2021;
Nash & Herscovitch, 2018; Elegbede et al.,
2023a,b; United Nations Development Pro-
gramme, 2016; Elegbede 2021; Krause, 2019).
Benefits of a Sustainable Blue Economy
A sustainable blue economy is necessary to attain
the United Nations Sustainable Development
Goals (SDGs) and maintain coastal and island
populations’long-term prosperity and well-
being. The ocean economy is anticipated to qua-
druple by 2030, reaching approximately $3 trillion
(United Nations Development Programme,
2018). This economy has enormous potential for
economic expansion, job creation, and poverty
alleviation, especially in developing nations. In
addition, the sustainable blue economy may play
a significant role in tackling global concerns such
as climate change, food insecurity, and biodiver-
sity loss (United Nations Development Pro-
gramme, 2018). It is seen as a technique for
promoting sustainable development in coastal
regions and tiny island governments and a possi-
ble means of combating poverty and inequality
(Halpern, 2015).
The increasing popularity and acceptance of
the blue economy idea were due to its capacity
to govern and protect marine environments sus-
tainably and healthily, cut emissions, and address
climate change challenges. There has been a sig-
nificant increase in the population of renewable
energy sectors, with the ocean serving as the pri-
mary source of renewable resources. Wind,
hydropower, and tidal energy are also associated
with maritime ecosystems. For all energy sources
2 Blue Economy (Sustainability)

in the water to be exploited, it is necessary to
establish specific criteria. To create wind farms,
for instance, industrial experts and workers must
be consulted; this indicates that the ocean pro-
vides employment prospects in various industrial
disciplines, particularly construction.
Further advantages of the blue economy
include offshore wind, wave, and tidal energy
generation; offshore fish farming; ocean sedi-
ments collected through dredging; and blue bio-
technology, which uses marine resources such as
shellfish, bacteria, and algae for medicinal and
energy production reasons. The blue economy
has often been employed throughout international
business transactions as a mode of conveyance for
commodities. The European Union (EU) and the
United Nations (UN) have enacted measures and
policies that will aid in preserving ocean resources
and limiting the impact of climate change on the
blue economy over a very long period so that
these resources can be explored for their eco-
nomic benefits in a more sustainable manner.
Differences Between the Blue Economy
and Ocean Economy
The terms “blue economy”and “ocean economy”
are frequently used interchangeably, although
they have distinct implications. The ocean econ-
omy comprises all economic activities related to
the ocean, including transportation, tourism, and
offshore energy production. In contrast, the blue
economy is a subset of the ocean economy that
focuses on the sustainable use of ocean resources
for economic growth and job creation while pro-
tecting the health of the ocean ecosystem
(Ryabibin et al., 2019). The blue economy empha-
sizes the need for collaboration and stakeholder
engagement in the sustainable management of
ocean resources, which is another essential
differentiator. When designing and implementing
sustainable ocean policies, the blue economy con-
siders the interests of all stakeholders, including
local communities, government agencies, and the
corporate sector (Voyer & van Leeuwen, 2019;
Islam & Mostaque, 2016; Patil et al., 2018; Sarker
et al., 2019; Bari, 2017).
The blue economy is more concerned with the
health of the ocean ecosystem. It aims to promote
the conservation and sustainable use of marine
resources. At the same time, the ocean economy
focuses primarily on the economic benefits
derived from the ocean and coastal areas (United
Nations Regional Information Centre for Western
Europe, 2022).
Economic Activities in the Blue Economy
The contributions of industries involved in the
blue economy concept while operating sustain-
ably to ensure the sustainability of coastal and
marine resources are as follows.
Fisheries and Aquaculture
The industry includes capturing wild fish and
shellfish and cultivating aquatic plants and ani-
mals in marine and freshwater habitats. Almost
2 million Nigerians rely on the fishing industry,
making it a significant business (Federal Ministry
of Agriculture and Rural Development, 2019).
The worldwide fishery and fishery product busi-
ness is valued at over $150 billion, and over
500 million people rely on the industry for their
lives (Food and Agriculture Organization, 2020).
The aquaculture industry has grown at a pace of
4.8% annually since 2000, making it the fastest-
growing food production sector (World Bank,
2018). With an estimated value of $1.5 billion,
the fishing sector in Nigeria is a substantial eco-
nomic contributor (Federal Ministry of Agricul-
ture and Rural Development, 2019). In addition to
overfishing; illicit, unreported, unregulated fish-
ing; and the destruction of coastal and marine
environments, the industry faces various issues
(Food and Agriculture Organization, 2020). Poor
infrastructure, low finances, and a lack of techno-
logical access are obstacles confronting the Nige-
rian fishing sector (Federal Ministry of
Agriculture and Rural Development, 2019).
Nonetheless, there is potential for sustainable
growth, including expanding aquaculture,
adopting sustainable fishing techniques, and
Blue Economy (Sustainability) 3

using new technology (Federal Ministry of Agri-
culture and Rural Development, 2019).
Maritime Transport and Logistics
The marine transport industry comprises cargo
shipping, cruise ships, and ferry services, among
other operations (Krause, 2019). It is crucial in
international trade and business, linking nations
and regions by transporting products and people.
Almost 90% of Nigeria’s import and export com-
merce is performed via its ports, making the
marine industry substantially contribute to its
economy (Nigerian Ports Authority, 2020). The
worldwide marine transport business is worth
more than $375 billion. The shipping industry
alone accounts for over 90% of the global com-
merce volume (United Nations Conference on
Trade and Development, 2020).
Additionally, the industry employs millions of
people, including sailors and port employees
(International Transport Workers’Federation,
2020). In Nigeria, the marine industry, directly
and indirectly, employs approximately 100,000
people (Nigerian Ports Authority, 2020). Overca-
pacity, increasing competition, and a deficiency of
efficiency are difficulties affecting the industry
(United Nations Conference on Trade and Devel-
opment, 2020). There are also worries over the
sector’s environmental effects, including green-
house gas emissions and marine pollution. In
Nigeria, the industry faces obstacles such as insuf-
ficient infrastructure, a weak regulatory frame-
work, and insecurity in the Gulf of Guinea
(Nigerian Ports Authority, 2020). There are pros-
pects for sustainable development, including
adopting new technology, such as digitalization,
automation, and alternative fuels, and applying
sustainable practices, such as enhanced energy
efficiency and emission reduction (Nigerian
Ports Authority, 2020).
Offshore Energy Production
Offshore energy production includes oil and gas
extraction, wind and wave energy, and ocean
thermal energy conversion. The oil and gas indus-
try substantially contributes to Nigeria’s econ-
omy, accounting for more than 90% of export
profits and more than 70% of government income
(National Petroleum Corporation, 2020). Approx-
imately 30% of world oil output and 20% of
global gas production originate from offshore
sources, valuing the global offshore oil and gas
business at more than $200 billion (Hughes,
2020). The oil and gas industry in Nigeria con-
tributes significantly to the country’s economy,
with an estimated value of over $300 billion
(Nigerian National Petroleum Corporation,
2020). The industry faces resource depletion,
environmental consequences, and oil price vola-
tility (Baker Hughes, 2020). In Nigeria, the indus-
try faces obstacles such as insufficient
infrastructure, a weak regulatory framework, and
insecurity in the Niger Delta area (Nigerian
National Petroleum Corporation, 2020).
Coastal and Marine Tourism
Coastal and marine tourism encompasses beach
vacations, ecotourism, and cruise ship travel,
among other things. Tourism is a rapidly
expanding business in Nigeria, emphasizing the
country’s cultural diversity and natural features
(Federal Ministry of Information and Culture,
2020). The coastal and marine tourism industry
is worth approximately $300 billion. More than
1 billion international tourists visit coastal regions
annually (World Tourism Organization, 2020).
The tourist business in Nigeria contributes signif-
icantly to the country’s economy, with an esti-
mated value of over $1 billion (Federal Ministry
of Information and Culture, 2020). Overtourism,
environmental deterioration, and the effects of
climate change are some of the issues confronting
the industry (World Tourism Organization, 2020).
Nigeria’s industry needs more infrastructure, a
weak regulatory environment, and no marketing
activities (Federal Ministry of Information and
Culture, 2020). Nevertheless, there are also
chances for sustainable growth, such as creating
sustainable tourist destinations, adopting
4 Blue Economy (Sustainability)

sustainable practices, and using new technology
(Federal Ministry of Information and Culture,
2020).
Biotechnology and Marine-Based
Renewable Energy
Biotechnology and marine-based renewable
energy involve the creation of novel marine
goods and services and the use of ocean resources
for energy production. Biotechnology is a rapidly
expanding industry in Nigeria, emphasizing the
creation of new marine-based goods and services
(Federal Ministry of Science and Technology,
2020). The value of the worldwide biotechnology
and marine-based renewable energy market
exceeds $200 billion, with tremendous develop-
ment potential in sectors such as marine biotech-
nology, aquaculture, and ocean energy
(International Energy Agency, 2020). In Nigeria,
the industry is still in its infancy. Nevertheless, it
could become a substantial economic contributor
(Federal Ministry of Science and Technology,
2020).
The industry faces obstacles such as a lack of
investment, poor infrastructure, and research and
development funding (Federal Ministry of Sci-
ence and Technology, 2020). However, there is
potential for sustainable growth, including creat-
ing new marine-based goods and services,
implementing sustainable practices, and using
new technology (Federal Ministry of Science
and Technology, 2020).
Seabed Mining
Copper, gold, and zinc are among the minerals
that mining may extract from the seafloor (Inter-
national Seabed Authority, 2020). The value of
the worldwide seabed mining industry exceeds
$50 billion, with tremendous growth potential as
new technologies and rising mineral demand
drive exploration and development. The industry
faces obstacles such as increased awareness of the
environmental effects of seabed mining, insuffi-
cient laws, and the need for further research and
development (International Seabed Authority,
2020). Nevertheless, there are prospects for sus-
tainable growth, such as developing sustainable
mining methods and using new technology (Inter-
national Seabed Authority, 2020).
Maritime Engineering and Construction
Marine construction and engineering aspects
include developing and maintaining offshore
structures, ports, and shipyards. Marine construc-
tion and engineering are a rapidly expanding
industry in Nigeria that emphasizes building new
ports and shipyards and maintaining and
extending current infrastructure (Nigerian Ports
Authority, 2020). The worldwide maritime con-
struction and engineering industry is valued at
over $200 billion, with tremendous development
potential in offshore wind, ports, and shipyards
(Frost & Sullivan, 2020). The industry is a sub-
stantial economic contributor in Nigeria, esti-
mated at $2 billion (Nigerian Ports Authority,
2020). The industry faces obstacles such as a
lack of investment, poor infrastructure, and
research and development funding (Nigerian
Ports Authority, 2020). However, there are pros-
pects for sustainable growth, such as creating
sustainable infrastructure, implementing sustain-
able practices, and using new technology (Nige-
rian Ports Authority, 2020).
Blue Carbon
Blue carbon is the carbon stored in coastal and
marine ecosystems, including mangroves,
seagrasses, and salt marshes. The worldwide
blue carbon market is estimated at over $50 bil-
lion. It has tremendous potential for carbon
sequestration and emission reductions (United
Nations Framework Convention on Climate
Change, 2020).
The industry faces obstacles such as a better
understanding of blue carbon’s potential, weak
laws, and further research and development.
Nonetheless, there is potential for sustainable
development, including protecting and restoring
Blue Economy (Sustainability) 5

coastal and marine ecosystems and using blue
carbon for carbon offsetting and sequestration
(United Nations Framework Convention on Cli-
mate Change, 2020).
Challenges and Opportunities
Problems confronting the blue economy: over-
fishing, pollution, coastal development, and cli-
mate change are among the issues facing the blue
economy. These obstacles may hinder the sustain-
able growth of the blue economy and coastal
populations’means of subsistence. For instance,
overfishing has caused the depletion of fish
populations, which has economic and ecological
repercussions (Costello et al., 2012). Likewise,
pollution from plastic trash, pesticides, and oil
spills has devastating consequences for marine
species and environments (Gregory & Ryan,
2009). Coastal development and urbanization
have also led to the loss and deterioration of
mangroves, seagrasses, and salt marshes, among
other ecosystems (Pendleton et al., 2012). In con-
trast, climate change is generating sea level rise,
ocean acidification, and changes in ocean currents
and temperature regimes, all of which may impact
marine ecosystems and the services they offer
(IPCC, 2019).
Growth and innovation potential in the blue
economy: Notwithstanding these obstacles, there
are growth and innovation opportunities in the
blue economy. For instance, sustainable aquacul-
ture may offer a reliable food supply and revenue
while safeguarding wild fish populations (FAO,
2020). In addition, the blue economy can provide
employment, drive economic expansion, and con-
tribute to the sustainable development of coastal
towns.
Policies and measures to encourage the sus-
tainable growth of the blue economy: Sustain-
able development policies and strategies must be
implemented to overcome these obstacles and
achieve the potential benefits of the blue econ-
omy. These policies and initiatives include
establishing protected areas, protecting and
restoring coastal and marine ecosystems, and
reducing greenhouse gas emissions. To over-
come these difficulties and support the sustain-
able growth of the blue economy, it is crucial to
emphasize the integration of sectoral activity and
the engagement of stakeholders. In Nigeria, for
instance, the government has developed the Inte-
grated Coastal Zone Management Project
(ICZMP) to promote sustainable development
in coastal regions by integrating sectoral opera-
tions and involving stakeholders (Shah &
Ramesh, 2022) . This initiative strives to solve
coastal erosion, pollution, and overfishing chal-
lenges by applying laws, regulations, and man-
agement plans. In addition, Nigeria’s Ministry of
Environment has developed a National Biodiver-
sity Strategy and Action Plan (NBSAP) to guide
the protection and sustainable use of biodiversity
in the nation (Kumar et al., 2021). This policy
directs the country’s protection and sustainable
marine and coastal biodiversity use. It relates to
the worldwide biodiversity objectives
established by the Convention on Biological
Diversity.
The blue economy may significantly alleviate
poverty in coastal areas by providing employ-
ment, income, and food security. In Nigeria, for
instance, the fishing sector employs and supports
millions of people, mainly in coastal towns
(FAO, 2020). Similarly, developing sustainable
tourism may offer local populations jobs and
income while safeguarding marine and coastal
ecosystems (WTO, 2020). The potential of the
blue economy in various regions vary by geog-
raphy and the accessibility of marine resources
and infrastructure. Through the growth of sectors
such as fisheries, tourism, and renewable energy,
the blue economy can provide substantial eco-
nomic and social advantages in Nigeria, for
example (Federal Ministry of Environment,
2020). In addition, the nation has enormous
potential for the growth of the offshore oil and
gas industry, which is a significant source of
government income and job opportunities for
its residents.
6 Blue Economy (Sustainability)

Future Directions
With an expanding worldwide population and need
for food and energy, there is a growing need for the
sustainable use of marine resources, which bodes
well for the future of the blue economy. The blue
economy is anticipated to expand and be a signifi-
cant economic growth and social development
source. To guarantee the conservation of marine
and coastal ecosystems and the well-being of coastal
populations, however, this expansion must be
guided by sustainable development principles. The
sustainable growth of the blue economy requires a
comprehensive strategy that considers its economic,
social, and environmental elements. Moreover, the
sustainable growth of the blue economy demands
global cooperation and collaboration since the blue
economy is a global problem that impacts all nations
and areas. Participation from all stakeholders,
including governments, the commercial sector,
civil society, and local communities, should be
needed.
It is essential to implement laws and regulations
that encourage the conservation of marine
resources to maintain the long-term growth of the
blue economy. Implementing measures such as
marine protected zones, sustainable fishing tech-
niques, and catch limits may be necessary. Encour-
agement of sustainable economic activities, such as
sustainable aquaculture, ecotourism, and marine-
based renewable energy, is also advantageous and
may be accomplished via R&Dfunding and private
sector involvement incentives. In addition, it is
necessary to adapt to the consequences of climate
change on the blue economy by developing steps to
address increasing sea levels, ocean acidification,
and severe weather events. Adopting an integrated
approach to coastal zone management that con-
siders the blue economy’s economic, social, and
environmental components and incorporates all
stakeholders may contribute to sustainable devel-
opment. Global pollution, overfishing, and climate
change need international collaboration. Inclusiv-
ity and poverty reduction may be promoted by
integrating underrepresented populations and
establishing income-generating opportunities.
Summary
The blue economy is the sustainable use of ocean
and coastal resources for economic development,
enhanced livelihoods and employment, and the
health of ocean ecosystems. It includes fisheries
and aquaculture, maritime transportation and
logistics, offshore energy production, coastal and
marine tourism, biotechnology and marine-based
renewable energy, seabed mining, marine con-
struction and engineering, and blue carbon. The
blue economy can stimulate economic develop-
ment and enhance coastal towns’living standards.
Nevertheless, the sustainable growth of the blue
economy faces various obstacles, such as over-
fishing, pollution, coastal development, and cli-
mate change, which may have a detrimental
impact on the lives of coastal populations and
the sustainable development of the blue economy.
Sustainable development policies and strategies
must be implemented to overcome these obstacles
and achieve the potential benefits of the blue
economy. This initiative encompasses sustainable
management of marine resources, promoting sus-
tainable economic activities, adaptation to climate
change, integrated coastal zone management,
international collaboration, inclusion, poverty
reduction, research and monitoring, and education
and awareness.
Cross-References
▶Blue Ocean Strategy
▶Blue Circular Economy
▶Ocean Sustainability
▶Sustainability Ethics
▶Sustainability Science
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