Abstract
This chapter discusses the definitions, measurements, and theories of the blue economy for strengthening academic research and industry practice. A critical literature review provided four insights. First, the definition of the blue economy connotes a responsible utilisation, management, conservation, and preservation of the ocean in a manner that aligns with triple themes of sustainable development. Second, the best measurement of the blue economy is the coastal governance index (CGI) that has 24 indicators and 43 subindicators. Third, the prospects of the blue economy include the creation of sustainable ocean industrialization, boosts for traditional industries, new employment opportunities, food and nutritional security through aquaculture, a boost for SDGs, and improved economic growth, among others. The challenges of a blue economy include lack of national legislation and protocols on ocean economic activities, threats of overuse of ocean and its resources, sea pollution, ocean security, and international conflicts on maritime delineations. The chapter concludes with implications.
TopIntroduction
Oceans constitute more than 70% of the Earth’s surface, which translates to almost 99% of the ‘living space’ on the planet (European Commission, 2012). Moreover, reliable reports estimated that 80% of the volume of global trade is undertaken on the oceans because they are linked to global supply chains and global markets (UNCTAD 2016; World Bank, 2017). The oceans, seas and waterways provide ecological, economic, and social benefits, which are combined to guarantee continued existence not only for humans but also for other living things (Costanza, 1999). To mitigate the abuse of oceans in coastal countries and promote the principle of sustainable development, the term ‘blue economy’ was developed to escalate the compelling issue of unsustainable use of oceans (Smith-Godfrey, 2016). The former US Secretary of State, John Kerry, counseled that “protecting our oceans is not a luxury. It is a necessity that contributes to our economy, our climate, and our way of life. Working together, we can change the current course and chart a sustainable future” (Spalding, 2016, p1).
Currently, the blue economy is a widely used sustainability concept in academia and policy circles. A quick Google search produced 965 million results in 0.59 seconds – a further indication that the concept has become a frontburner issue of interest to global governments and multiple stakeholders. Commonwealth (2021) describes the blue economy as an emerging concept that obligates better stewardship over the ocean otherwise or blue resources. Scholars and international organisations have noted that the blue economy, otherwise called the blue ocean economy, ocean economy, marine economy, and sustainable ocean economy, emerged as a pragmatic response to existential threats, environmental risks and ecological scarcities posed by the reckless use of the oceans and unsustainable exploitation of ocean resources by illegal, unreported and unregulated (IUU) fishing fleets, distant water fishing nations (DWFNs) fleets and other ocean users (United Nations, 2014; Lee, Noh, Khim, 2020; Okafor-Yarwood, 2022). Based on the point above, the blue economy was mooted by the international community to safeguard the oceans on one hand and present huge opportunities for coastal countries on the other. As important as the concept is, people across a wide spectrum, including academics, have a different understanding and perspective about the phenomenon. Consequently, different stakeholders within global blue economy ecosystems have divergent focuses, intents and interpretations about the blue economy – a situation that may create potential conflicts and conceptual misgivings due to different stakeholders’ preferences or interests (Voyer et al., 2018; Lee et al., 2020).
Key Terms in this Chapter
Developed Countries: These are high-income countries with well-developed industrial bases and infrastructural facilities, enabling an environment for businesses and a high human capital index including strong governmental institutions.
Green Economy: This describes an economy that aims at balancing economic prosperity with a reduction in environmental risks and ecological scarcities on the basis of six sustainability pillars, namely, climate change, resource savings and management, a circular economy, environmental protection, ecosystem protection and recovery, water conservation, and natural disaster prevention.
Measurement: This refers to the process of evaluating, comparing, assessing, and determining the size, quality and magnitude of a concrete item or a phenomenon based on standard criteria and quantification of attributes.
Sustainable Development: This describes an inclusive development paradigm that addresses the economic, social, and environmental needs of the present generation without endangering or compromising those of the upcoming generations.
Academic Research: This describes the scientific and structured approach of conducting research. The academic research cycle consists of problem identification, defining objectives, formulation of hypotheses, data gathering, data analysis and testing hypotheses, and reporting of findings.
Emerging Economies: These are developing countries that progressively manifest some characteristics of developed countries but have not fully meet the standards. They attained this enviable status because of engagement with global markets and steady transition from natural resource-driven economies to becoming newly industrialized countries.
Developing Countries: These are low-income countries with high reliance on natural resources, a weak industrial base, poor infrastructural facilities, a lack of an enabling environment for businesses and a low human capital index, including weak governmental institutions.
Industry Practice: This refers to the norms of the world of work, including the rules and ethics of the workplace. The way jobs and tasks are carried out in corporate organisations.
Theory: This refers to a tested proposition or statement of fact that enables a phenomenon to be described, explained, predicted, and/or controlled in research.
Blue Economy: This describes an ocean-oriented economy that seeks to conserve and safeguard oceans and water resources for sustainable development.