Essential advantages of a sustainable blue economy

Baltezarević, Radoslav and Baltezarević, Ivana (2024) Essential advantages of a sustainable blue economy. In: Munzur International Scientific Research and Innovation Congress. UBAK Publications, pp. 144-150. ISBN 978-625-8151-21-3

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Abstract

Being the seventh largest in the world, the blue economy is the cornerstone of our civilization's advancement. Because they facilitate key industries including trade, transportation, tourism, and fishing, oceans are essential to the global economy. The blue economy is predicted to have an annual worth of 1.5 billion dollars and to double over the next several years. Because the blue economy has the potential to alleviate poverty and promote sustainable development, stakeholders, lawmakers, and academics are becoming more and more interested in it. Nonetheless, the health of the oceans and wildlife in them is coming under more and more threat from factors including climate change, overfishing, habitat destruction, and global pollution. These issues have had detrimental effects that are becoming more noticeable, such as the loss of livelihoods, biodiversity, and cultural legacy. As a result, an increasing number of nations have put up financial and institutional proposals to incentivize private investment and allot public funds through budgetary measures in order to streamline the shift to a blue economy that is sustainable. International collaboration, as well as the adoption of sustainable fishing and water use practices and financial frameworks for conservation, have an impact on the development of the blue economy and marine fisheries industry. However, a number of factors, such as infrastructure, corruption, and political stability, affect how well the blue economy is implemented.

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