The blue economy: how to leverage its full potential

Abstract

The word ‘blue’ in ‘Blue Economy’ stands for water, the starting point for all life. More than 70 percent of the Earth is covered by water, particularly the oceans. Climate regulation, the maintenance of complex ecosystems and the storage of atmospheric carbon are key functions of oceans. In recent years, there has been a growing consciousness of the fundamental economic role of the oceans. Their wealth is conservatively valued at USD 24 trillion, with an annual estimation of the goods and services they provide at USD 2.5 trillion. Africa is richly endowed with blue natural resources. Thirty-eight of the fifty-four African nations are coastal states. Maritime zones under African countries’ jurisdiction amount to about 13 million square kilometers. African lakes constitute 27 per cent of surface freshwater in the world. Moreover, freshwater and ocean fish make a vital contribution to the food and nutritional security of over 200 million Africans and provide income for over 10 million. The African Union has recognized the strategic importance of the Blue Economy for job creation, socio-economic transformation, and sustainable growth by calling it a “new frontier for African Renaissance” in its Agenda 2063.The session will provide a platform to raise awareness about the full potential of the Blue Economy. The session will also showcase regional and country-level initiatives to leverage the Blue Economy, as well as share replicable and innovative examples of good-practice in fisheries and aquaculture, the shipping industry and deep-sea mining.