The blue economy is about more than making money from the ocean, says the Commonwealth鈥檚 Head of Oceans and Natural Resources.
The blue economy is about more than making money from the ocean, says the Commonwealth鈥檚 Head of Oceans and Natural Resources.
A World Ocean Summit debate on the blue and green economies saw Dr Nicholas Hardman-Mountford stress that the 鈥榖lue economy鈥 is a far-reaching concept based on sustainability, not limited to any one sector.
He said: 鈥淭here is a growing perception that the blue economy is only relevant to big sectors like ports, shipping, industrial fisheries, energy and waste management, without addressing issues of sustainability.
鈥淭his perception is actually counter to the blue economy concept and needs to be challenged.鈥
鈥楪reen economy鈥 and 鈥榖lue economy鈥, though having very different origins, are both based on principles of sustainability and both have the potential to reduce poverty and sustain livelihoods, according to Dr Hardman-Mountford
He pointed out that neglecting these principles in the past has led to cases of 鈥榞reenwashing鈥 鈥 labelling inherently unsustainable projects as 鈥榞reen鈥. For example, the 鈥榞reen economy鈥 was relegated as a sub-sector within the mainstream economy, rather than recognising that sustainability cuts across the economy as a whole.
鈥淭he term 鈥榖lue economy鈥 is in danger of falling into the same traps,鈥 he warned.
For Commonwealth countries, where fishing and seafaring often underpin traditional ways of life, the blue economy is already part of the social fabric. Forty-six of the 53 member states have a coastline, with a third of the global waters under national jurisdiction.
In April 2018, leaders agreed on a Commonwealth Blue Charter, setting out a principled approach to stewardship of the ocean, committing countries to work together on tackling ocean-related pressures such as climate change, ocean pollution and overfishing.
This commitment is now being taken forward through a range of country-led action groups, including one focusing on the blue economy, championed by Kenya.
Small enterprises in Kenya are already embracing the blue economy approach. For instance, in fashion some local producers are using fish skin 鈥 normally seen as waste 鈥 to make fish leather with local clothing and handbag designers. Similarly, in Seychelles, fish heads that previously would have been discarded are now being used to make fish oil.
鈥淪mall-scale entrepreneurs across the Commonwealth are sitting on a wealth of innovative ideas on how to move business in a more sustainable direction鈥, added Dr Hardman-Mountford. 鈥淚t is essential to make tailored finance available for them to try out new sustainable business models that will build diversity and resilience, both economically and ecologically.鈥
Dr Hardman-Mountford debated the commonalities of the blue and green economy alongside the president and chief executive of Calvert Impact Capital Jennifer Pryce, SYSTEMIQ co-founder and managing partner Martin Stuchtey, and Waitt Foundation founder and chairman Ted Waitt.
The panel was part of the World Ocean Summit, organised by The Economist magazine from 5-7 March in Abu Dhabi, UAE.
