Blue economy needs concerted action, robust strategy

As per a TBP report published yesterday, at a seminar titled ‘Blue Economy: Bangladesh perspective’, a call was made for a separate ministry or a division solely aimed at sustainable usage of the blue economy. In lay person’s terms, a blue economy is an environmentally friendly way of using the resources of the ocean to support livelihoods, create employment and trigger long-term social development.

While the term blue economy has been around for some time, in countries like Bangladesh it sometimes faces raised eyebrows simply because the need to properly harness the resources of the ocean is not widely discussed.

At a time when the economic recession is looming with a protracted war in Europe, seeking out new ways to fortify the economy and create employment becomes a priority. Generally, communities living near the coastal areas engage in the blue economic process.

As per the United Nations, the world’s coastal populations contribute significantly to the global economy – an estimated $1.5 trillion per year – with expectations pointing to some $3 trillion by 2030.

Ensuring ocean ecosystem health, supporting livelihoods and driving economic growth requires targeted support for key sectors, including fisheries and aquaculture, tourism, energy, shipping and port activities, and seabed mining, as well as innovative areas such as renewable energy and marine biotechnology.

Talking about the blue economy the Kenyan paradigm can be replicated. The country has a blue economy that currently contributes only 2.5 per cent to its GDP, but there are untapped resources in the country’s expansive 200,000-nautical-mile exclusive economic zone (EEZ).

Kenya lies within the lucrative tuna belt and it’s estimated that there are between 150,000 and 300,000 tonnes of fish swimming throughout the EEZ, which is why one of the most pressing blue-economy principles of the Kenyan government is increased investment in the sustainable development of its tuna resources.

Madagascar has a 5500 km coastline and the government chalked out several principles to harness the ocean resources without harming nature to catalyse the economic development of the island nation.

To reap the maximum benefit from the blue economy, Bangladesh first needs a strategic approach plus a demystification of the term. While coastal communities survive on the ocean, a clear concept of proper utilization of ocean resources that safeguards the ecology is missing.

While the demand has come for a separate ministry for the blue economy, the first step should be to take the idea to coastal areas through mass publicity. The blue economy involves not only fishing but also tourism, mining and ocean-based commercial activities that cause minimum harm to ecology.

Bangladesh should also look at the Maldives to see how the archipelago nation implemented blue economic plans.

To preserve its shores and boost its burgeoning blue economy, Maldives’ Ministry of Environment is implementing the Coastal Protection Projects with support from the World Bank.

These projects focus on protecting the coral reef and coastal wetlands, which are rich in biodiversity and have immense recreational value, acting as bulwarks against coastal erosion.

By protecting these marine ecosystems and its fauna, Maldives is also protecting two sectors, tourism and fisheries, which contribute almost 80 per cent to its economy. In recent times, eco-tourism has caught on in Bangladesh with resorts developing near the coast. If these are environment friendly and the waste is disposed of responsibly, coastal businesses can thrive while nature will remain unscarred.

In addition to a separate blue economy division, blue economic activities can be popularized with support from international development partners. Since several development bodies and partner nations focus on climate change adaptation plus a green economy, seeking their support for a comprehensive blue economic model should be given due importance.

Also, the district administrations in the southern part of the country and areas near the ocean can carry out sensitization programmes with technical support.