Sustainable Blue Economy?
Unfamiliar about this terminology, right?
Well, not to worry as this is relatively a newer yet futuristic model concept for how a leading economy must run successfully. However, this economic model concept has a plethora of opportunities to be put in the long run.
It is hugely successful in the sustenance of an economy and bailing it out even during turbulent times. Pondering about everything Sustainable Blue Economy, let’s move out to learn what and how it is defined: –
I. Definition: Although, there are varied definitions compiled from data sources, the apt one is through the source of World Wide Fund (WWF), who have defined it as “A set of regulated and regenerative marine-based economy that provides social and economic benefits for current and future generations, to restore, protect and preserving diverse forms and productive resources of the Marine Ecosystem.”
In the essential financial background, it refers to as an extended form of more familiar Greener Economy that has a primary goal of reducing the environmental risks, while seeking sustainable economic development.
Amidst the growing population and the modernization, our ecosystem is at grave risk. Understanding its importance, sustainable blue economic policy has gained a lot of momentum globally.
Especially a tourism hub like UAE, the interest towards it has raised three folds, and with both Government and private business companies have now ventured to lead the country towards a sustainable economic model for the near future.
II. Business Case and Study: Here business case refers to UAE’s Pearl Diving and Seaborne Trade which has been there since many centuries, while in modern day era; a large part of the economic transaction is benefitted through shipping, fishing, leisure, and tourism.
UAE’s rapid transformation has put the business community signalling growing interest in achieving sustainable productivity well into the future. Active measures have been build like UAE’s Ministry of Climate Change and Environment, Environment Agency-Abu Dhabi and The Environment and Protected Areas Authority, with both national as well Public-private firms continue their excellent work in preserving and protection of marine as well the overall ecosystem.
It also builds up various subsystems like food, water, transport, energy, as well as tourism and recreation.
Thus, this, in turn, will support facilitating UAE’s overall economic stability in a diversified and rapidly evolving economy. It will also help them to tackle a financial crisis condition.
With the overall global value of significant ocean assets totalling $24 trillion, it is imperative for the UAE business community to advocate for the Sustainable Blue Economy to sustain future economic success.