THE blue economy offers opportunities for growth in places such as the Caribbean. United Nations Assistant General Secretary and United Nations Development Programme (UNDP) regional director, Dr. Luis Felipe López-Calva, expressed this opinion during a webinar hosted by the University of the West Indies (UWI) and he UNDP on Monday.
According to the World Bank, the blue economy is defined as the "sustainable use of ocean resources for economic growth, improved livelihoods, and jobs while preserving the health of ocean ecosystem." TheEuropean Commission defines the blue economy as "All economic activities related to oceans, seas and coasts."
Some of the blue economy's components include established traditional ocean industries such as fisheries, tourism, and maritime transport. New and emerging blue economy activities include offshore renewable energy, aquaculture and and marine biotechnology.
Lopez-Calva said small island developing states (SIDS) are particularly vulnerable to the effects of climate change. Caribbean SIDS, he continued, are unique as they often share fragile natural ecosystems. Lopez-Calva observed that the covid19 pandemic has underscored these and other vulnerabilities which the Caribbean region faces. This is why the UNDP has been collaborating with Caribbean countries and regional institutions on initiatives such as the blue economy, to protect the region against these challenges while promoting sustainable development in the region as well.
"We have to work. We have to rethink the future of development."
UWI Pro-Vice Chancellor Sir Hilary Beckles agreed with Lopez-Calva. . "For us, this is a matter of the survival of our economy, the survival of our society" Beckles hoped that through fora such as these, there could be conversations about the reallocation of resources in the region to promote sustainable development.
Antigua and Barbuda Social Transformation Minister Dean Jonas said his country is committed towards a transition towards a blue economy. He cited the signing of a memorandum of understanding between Antigua and Barbuda Prime Minister Gaston Browne, Beckles and Association of Commonweakth Universities chairman Sir Ed Byrne for the establishment of a centre of excellence for oceanography and the blue economy at UWI's Five Islands Campus in Antigua and Barbuda.
Jonas estimated that through this centre, Antigua and Barbuda and the wider Caribbean region, could tap into the blue economy which could be worth US$2.5 trillion worldwide. He added this could happen through the sustainable diversification of the economy into areas such as aquaculture, marine renewable energy, biotechnology and sea vegetable farming
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