Blue economy: Concept research and review of the European Union

Abstract

The concept of the blue economy is a part of a new wave of economic thought that emphasizes the sustainable use of natural resources in the world?s oceans, seas and coastal areas. The blue economy, which is dominated by the principle of sustainability, is directly contrasted with the development of another cycle of linear exploitation of limited planetary resources. In contrast, a sustainable blue economy envisages economic activities such as greening shipping, coastal renewable energy, carbon sequestration, eco-tourism, genetic marine resources, sustainable aquaculture and the development of new seafood as new trends in the decades ahead. The paper analyzes the key postulates of the blue economy concept, as well as European experiences and challenges in this field, using the methods of theoretical analysis. Based on the empirical findings of the paper, the general conclusion is that the oceans, coastal areas and marine activities will play a crucial role for the economic and environmental future of the European Union and its citizens. The European blue economy can and must be a central and solid pillar that contributes to the general resilience of society itself. Overall, the European Union has recognized the importance of the blue economy in generating new jobs and achieving prosperity and security, but its potential has yet to be unlocked. What is important is that the affirmation of the concept of the blue economy takes place in the spirit of the fundamental principles of the 2020 strategy, according to which growth must be smart (with respect to integration of cutting edge science-based, innovative solutions and industrial leadership), sustainable (in economic, social and ecological terms tackling societal challenges) and inclusive (considering the multitude of coastal, marine and maritime activities and trade-offs between them). The general lesson is that the European institutions responsible for ocean health and safety must seriously consider an appropriate framework that allows the blue economy to thrive while maintaining high standards of sustainable development in line with the EU?s vision for a carbon-free society. When it comes to the European Union (and its members), the development of the sustainable and fair blue economy in the coming period should take place in accordance with the principles of the European Green Agreement, as a long-term strategy for sustainable growth, which will require: transformation of value chains of the blue economy in terms of moving away from linear business models to circular ones, with less resource consumption and waste; introduction of stricter measures against marine pollution, coastal waste and plastics; fossil fuel replacement; investing in biodiversity conservation; restoration and protection of ecosystems; promoting nature-based solutions and options and incubating marine renewable energy and innovative blue biotechnology. At the same time, all blue economy sectors have to reduce their climate and environmental impact and contribute to the recovery of marine ecosystems. In achieving overarching goals such as reducing greenhouse gas emissions, increasing resource efficiency and reducing overall environmental impact, the EU should focus on five promising and innovative sectors, namely: blue energy, aquaculture, coastal and maritime 256 tourism, blue biotechnology and seabed mining. To address the previous challenges, special emphasis should be placed on the need for multisectoral, inclusive, transparent and holistic governance (public-private dialogue) to integrate the sustainable use of human resources with environmental protection and social justice. Improving governance processes should primarily be based on: 1. Citizen engagement and ocean literacy, namely, the involvement and empowerment of local communities and 2. ?ffirmation of maritime spatial planning, with the following advantages: protect the environment through early identification of impact and opportunities for multiple use of space; encourage investment by creating predictability, transparency and clearer rules; increase cross-border cooperation between EU countries to develop energy grids, shipping lanes, pipelines, submarine cables and other activities, but also to develop coherent networks of protected areas; and reduce conflicts between sectors and create synergies between different activities.