Empowering blue economy: From underrated ecosystem to sustainable industry

Abstract

With increasing demand for resources to achieve global food-water-energy nexus and rapid decline in land-based sources, oceans represent both solution and boost to sustainable environment and economy. In addition to fundamental part of earth's ecosystem for uncatalogued diversity of life, oceans are undervalued economy powerhouse with gross marine product value. With sustainable management of existing assets including shipping, transportation, manufacturing, fisheries, tourism and exploration of new business like marine biotechnology and renewable energy, the ocean or blue economy has potential to fulfill sustainable development goals (SDG). In spite of recognition of blue economy as a new economic frontier, investments by existing industries and emergence of new ones are limited and less known, hence require more in depth attention and scientific understanding. In the present study, authors present a systematic comparative assessment of blue economy sectors with distinct challenges and strategies to be further explored and implemented for industrial deployment. The conceptualization of integrated routes of bio(economy) by the current study can act as gateway for key stakeholders, i.e. governance, bluepreneurs (scientists and industries) to prioritize technologies for sustainable applications of marine resources.

Keywords: Blue economy; Bluepreneurs; Gross marine product; Marine biotechnology; Sustainable development goals.