Blue Economy: A Review of Concepts, Definitions, Benefits, and Risks

Abstract

The Blue Economy is a transformative framework that seeks to harness ocean resources for sustainable economic growth, environmental stewardship, and social equity. This concept promotes the sustainable use of marine and coastal resources through global dialogue, regulatory frameworks, and innovative financing mechanisms such as blue bonds and public-private partnerships. However, the Blue Economy faces significant challenges, including risks to ecosystems from unsustainable fishing practices, habitat destruction, marine pollution, and climate change. Addressing these challenges requires robust international cooperation, inclusive governance, and equitable benefit distribution to marginalized communities. Case studies from the Republic of Seychelles and the European Union illustrate successful strategies for balancing economic development with marine conservation and resilience to climate change. To fully realize its potential, the Blue Economy must integrate principles of sustainability, inclusivity, and resilience, driven by collective efforts from governments, businesses, and civil society. This paper underscores the critical need for comprehensive governance, innovative financial solutions, and international collaboration to safeguard marine resources for future generations.