Empires were completely based on the exploitation of natural resources, as well as trade in consumer goods (textiles, spices, chinaware), and (sadly) slaves and were dependent on the ocean for transport. Even the industrial revolution was powered by oil from the ocean, for without spermaceti oil to lubricate the machines, the scale of production could not have changed. Investors, speculators, and the nascent insurance industry (Lloyd’s of London) were all built from participation in the international ocean trade in spices, whale oil, and precious metals.
Thus, investing in the ocean economy is nearly as old as the ocean economy itself. So why are we talking as if there’s something new? Why are we inventing the phrase “the blue economy?” Why do we think there is a new growth opportunity from a “blue economy?”
The (new) Blue Economy refers to economic activities that are both based in, and which are actively good for the ocean, though definitions vary. While the concept of the Blue Economy continues to change and adapt, economic development in the ocean and coastal communities can be designed to serve as a basis for sustainable development around the world.
At the core of the new Blue Economy concept is the de-coupling of socioeconomic development from environmental degradation… a subset of the entire ocean economy that has regenerative and restorative activities that lead to enhanced human health and well-being, including food security and creation of sustainable livelihoods.
I also include lakes, rivers and streams in my definition of the Blue Economy as all are blue, generate economic value and all are also under duress.
