The concept of the “Blue Economy”: international legal aspects and implications

Abstract

This article delves into the transformative framework known as the “Blue Economy,” underscoring its significance in recognizing and enhancing the economic value of ocean resources while advocating for their sustainable management. The oceans play a foundational role in supporting human life, contributing to essential services such as oxygen production, climate regulation, and food supply. As the world’s oceans are increasingly strained by climate change, pollution, and overfishing, understanding the nexus between ocean health and economic vitality becomes paramount. With ocean-based industries accounting for an estimated $24 trillion in global economic value, it is evident that effective management of marine ecosystems is not just an environmental imperative but a vital economic necessity. The article examines critical international legal frameworks established by the United Nations, such as the 1982 UN Convention on the Law of the Sea, which provides a comprehensive legal structure for the governance and preservation of oceanic resources. It further discusses the recent adoption of the High Seas Treaty, which aims to expand protections for marine areas, and emphasizes the need for countries to collaborate on sustainable practices and policies to address the multifaceted challenges facing the oceans. A thorough analysis reveals the rapid growth of the Blue Economy within regions such as the European Union, which has seen substantial increases in employment and economic output associated with ocean industries. The article identifies key sectors, including marine fisheries, aquaculture, and coastal tourism, that are critical to fostering economic development while maintaining the integrity of marine ecosystems. In response to environmental threats, the authors propose a holistic approach that encompasses seven priority areas for action: 1) National Accounting Systems for Ocean Resources; 2) Territorial Planning of Coastal Marine Areas; 3) Sustainable Management of Fisheries and Aquaculture; 4) Investment in Maritime Infrastructure: 5) Development of Human Capital; 6) Sustainable Practices in Coastal and Deep-Sea Resource Extraction; 7) International Cooperation and Security. These areas serve as strategic categories for future initiatives under a global Blue Economy framework. The article advocates for intensified international collaboration and innovative research to ensure that ocean resources are utilized sustainably and equitably, as well as the establishment of regional programs to enhance cooperative efforts. It underscores the necessity of integrating scientific research into policy-making to address pressing issues such as illegal fishing, marine pollution, and habitat degradation. In conclusion, the authors call for a global approach to ocean governance that transcends national boundaries and emphasizes cooperative, multi-stakeholder initiatives. This collaborative framework is essential for realizing the potential of the Blue Economy while safeguarding marine ecosystems for future generations. The sustained health of our oceans is not only vital for current economic stability but also for the well-being of future generations, making the responsible stewardship of ocean resources a universal priority. Through shared knowledge and commitment to sustainable practices, nations can collectively harness the economic opportunities presented by the Blue Economy while ensuring the protection and resilience of our oceans.