PATHWAY AND APPROACH FOR THE TRANSITION TO A CARIBBEAN BLUE ECONOMY 60 The World Bank (2017) highlights that in order to qualify as components of the blue economy, activities need to (as illustrated by Table 1.1): • Provide social and economic benefits for current and future generations. circumstances and the national vision adopted to reflect its own conception of a blue economy. Drawing from the notion of a “Green Economy”, it refers to the control of the Earth’s oceans and marine life. Sustainable Blue Economy Finance Principles 1. For Indian Ocean region, Blue Economy has importance in food security, sea borne trade, coastal tourism, alternative source of energy, coastal urbanization and so on. The UN puts the figure as high as USD 83 billion. GK, General Studies, Optional notes for UPSC, IAS, Banking, Civil Services. The focus was on the blue economy and blue finance, including related governance planning, sectoral management, and risk management. Despite being hailed as a sustainable way of reaping benefits from the ocean ecosystem, implementation of the blue economy in Indonesia still runs the risk of … Ambitious governance reform supported by the World Bank in Morocco for instance, helped the country develop its aquaculture sector to generate jobs, especially for women, in rural In the field of academic research, the research literature about blue economy mainly includes t… At its simplest, “blue economy” refers to the range of economic uses of ocean and coastal resources — such as energy, shipping, fisheries, aquaculture, mining, and tourism. , e.g. It underpins the thinking behind the Commonwealth Blue Charter, highlighting in particular the close linkages between the ocean, climate change, and the wellbeing of the people of the Commonwealth. What is the “blue economy”? “Blue Economy” has become a popular buzz word over the past decade. The ‘Blue Economy’ is an emerging concept which encourages better stewardship of our ocean or ‘blue’ resources. as in the definition used by the World Bank: The blue ' economy is sustainable use of ocean resources for economic growth, improved liv elihoods and jobs, and ocean ecosystem health '. “A blue economy is a long-term strategy aimed at supporting sustainable economic growth through oceans-related sectors and activities, while … Welcome and Introduction by the European Commission and UNEP Finance Initiative • How is the Blue Economy relevant to financial institutions? Blue Economy Caribbean was launched in 2018 as a call for the Region to prioritise coastal and marine economies that are sustainable, scalable, inclusive, and environmentally sound. Kamath, however, said the outlook for the banking sector and overall economy now looks brighter than he and other stakeholders had estimated. Blue Economy Indicators c. Blue Growth A sustainable ocean economy, where economic activity is in balance with the long-term capacity of ocean ecosystems to support this activity and remain resilient and healthy (Economist Intelligence Unit … The Principles were developed through a broad consultation led by the European Commission, WWF, the Prince of Wales’s International Sustainability Unit and the European Investment Bank (EIB). With the Blue Economy Action Plan as its foundation, the World Bank Group supports the development of integrated, sustainable and healthy marine and coastal resources. It assists its members and partners by providing loans, technical assistance, grants, and equity investments to promote social and economic development. It is encouraging to see that the Albanian government is committed to advancing “blue growth” to higher levels. BLUE ECONOMY a. The damage will be less than what the committee had expected, Kamath said, pointing out that most of India’s top … Tuesday, December 17, 2019 — WASHINGTON —The World Bank Board of Executive Directors approved a US$20 million credit to support Grenada’s transition to a resilient blue economy. Banking on the sustainable blue economy – How to accelerate impact-oriented investments in Blue Growth, is a session that will take place on 2019-01-30 at the European Parliament. In 2017, a partnership between the European Commission, WWF, the Prince of Wales’s International Sustainability Unit and the European Investment Bank (EIB) has developed a set of voluntary Sustainable Blue Economy Finance Principles. Adopting a “blue economy” approach (in which the economic value of marine assets is maximised while the health of marine and coastal ecosystems is protected) … The World Bank is deeply committed to supporting the blue economy, with a blue portfolio of USD 2.6 billion in investments , through important knowledge work such as the Sunken Billions reports, as well as by supporting improved governance, fiscal and financial reforms at … Apart from addressing concerns such as resource scarcity and waste disposal, blue economy aims for holistic and sustainable development along with enhancing human welfare. Globally, the push for the so-called “blue economy” or sustainable use of oceans aims to protect economic activity worth $3 billion-$5 billion annually that coasts and oceans support. The Asian Development Bank (ADB) is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Katugampola: As the Seychelles’ blue bond demonstrated, this is not purely an environmental issue; it’s an economic one. Fir. To help guide the crucial role that banks, insurers and investors can play, the Sustainable Blue Economy Finance Principles were unveiled in 2018. “World Bank bonds provide an opportunity for investors to engage on purpose, impact and the Sustainable Development Goals. However, every year, the global community bears huge financial losses caused by ocean pollution and exploitation. The principles provide a guiding framework for financing a sustainable ocean economy, and were developed by the European Commission, WWF, the World Resources Institute and the European Investment Bank. In part, the broader emergence of aligning business practices with the United Nations Sustainable Development Goals has catalyzed this conversation. That's why in 2017, a partnership between the European Commission, WWF, the Prince of Wales’s International Sustainability Unit and the European Investment Bank (EIB) has developed a set of voluntary Sustainable Blue Economy Finance Principles. • Overview of the Sustainable Blue Economy Finance Principles • Responsible Investor Survey Preliminary Findings 2. 3.2 The Concept of a ‘Blue Economy’ 42 3.3 A Blue Economy Conceptual Framework 44 3.4 A Caribbean Blue Economy: Aligning Economic Growth and Ocean Health 49 3.5 Case Study: Grenada: Translating Aspiration to Action in Its Transition to a Blue Economy 53 CHAPTER 4. Blue bonds are emerging as an instrument to finance solutions at scale. Livewell Fisheries. Today at The Economist World Ocean Summit, the Sustainable Blue Economy Finance Principles were unveiled. It also includes economic benefits that may not be marketed, such as carbon storage, coastal protection, cultural values and biodiversity. At its heart, it reaffirms the values of the Commonwealth, including These principles, elaborated in consultation with private and public financial institutions, intend to: Since the 21st century, the concept of the “Blue Economy” has become increasingly popular. Research presentations explored innovative ocean financing schemes, as well as strategies for mitigating the impacts of climate change and unsustainable practices on communities that rely on healthy ocean and coastal ecosystems. The Blue Economy acknowledges that some aspects of so-called "green living", such as buying organic food and using certain forms of renewable energy, can be economically out of reach for large sections of the population. establmaritime sectors Related Projects. This concept visualizes oceans as development spaces in which activities like conservation, sustainable energy production, mineral wealth extraction, bio-prospecting, marine transpo… This “Blue Economy” approach supports economic growth, social inclusion and the preservation or improvement of livelihoods while at the same time ensuring the environmental sustainability of oceans and coastal areas. International society believes that blue economy covers three economic forms: economy coping with global water crisis1 (McGlade et al., 2012); innovative development economy2 (Pauli, 2009) and development of marine economy3 (Behnam, 2012). Globally, the market value of marine and coastal resources and industries, otherwise known as the Blue Economy, is estimated at USD 3 trillion per year or about 5% of global GDP. It is a broad concept as it is not only confined to minerals and marine products, but also includes even maritime activities like shipping services. The Bahamas Development Bank is committed to fostering Blue Economy development. World Bank approves US$20 million Credit for Grenada’s Transition to a Resilient Blue Economy Media Release Courtesy The World Bank. Hits: 0 City: Geneva, Switzerland Office: UNEP Geneva Posting Title: UNEP Finance Initiative (UNEP FI) Communications Consultant – Banking, Blue Economy and Ecosystems Department/Office: United Nations Environment Programme Duty Station: GENEVA Posting Period: 03 December 2020 – 10 December 2020 Job Opening Number: 20-United Nations Environment Programme-145961-Consultant … Blue Economy Framework b. Africa's Blue Economy: A policy handbook v Figures, table, boxes and case studies Figures Figure 1: Financial resources into and out of Africa in reference to foreign direct investment (FDI), international assistance, and remittances (2010) 4 Figure 2: The prevailing Blue Economy framework 8 Figure 3: Blue Economy conceptual framework 9 the blue economy represents roughly 5.4 million jobs and generates a gross added value of almost €500 billion a year. This is the topic of the research paper, “ Financing the Blue Economy: A Caribbean Development Opportunity ,” produced jointly by the Caribbean Development Bank (CDB) and United Nations Development Programme (UNDP). In this definition, the blue economy can be seen as a subset of the green economy; • another definition classifies ished . 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