OUR FOCUS
Blue Economy
WHAT IS "BLUE ECONOMY"?
BLUE ECONOMY refers to the sustainable use of ocean resources for economic growth, improved livelihoods and jobs and ocean ecosystem health (World Bank).
The Blue Economy encompasses many sectors, including*:
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Fisheries Management
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Renewable Energy
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Maritime Infrastructure
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Tourism
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Education
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Blue Finance
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Blue Technology
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Climate Change Mitigation & Adaptation
*The Blue Economy does not include destructive activities such as deep-sea mining and development.
A healthy ocean provides jobs and food, sustains economic growth, regulates the climate, and supports the well-being of coastal communities. A Blue Economy approach allows countries to successfully manage their Exclusive Economic Zones (EEZs), without exhausting the vital marine resources that we all depend on. Building a viable Blue Economy ensures that economic stability and preservation of the ocean go hand in hand.
At the Waitt Institute, we work to support leaders and communities to build new ways of doing business while thinking long-term about creating a blue economy that is resilient to global events.
BY THE NUMBERS
$24 trillion USD estimated global ocean asset value.
40 million estimated number of ocean jobs by 2030.
Investing USD 1 in ocean management can yield at least USD 5 in global benefits. (Konar and Ding, 2020)
Economic benefits of 30% ocean protection are estimated to exceed costs by 1.4-1.7 times. (Brander et al., 2020)
The cost of 30% ocean protection is just 0.4% of the global ocean’s value.
WHAT WE OFFER
Public and private sector stakeholder engagement
Assessments of cost and benefits of investing in marine protection
Identification of sustainable economic development pathways
Sustainable finance planning
Support and training for blue economy entrepreneurs
OUR ROLE
We partner with governments to help advance blue economic development and sustainable finance solutions in support of national ocean conservation commitments.
RECENT PROJECTS
The FSM Blue Prosperity Entrepreneur Fellowship aims to support local entrepreneurs and sustainable businesses through grants, entrepreneurship training, and mentorship opportunities.
The Tonga Blue Prosperity Entrepreneur Fellowship aims to support local ocean-oriented entrepreneurs and sustainable businesses to strengthen Tonga’s Blue Economy and advance ocean and community health.
The Ignite Accelerator Program is an entrepreneurial development program created to support local innovators in growing and scaling up their businesses and organizations for the sustainable growth of Bermuda's ocean economy.
OUR TEAM
NOAH GREENBERG
Blue Economy Director
Sustainable finance expert with experience designing financial plans for marine conservation.
ASIA WILLIAMS
Blue Economy Manager
Project management professional experienced in supporting Blue Economy entrepreneurs and sustainable infrastructure.
KRISTIN METHAGL
Blue Economy Manager
Market strategist and sustainability expert experienced in the assessment and capitalization of blue economy development opportunities.
OUR PARTNERS
