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Blue Economy

BLUE

ECONOMY

According to the World Bank, the Blue Economy is the sustainable and integrated development of economic sectors for healthy oceans and seas. It occurs when economic activity is in balance with the long-term capacity of ocean ecosystems to support activity and remain resilient and healthy.

 

As the world shifts to new ways of building sustainable economies, it is important to provide new opportunities for environmentally conscious development, capacity building, and alternative livelihoods to support communities. At the Waitt Institute, we work to support leaders and communities to build towards new ways of doing business while thinking long-term about creating an economy that is resilient to global events.

 

A Blue Economy approach allows countries to successfully manage their Exclusive Economic Zones (EEZ), 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. 

BLUE ECONOMY

refers to the sustainable use of ocean resources for economic growth, improved livelihoods and jobs and ocean ecosystem health.

The Blue Economy encompasses many activities including sustainable fisheries management, renewable energy, infrastructure, tourism, education, and blue finance.
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BY THE
NUMBERS

$24 trillion USD

40 million

estimated global ocean asset value

estimated number of ocean jobs by 2030

CORE

PRINCIPLES

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FINANCIALLY SUSTAINABLE

Maintaining profits and economic growth for a prosperous future.

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RESEARCH-BASED

Using best available information to make informed decisions.

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COLLABORATIVE

Engaging ocean stakeholders and communities to ensure all voices are heard and represented. 

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BALANCED

Prioritizing environmental protection, economic prosperity, and societal wellbeing.

OUR
ROLE

We partner with governments to help build smart sustainable ocean states

OUR
APPROACH

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SCOPE

Gain a deep understanding of a state's Blue Assets to formulate a narrative.​

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SHAPE

Identify one high-impact idea that can lead the Blue Economy and create strategies for implementation.

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ACCELERATE

Implement, monitor and evaluate Blue Economy strategies.​

CURRENT

PROJECTS

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Federated States of Micronesia

Our team gained approval from the Program Taskforce in July 2021 to proceed with a blended scenario for the Blue Economy approach. We will be shaping which projects are prioritized as part of this process.

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Maldives

The President’s Office is currently reviewing a draft high-level Blue Economy strategy drafted by our team.

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Bermuda

We are currently scoping the design and implementation of a Blue Finance Facility to support the growth of Blue Economy projects in Bermuda. Initial scoping reports on key sectors have been undertaken and will go to public consultation in early 2022.

OUR

EXPERTS

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Dr. Angus Friday

Blue Economy Director

World renowned Blue Economy expert and practitioner helping nations design sustainable ocean economies to support long-term ocean and community health.

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Asia Williams

Blue Economy Manager

Project management professional experienced in supporting Blue Economy entrepreneurs and sustainable infrastructure.

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Jennie Dean

Program Director,

UCLA Institute of the Environment and Sustainability

Program director overseeing evaluation of technical, administrative, legal and financial capacity of small island developing states.

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Amos Peters

Development Economist,

UCLA Institute of the Environment and Sustainability

Economist focused on analytics behind Blue Prosperity programs and partnerships.

OUR
COLLABORATORS

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KEY

PARTNERS

"We cannot rely on fishing exports, or tourism or extraction alone - we must be creative, inclusive, and broaden our understanding of health, wellbeing and prosperity.

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- His Excellency David W. Panuelo

President of the Federated States of Micronesia

LINKS &
RESOURCES

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Are you looking to build your Blue Economy?

Let's work together.