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.
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.
$24 trillion USD
estimated global ocean asset value
estimated number of ocean jobs by 2030
Maintaining profits and economic growth for a prosperous future.
Using best available information to make informed decisions.
Engaging ocean stakeholders and communities to ensure all voices are heard and represented.
Prioritizing environmental protection, economic prosperity, and societal wellbeing.
We partner with governments to help build smart sustainable ocean states.
Gain a deep understanding of a state's Blue Assets to formulate a narrative.
Identify one high-impact idea that can lead the Blue Economy and create strategies for implementation.
Implement, monitor and evaluate Blue Economy strategies.
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.
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.
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.
Blue Economy Manager
Project management professional experienced in supporting Blue Economy entrepreneurs and sustainable infrastructure.
Blue Economy Consultant
"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.
- His Excellency David W. Panuelo
President of the Federated States of Micronesia
The Potential of the Blue Economy - World Bank (2017)
Principles for a Sustainable Blue Economy - World Wildlife Fund (2015)
The Blue Economy: Growth, Opportunity and a Sustainable Ocean Economy Briefing Paper - The Economist (2015)