The Blue Economy. Alice Gabidoulline, Grace Pottebaum, Andrew Taber, Impact Interns and Analysts, Creative Investment Research.
On June 23rd, the NSU Broward Center for Innovation held a webinar titled “Blue Economy: Trends, Challenges, Opportunities, Strategies” to discuss the advancement of sustainability and innovation in developing the human economy around ocean resources.
Moderated by John Wensveen, the Executive Director of the NSU Broward Center for Innovation, the panel included Shelby Thomas, CEO of Ocean Rescue Alliance, Daniel Kleinman, CEO of Seaworthy Collective, Sean O’Hanlon, Principal at Tierra Verde, and Alec Bogdanoff, Principal at Brizaga.
The Blue Economy, according to the World Bank is defined as as “the sustainable use of ocean resources for economic growth, improved livelihoods and jobs, and ocean ecosystem health.” Through the webinar, the panelists discussed the current state of the Blue Economy, its various sectors and applications, and what to expect moving forward.
The panelists could not overstate the economic magnanimity of this growing industry, citing an overall market cap estimate of over $1.5 trillion dollars. While the majority of this figure involves gas, shipping, and similar functions, there are huge implications for biofuel technologies, pharmaceuticals, and ultimately endless industries; O’Hanlon found that this smaller sector within the market, estimated around $100 billion, has only barely been tapped into.
In all of the different areas around the Blue Economy, an emphasis on sustainability, healing, and addressing climate change must be maintained; the panelists agreed that when it comes to addressing global climate change, the conversation is already past “Should we do this?” and is currently “How are we going to do this?” Rising sea levels pose just one immediate existential threat to humanity.
To keep up with the increasing presence of our changing climate, the webinars' experts believe that it will take significant market progression in scale, scope, and speed. In order to make the advancements needed, the technological side of the Blue Economy requires innovation in addition to teaching the technical skills to accompany this growth.
While the panelists largely concluded that sustainably developing the Blue Economy is a brand new area of infinite scope, broadly requiring evolutionary change in thought and technology, they provided concrete ways that the government as well as average individuals can help restore the marine environment and spark innovation. Primarily, by providing economic incentives, the government can coax corporations into exploring this market area.
Considering the size of the potential market cap, this may happen naturally; however, a quick preventative response is required. And for the average person, there are endless volunteering, advocacy, and work opportunities within this sector; awareness is crucial. People love the oceans, making coastal cities around the world top tourist destinations. However, few understand the doom that may emerge without innovation and action. For instance in Florida, the panelists argued that the narrative of the blue economy must change; their blue economy is focused on tourism as opposed to protecting the environment. Tourism and sustainability can, and must, work in conjunction.
In conclusion, the panelists stated that current practices are primarily short term band aid solutions that are not going to be enough; the industry must act preventatively and proactively, not reactively. Hence, scholars and economists are trying to create ways for people to get involved and have a direct impact. This includes networking, sharing ideas, and creating spaces for collaboration, growth, and subsequently innovation. Unfortunately the human relationship with nature has traditionally focused on extraction opposed to preservation and protection. However, this hopefully will change with the advent and expansion of a sustainable and creative Blue Economy.