Though the world is gradually recognizing the gravity of the global water situation, the lack of historical commitment to water has harmed many of the world's economic potential. The UNEP International Waters GEF project is intended to boost the Blue Economy by emphasizing the importance of water as a valued economic resource. Fisheries and aquaculture, marine transportation, tourism, renewable energy production, and extractive industries are among sectors that can benefit from a well-designed Blue Economy assessment.
UNEP has leveraged its innovation and data-driven policies to apply a comprehensive understanding of both opportunities and limits, and use that information to help shape policy formulation and create regional cooperation, in order to sustainably strengthen Blue Economy opportunities.
The concept of Blue Economy has grown in popularity since its first appearance in 2012 at the United Nations Rio+20 conference on Sustainable Development, and it, like her sister Green Economy, is now being used in a number of contexts.
UNEP has been working with a number of stakeholders to build a common language on Blue Economy implementation in order to establish a shared understanding of what it means. The purpose is to encourage collaboration between groups and governments in the development of projects, policies, and programs that benefit the environment as well as local populations.
The Blue Economy model, like the 'Green Economy,' strives to eliminate environmental dangers and ecological scarcities while also fostering human well-being and social fairness. Equal opportunity, social stability, and inclusive growth, as well as quality employment and improved livelihoods, are all examples of social sustainability. It also encourages a government that is effective in ensuring quality and maintaining openness in regulatory development and political stability.
UNEP has been in the forefront of attempts to develop uniform accounting techniques for the ocean's carbon and ecosystem services. With more than a decade of on-the-ground experience and a variety of data-driven initiatives, UNEP is assisting a variety of stakeholders in capitalizing on Blue Economy potential.
