The United Nations has recognized the importance of the blue economy and its important role in a sustainable future for the world’s oceans. Sustainable Development Goal 14, aims to “conserve and sustainably use the oceans, seas and marine resources.” The UN seeks to prevent and reduce marine pollution of all types by 2025, and sustainably manage, conserve, protect, and restore coastal and marine ecosystems over the next 5 to 10 years. In addition, the SDG 14 aims to conduct greater scientific research into ocean health and marine biodiversity, particularly in small island developing states (SIDS) and least developed countries (LDCs). The inclusion of oceans as an SDG is a signal to help small island developing countries thrive economically from the sustainable use of marine resources, driving tourism and better fisheries management.
The blue economy is particularly important for the fiscal well-being of SIDS. In small island nations such as Palau and Seychelles, marine-based tourism represents over half of export earnings, and fisheries can represent anywhere from 10% to 50% of these nations’ GDP. Sustainable fishing practices coupled with environmental conservation efforts can ensure that the coastal natural resources utilized so heavily by these nations can continue to exist for centuries to come.
Palau and Seychelles: Leaders In The Blue Economy
Small island nations which benefit economically from the world’s oceans have pioneered the blue economy approach to utilize the oceans as a resource to improve their nations’ wealth while preserving the health of our great oceans. SIDS, as well as other coastal states, have a huge opportunity with the blue economy to give positive economic benefits for citizens alongside improved environmental protection, Palau and Seychelles are two island countries which serve as excellent case studies for the blue economy.
Seychelles Ambassador to the United Nations, Ronald Jumeau, pointed out the importance of rethinking the relationship with the oceans. He said, “The blue economy allows countries like Seychelles to put oceans at the center of our finances. We are not a small island state – we are a large ocean nation! ”
The Seychelles is one of the world’s premier biodiversity hotspots and, as a global leader in sustainable ocean use, represents another blue economy success story – undertaking a transition to sustainable ocean management. More eco-friendly fishing activity in Seychelles will diversify the small island nation’s economy, create high-value jobs, improve food availability and security for the small nation, and sustainably manage and protect the nation’s oceanic resources. The islands also launched the world’s first Sovereign Blue Bond, demonstrating the potential for countries to harness capital to obtain finance for the sustainable use of marine resources.