Chapter 06 · Governance & regulationDevelopment, Impact & Global Frameworks
Blue economy
Definition
An approach to ocean-based development defined by the World Bank as "the sustainable use of ocean resources for economic growth, improved livelihoods, and job creation while preserving the health of ocean ecosystems." There is no universally agreed definition: the UN, UNECA, the European Commission and finance institutions each frame it differently, and narrower finance usage centres on decarbonising existing ocean industries.
References
World Bank definition; programme role.
No universally agreed definition; ocean-economy size estimates (~US$1.5tn, ~US$3tn by 2030); definitional variants; SDG 14 linkage.
Overview
What it means
The concept deliberately pairs economy with ecology, distinguishing a sustainable "blue" economy from the broader ocean economy (all ocean-linked activity, including offshore oil and gas — estimated at about US$1. 5 trillion annually and potentially US$3 trillion by 2030).
Sectors span fisheries and aquaculture, maritime transport, coastal tourism, offshore renewables, marine biotechnology and the ocean's regulating ecosystem services. More ambitious variants — "sustainable ocean economy", "regenerative blue economy" — push further toward stewardship and social equity.
How it is used
Governments adopt blue-economy strategies (notably small island and coastal states); development finance runs dedicated programmes such as the World Bank's PROBLUE trust fund; the blue-economy frame structures blue bonds, marine spatial planning and SDG 14 delivery.
Why it matters
The ocean economy is large and growing fast; whether its expansion follows blue-economy principles or conventional extraction determines outcomes for food security, coastal communities, carbon and biodiversity simultaneously.
Definitions and controversy
Definitions diverge on whether any fossil extraction can qualify; the entry notes the contested boundary.