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Blue economy

Innovation drives Seychelles blue economy approach

Maria Damanaki's picture
© The Ocean Agency
© The Ocean Agency


Our oceans provide everything from food for billions around the world, to protecting communities and economies from storms—bringing it at least $1.5 trillion to the global economy every year. But they also face a barrage of threats, from marine pollution and dwindling fish stocks, to the dramatic effect of climate change on coastal communities. Such challenges require new ways of thinking and innovative financing tools that address both the health and economic wealth of our oceans.
 
Seychelles is a good example of a country that is going beyond business as usual when it comes to preserving its natural assets. In 2016, the Seychelles completed an innovative debt-for-nature conversion with The Nature Conservancy. This deal raised funding to buy $21 million of Seychelles’ sovereign debt to refinance it under more favorable terms, and then direct a portion of repayments to fund climate change adaptation, sustainable fisheries, and marine conservation projects – as well as to create an endowment for the benefit of future generations of Seychellois.

Sustainable tourism can drive the blue economy: Investing in ocean health is synonymous with generating ocean wealth

Rob Brumbaugh's picture
A snorkeler explores a coral reef in the coastal waters of Micronesia. © Ami Vitale


Tourism is one of the world’s largest industries, contributing trillions of dollars to the global economy and supporting the livelihoods of an estimated one in ten people worldwide. In many countries, with both developing and well-developed economies, tourism is appropriately viewed as an engine of economic growth, and a pathway for improving the fortunes of people and communities that might otherwise struggle to grow and prosper.

Much of that tourism depends on the natural world—on beautiful landscapes and seascapes that visitors flock to in search of escape, a second wind, and a direct connection with nature itself. Coastal and marine tourism represents a significant share of the industry and is an important component of the growing, sustainable Blue Economy, supporting more than 6.5 million jobs—second only to industrial fishing. With anticipated global growth rates of more than 3.5%, coastal and marine tourism is projected to be the largest value-adding segment of the ocean economy by 2030, at 26%.

West African countries commit to common vision for coastal resilience

Dahlia Lotayef's picture
Coastal erosion is threatening homes and livelihoods in Togo. Photo by: Eric Kaglan, World Bank 


Togolese families often place talismans, thought to contain magical or spiritual properties, outside their homes facing the Atlantic Ocean in hopes of protecting their dwellings from encroaching tides.
 
Unfortunately, dozens of villages have been devoured since the mid-1990s, leaving behind shells of houses, livelihoods and memories in the wake of a coast receding as much as 5-10 meters per year. When expatriates return to Togo’s coast to visit their childhood homes, they are astonished to see that communities have literally washed out to sea.

Sustainable Fisheries – an emerging new normal?

Valerie Hickey's picture
Tanzania, Zanzibar fisherman. Sonu Jain. World Bank

Last month I had the pleasure of attending a ‘trilogue’ organized by the European Commission for policymakers, scientists and the private sector on the subject of fisheries. I realized very quickly that the discussion went well beyond a traditional view of fisheries and instead was focused on sustainable fishing –  no longer a long-term ambition but a real-time response to the need to grow economies and prepare to feed the additional 2+ billion people coming to dinner in the next 20 years. It seems that sustainable fishing – definitely not quickly enough and certainly not everywhere yet – is an emerging new normal. Just how has this happened?