The emerging concept of the Blue Economy encompasses all the economic activities that generate wealth from the world’s oceans and coasts. A wide array of institutions, industries and activities are linked to the Blue Economy.
The ocean has traditionally offered enormous opportunities for us in fisheries, marine transport, and coastal tourism. Beyond financial wealth, the ocean is part of our culture and way of life. Mangroves protect our low lying communities from the worst of storms and flooding. The health of our oceans and coasts are undoubtedly connected to Bahamian economic and social well-being. However, globally threats such as climate change, marshland destruction, and overfishing threaten to degrade our resources.
The Blue Economy is explicitly supported by Goal 14 of the SDGs that aims to ensure the sustainable management of “life below water”. Managing the Blue Economy is complex because one sector’s activities can have impacts on many ecosystems, industries, and communities. This means that as a country, The Bahamas must work cohesively domestically and internationally to share data, technical innovations and resources.
Financing is needed to unlock the potential of our oceans while ensuring a sustainable approach. The Bahamas Development Bank is committed to fostering Blue Economy development