By 2030, the 17 Sustainable Development Goals (SDGs) represent the greatest strategy to establish a recovered future for all. These goals requires intervention from all countries, developed and developing, to boost economic growth while protecting the environment. To achieve these goals, it is necessary to implement policies that promote economic growth, address a variety of social as well as environmental issues by combating climate change and preserving oceans and forests, and by consequent combating poverty.
As far as environment sustainability is concerned, the blue and green economies reflect two different economic approaches, to achieve sustainable economic growth, through different sectors including ecotourism, renewable ocean energy, green shipping, and sustainable fishing. The 'blue' and 'green' economies complement one another in terms of attaining the three main pillars of SDG: economic, social and environmental.
The concept 'blue economy' used synonymously with 'sustainable ocean-based economy' originates from the widened blue color of our oceans and seas. The efficient use of scare blue resources can generate new job opportunities and social equity.
The blue economy applies sustainability concepts especially to marine and oceanic habitats. Whereas the green economy adopts a broader perspective that includes changes in all economic sectors. As human economies and ecosystems are intertwined, the success of one ultimately depends on the other.
Developments in the green economy in the areas of transportation, energy, infrastructure, and agriculture may prevent ecological harm to priceless marine resources, especially land-based pollution. On the other hand, the sustainability of the interconnected terrestrial and aquatic ecosystems protected under the auspices of the green economy is crucial for the sustainable utilisation of the potential of oceans and coasts through blue economy principles in sectors such as fisheries, shipping, tourism, and renewable ocean energy.
The blue and green economies thus merge together on the canvas of sustainable development, much more so than different shades on a palette. The primary arguments illustrate incidental relationships, which mean that actions in the green economy impact results in the blue economy and vice versa. The development of the blue economy and the wellbeing of marine ecosystems depend on the adoption of green economy principles in terrestrial economic activities. To minimise pollution and runoff into rivers and oceans, for example, major sectors such as industry, agriculture, and energy can switch to more sustainably generated goods and services.
The sustainable use of ocean resources by the blue economy might expedite the shift of the land economy toward a circular economy by providing renewable energy, ecologically acceptable raw materials, transportation, and other essentials. In addition, the adoption of smart blue economy policies creates more 'green jobs' in the maritime sectors, such as green shipping, renewable marine energy, eco-tourism, and marine conservation.
The green economy's efforts to cut emissions are directly aided by the blue economy's emphasis on low-carbon mobility, renewable ocean energy, and coastal carbon sequestration. Therefore, we can ensure the future existence of aquatic species by protecting significant related ecosystems, such wetlands and forests.
In essence, the synergies also suggest that progress in the land-based green economy or the ocean-based blue economy cannot happen independently. Supporting one has a positive impact on the outcomes of the other.
Encouraging collaboration and communication across the policies, technology, and financial flows that drive both is essential to their shared success. Because the blue and green economies are causally linked, they must grow together to achieve sustainable growth.
Technological innovation plays a primordial role in promoting this synergy and accelerating the achievement of sustainable economic growth. For this reason, the innovative use of technology needs to be considered in the continuous pursuit of new practical paths to green growth. Greener growth and a sustainable blue economy are facilitated by the energy industry's increased innovation and by utilizing new technologies in developing ocean-based enterprises.
Utilising sustainable technology makes it feasible to produce renewable ocean energy. Smart fishing technology includes things like artificial intelligence, big data analytics, and vessel monitoring systems that can aid with more precise and sustainable fishing while reducing bycatch and environmental impact Artificial intelligence, drones, sensors, and satellites all help to increase the efficiency of resource management.
Moreover, green maritime transport is more achievable through technology like onshore power supply, wind/solar assisted propulsion, and improved hull and propeller design provide significant reductions in shipping emissions.
Sustainability necessitates significant technology advancements in every industry, not just surface-level adjustments. Before they attain maturity, these systemic changes—to renewable energy systems, circular material flows, regenerative agriculture, and green mobility—need to be patiently nurtured over extended periods of time. The path from laboratory to market is fraught with technological and business hazards that are too great for private companies to handle on their own. Alongside technical advances, new arrangements for legislation, industrial partnerships, infrastructure, and societal acceptability need to be made. Therefore, governments must carefully design ecosystems and undertake targeted interventions to assist technology overcome certain challenges to drive innovation.
A variety of policy tools are needed to address the current state of the climate and the environment, in part because the obstacles to emerging sustainable technologies are complex and frequently vary between different technologies.
The author is an Associate Professor in the Department of Managerial and Financial Sciences at Al Zahar College for Women. She holds a bachelor’s degree in international trade, a master’s degree in economics and international finance, and a PhD in Finance and Economic Sciences.
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