A new report on the “blue economy” produced during Monaco Ocean Week has been released for policymakers, and will now form part of key climate change conferences across the world.

The report, titled First Blue Economy Round Table, was produced from a workshop co-organised by the Environmental Economics section of the Scientific Centre of Monaco (CSM) and the Meri Foundation during Monaco Ocean Week in March.

It focuses on achieving an economic, social, political and environmental approach to fishing by establishing methods for sustainable resource management and mitigation measures to limit losses and restore biodiversity.

What is the blue economy?

The ocean contributes to the global economy with an annual added value of 1.5 trillion dollars.

Meanwhile, through blue carbon sinks, the ocean absorbs up to 30% of CO2 emissions.

This is why experts say that the interaction between the fishing industry and the world ocean needs to be carefully considered.

Blue economy report

The workshop focused on five themes for a multidisciplinary and comprehensive approach to the issue, each belonging to different dimensions.

Firstly, the Environmental/Ecological dimension, which looks at overfishing and its effects on biodiversity as well as the role of subsidies and marine ecosystem services; the Public Policy dimension including Ocean Literacy: how to address gaps in policymakers’ common understanding of the oceans; the Public Policy/Governance dimension: marine protected areas as a tool for controlling and conserving biomass, solutions and governance; the Economic Dimension: towards a sustainable economy considering marine ecosystem services; and the Economic/Finance dimension: financial markets and investments in biodiversity.

Who will use the report?

The report will be presented at international conferences, including COP 28 in November in Dubai and COP 16 on biodiversity in Turkey 2024. The aim is to place the fundamental theme of the blue economy and fishing at the heart of discussions about the future of the global ocean. It addresses issues related to food and economic security, biodiversity, and combating climate change.

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Image source: CSM