Blue Economy

Blue Economy & Bangladesh
The Blue Economy is an economic concept linked to the exploitation and conservation of the maritime
environment. It encompasses various sectors that rely on ocean resources, including fisheries, aquaculture,
maritime transport, energy, and tourism. The term gained prominence in recent years and emphasizes the need
for sustainable management based on the understanding that healthy marine ecosystems are more productive
Importance of Blue Economy for Sustainable Deveopment

The Blue Economy represents a holistic approach that prioritizes environmental, economic, and social sustainability.
1. Triple Crisis: Our oceans, coasts, and inland waters face a triple-planetary crisis of climate
change, pollution, and biodiversity loss. A Sustainable Blue Economy aims to address these
interconnected challenges while promoting economic growth and well-being 1.
2. Economic Value: The ‘blue economy’ is estimated to have an annual economic value of US$2.5 trillion,
making it equivalent to the world’s 7th largest economy. By harnessing ocean resources sustainably, we
can unlock economic potential while safeguarding ecosystems 1.
3. Global Goals Alignment: A sustainable blue economy aligns with several SDGs, including:
o SDG 14 (Life Below Water): Focusing on ocean conservation and sustainable use.
o SDG 1 (No Poverty), SDG 2 (Zero Hunger), and SDG 8 (Decent Work and Economic
Growth): Creating decent jobs, improving food security, and supporting livelihoods.
o SDG 5 (Gender Equality): Ensuring inclusivity and equal opportunities.
o SDG 13 (Climate Action): Addressing climate resilience through policy coherence and nature-
based solutions2.
4. Climate Resilience: A foundational aspect of the blue economy is building climate resilience. Circular
approaches, green energy transitions, and area-based planning contribute to both economic growth and
environmental protection1.
In short, a sustainable blue economy offers a path toward prosperity, resilience, and a healthier planet.
Prospects of Blue economy in Bangladesh:
Bangladesh holds significant potential in the field of blue economy, which emphasizes the sustainable use of
marine resources.
1. Geographic Advantage: Bangladesh’s proximity to water bodies, including the Bay of Bengal, provides
a strategic advantage for harnessing ocean resources.
2. Abundant Seafood and Fisheries: The country’s rich marine biodiversity offers ample opportunities for
seafood production and fishery exports.
3. Expanded Maritime Boundary: Bangladesh’s maritime boundary expansion from Myanmar has
increased its sea area by 1.4 times, creating new possibilities for resource utilization.
4. Skill Development: Initiatives like the establishment of the Bangabandhu Sheikh Mujibur Rahman
Maritime University and the introduction of oceanography departments in universities aim to build
skilled manpower for the blue economy.
5. Delta Plan-2100: Bangladesh’s Delta Plan prioritizes the maritime economy, emphasizing
multidimensional surveys of marine resources.
6. Self-Reliance: The government aims to move forward through self-reliance, reducing dependence on
foreign aid.
Oil & Gas exploration in Bay of Bengal
 A recent seismic survey indicates a high likelihood of striking oil and gas in both shallow and deep waters
of the Bay of Bengal. The structure of Bangladesh’s shallow sea resembles that of Myanmar’s offshore
area, where substantial gas reserves were discovered
 Bangladesh has invited international bids for exploration in 24 blocks in the Bay of Bengal.
 American company Conocophillips explored blocks 10 and 11, eyeing 5 to 7 trillion cubic feet of gas
 Bangladesh plans to reduce supply shortages by drilling 100 new gas wells between 2025 and 2028,
boosting local production.
Bangladesh faces several challenges as it seeks to harness ocean resources sustainably. Here are some key
obstacles:
1. Lack of Climate Resilience: Bangladesh’s vulnerability to floods affects coastal infrastructure, fisheries,
and aquaculture. Climate resilience measures are crucial1.
2. Marine Pollution: Ocean acidification, plastic pollution, and blue carbon degradation threaten marine
ecosystems. Addressing pollution is essential for a healthy blue economy.
3. Lack of technology: Developing skilled manpower for maritime sectors remains a challenge. Investment
in education and training is necessary.
4. Harmonizing Policies and Laws: Coordinating sectoral policies, plans, and legal frameworks is essential
for effective blue economy management.
5. Poor Ocean Governance: Strengthening governance mechanisms, surveillance, and coordination is vital
to prevent illegal fishing and protect marine resources.
6. Long-term commitment: Sustained political commitment is needed to drive blue economy initiatives
forward.
Despite these challenges, Bangladesh can overcome them through strategic planning, international cooperation,
and a holistic approach to sustainable development.By leveraging its natural resource endowment and promoting
sustainable practices, Bangladesh can create jobs, generate revenue, and support poverty alleviation through a
thriving blue economy

Blue Economy

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Blue Economy & Bangladesh

Importance of Blue Economy for Sustainable Deveopment

Prospects of Blue economy in Bangladesh:

Oil & Gas exploration in Bay of Bengal

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