Blue economy

The African Union's Director of Blue Economy and Sustainable Environment, Hersen Nyambe, stated that Africa's blue economy generates over $298 billion annually, with projections reaching $405 billion by 2063.

Portugal is finalising a €100 million credit line for Portuguese companies to invest in Cape Verde, managed by state-owned bank Caixa Geral de Depósitos. The facility targets renewable energy, the blue economy, digitalisation, and tourism infrastructure projects.

The Our Ocean Conference held in Mombasa, Kenya, from June 16-18 saw over 100 governments, businesses, and organizations commit to 320 new initiatives valued at $6.4 billion for ocean conservation, sustainable fisheries, climate resilience, and the blue economy. The article reflects on the fragmented nature of political power despite the ocean's unity.

Gwadar Port conducted its first commercial bunkering operation from July 9-11, supplying 2,500 metric tonnes of VLSFO to the LNG carrier Enugu. The operation involved GPA, NLC, GITL, and Vitol Asia, expanding the port's services and aligning with CPEC goals to boost Pakistan's blue economy.

Governor Josh Green signed two new laws to diversify Hawaii's economy, including increased film industry incentives and the creation of the Office of Marine Affairs to promote the state's blue economy.

Chennai's coastal communities raised concerns about polluted waterbodies and livelihood issues during a public hearing organized by the Neithaliyal Collective. Fishers and residents from Tiruvallur, Chennai, Chengalpattu, and Villupuram presented testimonies to a three-member panel regarding 'blue economy' projects.

The blue economy is identified as a critical source of jobs, food security, and economic opportunity in Africa and the Western Indian Ocean region. However, the region is only beginning to explore the full potential of its oceans, lakes, and rivers.

Foreign trawlers operate illegally in Malaysian waters off Terengganu, particularly near Pulau Redang and Pulau Bidong, evading detection by dawn. Local fishermen report these incursions as a recurring issue threatening their livelihoods.

Chief Minister V.D. Satheesan highlights the blue economy's potential for Puthuyuga Keralam, emphasizing the port-maritime sector as a development catalyst and addressing challenges like pollution, climate change, and coastal erosion.