blue economy (also ocean economy)

- economic models focusing on sustainability in the world's oceans and seas

- the sustainable use of ocean resources to benefit economies, livelihoods, and ocean ecosystem health

Collins Dictionary / The World Bank

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PHRASE ORIGIN

The term "blue economy" is a relatively recent coinage, with the earliest known usage dating back to the early 2000s.

The concept emerged in the context of promoting sustainable development models that balance economic growth with environmental protection, especially for coastal and island nations heavily dependent on ocean resources.

“Blue economy" was popularized at the 2012 United Nations Conference on Sustainable Development (Rio+20) as an offshoot of the "green economy" concept, with an emphasis on the marine dimension.

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THE COLOURS OF ECONOMIES

- BLUE Economy = refers to the sustainable use of ocean resources for economic growth, improved livelihoods, and jobs, while preserving the health of the marine environment (value around $2.5 trillion annually, equivalent to the world’s 7th largest economy).

- RED Economy = refers to communist or state-controlled economies where the government controls production and distribution of goods and services (value unknown due to lack of reliable data).

- GREEN Economy = an economy focused on sustainable development, renewable energy, and minimizing environmental degradation and carbon emissions (value in excess of $1 trillion annually).

- BROWN Economy = an economy heavily reliant on environmentally destructive activities like fossil fuel extraction, mining, and industries that cause pollution and deplete natural resources (value $3.2 trillion annually).

- WHITE Economy = this term has been used to describe the digital/tech economy or knowledge-based economic activities (value in excess of $11.5 trillion annually).

- ORANGE Economy = while not widely used, this may refer to the creative industries and cultural economy (value in excess of $4 trillion annually).

- SILVER Economy = economic activities and industries catering to the needs and demands of the elderly/aging population (value approaching $15 trillion annually).

- PINK Economy = refers to the market geared towards the LGBTQ+ community and upholding LGBTQ+ rights (value in excess of $4.6 trillion annually).

- GREY Economy = the informal sector, including unreported/untaxed economic activities and black market transactions (value is hard to evaluate precisely, estimates suggest it could represent over $10 trillion annually).

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SYNONYMS

- for "blue":

aquamarine, azure, beryl, cerulean, cobalt, cornflower, cyan, deep blue, indigo, lapis, marine, midnight blue, navy, periwinkle, robin's egg, royal blue, sapphire, sky blue, slate blue, teal, turquoise, ultramarine

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SMUGGLE OWAD into a sentence, say something like:

“Given that over 70% of the earth’s surface is covered by water, the BLUE ECONOMY is of major importance to the future of our planet.”

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