A well-planned blue economy can have many benefits for a nation’s economic development. Here’s why teaching this subject is crucial
Understanding the importance and significance of the blue economy; (Photo: tawatchai07 via Freepik)
With subjects relating to the ‘blue economy’ gaining in popularity, there is an increasing need for a comprehensive approach to incorporating this field of study into higher education. The term ‘blue economy’ relates to all economic activities involving oceans, coasts and seas, and applies to sustainable development as well, specifically the United Nations’ SDG14.
The oceans and their ecosystems support numerous economic activities, from fishing and maritime transport to port management, coastal tourism, energy and coastal protection. As a result of this new focus, there is a need to strengthen the knowledge base about the blue economy and to gain clarity on how India can benefit from it. The external environment is conducive to the growth of the blue economy, and innovations make it possible to strengthen the interlinked sectors, both established and emerging, to push for economic growth. This includes traditional sectors like port activity and fishing diversification, as well as emerging sectors like energy, drugs, proteins, and so on.
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WHAT IS THE BLUE ECONOMY?
The term ‘blue economy’ relates to economic activity that involves the oceans, coasts and maritime markets. The focus is on the organisation of sea transport, the economic behaviour of ship owners and shippers, market cycles, process and freight rate determinations, market forecasts, the impact of blue economy on economic growth, the returns on investment for shipping companies, how shipping companies survive external anomalies/ depressions, and many other issues.
Blue Economy | Issues addressed | Examples |
Macroeconomic perspective | The evolution of the shipping sector; how to make it sustainable | Sea transport and the global economy, the economic organisation of the shipping market |
Microeconomic perspective | The practical issues shipping companies are facing in their attempts to achieve SDG 14 | How shipping costs and revenues are structured, how ships are financed, how the industry makes commercial returns on investment |
THE NEED FOR ‘BLUE ECONOMY’ EDUCATION
Rising concerns about the pollution caused by ship accidents, for example, have led to a need to develop well-designed courses on the blue economy and adopt a structured method of knowledge dissemination. A sustainable blue economy provides social and economic benefits to current and future generations by contributing significantly to food security, livelihoods, poverty eradication and health safety. The main drivers of the maritime industry are global trade, innovation, investment, infrastructure, regulations and policies, digitalisation and emerging markets. It is essential to spread awareness about the blue economy, including the full-time courses being taught on this subject, to ensure the long-term sustainability of the ecosystem services provided by the oceans.
Many courses have been started by various international universities on the blue economy. These include programmes on sustainable trade and maritime economics, post maritime management and economics, shipping economics and policy, international trade and maritime law, transport and maritime economics, to name a few. However, in India not many universities offer full-time graduate or post graduate courses on the blue economy. Moreover, quantitative courses are also required in this field for scholars to be able to estimate the health and wealth of the oceans and their ecosystems. For example, Laura Tuck, vice president of sustainable development at the World Bank Group has said that “the value provided by marine and coastal ecosystems often goes unrecognised because it isn’t easy to quantify.” Further, she added that “If we value these resources better, they will be better protected and better able to sustainably provide the foundation for economic growth and poverty reduction.”With the increasing demand for maritime activities and need for sustainable development, industries related to the blue economy are ripe with ample career opportunities.
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CAREER OPPORTUNITIES WITHIN THE BLUE ECONOMY
After studying programmes on the blue economy, students can join any sector related to fishing, tourism, aquaculture, ports, shipping, maritime biotechnology, ocean-based renewable energy, maritime transport, etc. Some popular job titles include business analyst, maritime economist, logistics analyst, director of maritime affairs, vessel manager, regional commercial manager, naval architect and marine engineer, maritime consultant, ship manager, sustainability manager and ocean analyst.
The author is assistant professor (economics and analytics) at SOIL School of Business Design
