Pathways to Resilient and Sustainable Economic Development Through the Blue Economy

Abstract

This chapter is focused on the role played by the blue economy in modern economies, which is associated with building resilience in uncertain situations. This chapter, using the quintuple innovation helix framework, aims to approach holistically the urgent function and role of the blue economy for environmental sustainability and conservation of marine resources and ecosystems focused on the potential for achieving economic and social goals for propelling our world towards the ideals for achieving sustainable development and growth and achieving inclusiveness in economies with equal opportunities for all. Throughout the analysis of the chapter, several critical concepts are introduced. Factors such as cooperation on national and international scales, new technologies, and access to financing instruments empower the blue economy to enhance its resilience and grasp opportunities while addressing dangers associated with the risks of the new era, such as climate change, natural and marine resources limitations, and social disparities.

1. Introduction

The blue economy’s issues are crucial since marine waters account for more than 70% of the earth’s surface. Countries that successfully manage the resources related to the blue economy will be able to cope with climate change, biodiversity issues, and natural resources fundamental to the humans. Besides, the activities related to the blue economy are crucial for the economies at the national and global levels. But there is an important challenge in today’s age. To what extent is the sustainability of marine waters and wider marine ecosystems threatened by the overexploitation of natural resources in the blue economy and by the effects of climate change [1]?

In the context of this discussion, the concept of the blue economy can offer answers and action directions for a more sustainable course of development and growth. The blue economy drives the need to forge a much more effective balance between how we exploit the resources our environment offers us and how we ensure that marine ecosystems are healthy in perpetuity and resilient to the challenges of the modern age. Thus, the blue economy can be needed to achieve several long-term sustainability goals of modern economies such as those developed by the United Nations. This is why the United Nations has integrated into the framework of sustainable development goals. The fourteenth goal involves using all the resources related to the blue economy to achieve sustainability.

Of course, it should be noted that the activities of the blue economy are not limited to issues related to how sustainable the environment will be in the future and issues related to managing natural resources. The blue economy can also be interconnected with many economic activities as it can offer solutions and actions related to economic and social issues, such as the possibilities for innovative initiatives, the creation of investment efforts and jobs, and addressing issues such as poverty. In addition, for the blue economy to address all the above issues holistically, it is deemed necessary to combine it with a collaborative approach between governments, industry, the academic community, civil society, and the wider environment. The sustainable blue economy is an effort in which innovative initiatives and policies are considered very important, investments in technologies that will be sustainable and non-energy-intensive, but also for a set of policies that lead to the effective management of resources [2]. This need for collaboration has led us in this chapter to emphasize the quintuple innovation helix (QIH) framework, which provides the framework within which governments, industries, academia, civil society, and the environment can cooperate.

This chapter seeks to highlight another important role of the blue economy. It is about the effort to transform the concept of economic development in which the priority will be the simultaneous satisfaction of the needs of people and the planet and not only the freedoms that people enjoy. In this effort, seeking the most efficient and sustainable management of natural resources related to the blue economy, in addition to being a necessary condition for the planet’s future, is also an opportunity for social and economic prosperity and progress towards a fairer and more prosperous future for all. For these reasons, this chapter focuses on the basic concept of the blue economy, the factors that shape and influence it, and the challenges but also the opportunities and the development of strategic actions to, through cooperation, ultimately lead to a more resilient and sustainable blue economy and economy in general.

This chapter is structured as follows. Section 2 presents the blue economy introduced into the QIH framework and explains why this element contributes to effective interactions among governments, industry, academia, civil society, and the natural environment. Section 3 lists the aspects of the blue economy in developing resilient economies. In this context, Section 4 describes the challenges the blue economy must face, such as environmental degradation, governance obstacles, and various social and economic problems. In contrast, Section 5 describes the opportunities related to the blue economy concept, such as innovation and the sustainability of development and growth. Then, in Section 6, a key issue is presented for the role played by the blue economy, that of financing in supporting the building of a resilient and sustainable blue economy, while in Section 7, directions and recommendations for future actions in the context of the blue economy are described. Finally, Section 8 presents the conclusions.

2. Blue economy and the quintuple innovation helix framework

The quintuple innovation helix (QIH) framework [3, 4] promotes innovation based on the helical interaction of its five helixes: government, industry, academia, civil society, and the natural environment. QIH framework came to replace the triple innovation helix framework (3 helixes: government, industry, academia) and the quadrable innovation helix framework (4 helixes: government, industry, academia, and civil society) [5, 6, 7, 8, 9, 10], incorporating the fifth helix—that of the natural environment—and its role for innovation.

From how this framework of analysis is structured, it is understood that the process of innovation is treated as a particularly multifaceted phenomenon [11, 12, 13, 14] as it recognizes the role of many and different forces that derive from the way the economy, governance, society, and the environment are organized [15]. Thus, the QIH analysis framework provides a much more comprehensive and holistic approach to innovation. Thus, it highlights the cooperation between various helixes to address the challenges of modern economies [16].

The way the QIH is organized also provides relevance to the blue economy. Such a holistic approach can highlight the importance of managing the seas, marine ecosystems, and marine resources much more effectively, promoting economic and innovative performance [3]. At the same time, the blue economy is inherently able to promote sustainable development and resilience, as it links issues related to the natural environment with economic decisions, policies, and strategies. [17] apply QIH to the blue economy, seeking an interdisciplinary approach to enhance sustainability, inclusiveness, and equity. They state that such a collaborative approach between the five helixes of the QIH and the shared experiences and learning they develop can allow the blue economy to redefine its role in modern economies and promote inclusive democratic processes. In this way, the blue economy can face economic, social, and environmental challenges much more effectively.

Industry under QIH plays a very critical role in (a) carrying out activities related to the blue economy, such as aquaculture, eco-tourism, renewable energy, [18], (b) through blue entrepreneurship to create jobs and offer opportunities to strengthen inclusiveness [19], (c) to strengthen the degree of diversification of the produced output of an economy, and (d) to transform the results of academic and scientific research in real economy applications.

Another major player in the blue economy is the academic community. As defined earlier, the blue economy is a new and vague concept. The academic community, mainly universities, undertakes significant research and promotes innovation in its infancy [20]. They produce and promote the growth of the knowledge economy that enables economies and societies to appreciate what the blue economy entails fully. This includes how marine ecosystems operate, what they need, their challenges and opportunities, and what is needed to exploit them better, including developing new technology and knowledge practices [21].

Governments also have a particularly critical role in the QIH for the blue economy, as they shape the regulatory environment that can promote or hinder the blue economy activities [22]. In general, however, governments formulate rules and policies to create a regulatory environment that encourages more efficient use of marine resources and sustainable practices to protect marine ecosystems. Only in this way can the long-term success of the blue economy be achieved.

Civil society in the QIH framework for the blue economy has the critical role of ensuring that an economy’s economic development process does not come at the expense of environmental health and inclusiveness [23]. Civil society can participate in QIH as a wider society or even through the activities of non-governmental organizations (NGOs) and other economic stakeholder groups.

Furthermore, the natural environment has a particularly critical role in the QIH for the blue economy, as the blue economy depends on the health of marine ecosystems [24, 25]. As can be understood from the above, protecting the natural environment, its sustainability, and the effective management of its resources are prerequisites for promoting sustainability and resilience.

By presenting the special role of each propeller for the blue economy, it is evident that the cooperation between these five forces can lead in a much more sustainable way for the blue economy to face the modern challenges related to climate change and environmental degradation but also the emergence of social and economic challenges. Collaboration can be key to strengthening the resilience and sustainability of the blue economy and thereby addressing critical issues of rebuilding economies and societies after crises and economic shocks.

3. Economic resilience through the blue economy

The blue economy has increasingly been recognized in recent years as a very critical process for economies to strengthen their economic resilience and to be able to lead on sustainable growth paths, facing the effects of economic shocks [26, 27]. In its basic processes, the blue economy includes actions related to many activities around marine ecosystems, which can promote and balance environmental activities concerning economic development and growth, social inclusion, and environmental sustainability. Thus, through more sustainable management of marine resources, the blue economy seeks to encourage the activity of already developed industries related to marine resources while assuring that all processes will always focus on protecting marine ecosystems, leading to a much more resilient economic analysis framework [24, 28].

A critical issue related to the importance of the blue economy in building a much more resilient economy is diversifying the risk of economies. Economies that diversify their production model by emphasizing other sectors, such as the blue economy, means that they place more emphasis on blue economy activities such as sustainable fishing, aquaculture, coastal and marine tourism, the use of renewable energy sources and sustainable technologies, i.e. activities that can provide opportunities to societies and economies, thus reducing the vulnerability of economies to economic crises and other shocks [29, 30]. Some of these activities, such as sustainable fishing and aquaculture, are typically worth mentioning. These two activities enable a large part of the world’s population to meet their nutritional needs and livelihoods, thus offering the blue economy a critical role in global economic stability, resilience, and improving economic and social well-being [31, 32]. Another very important activity is the development of renewable energy sources in the context of the functioning of marine ecosystems. Wind, wave, and tidal energy can offer renewable energy production solutions, reducing the environmental burden from greenhouse gas emissions and promoting new opportunities for employment and economic activity through investments and new industries [33, 34, 35, 36].

Additionally, economic resilience can be enhanced through the blue economy as blue activities can offer opportunities for greater interconnection between economies and greater international trade. By strengthening these interconnections at the international level, the blue economy can create cooperation channels of commercial and other types of interconnections, which is a very critical process to achieve economic stability even during shocks that may occur at the global level [37].

In addition, marine and coastal tourism and sustainable tourism can offer sustainable solutions to economies, lead to new investment initiatives, increase incomes, and create new jobs. Beyond these economic benefits, if the activities of the blue economy are carried out sustainably, they can also have a decisive role in the sustainability of marine ecosystems, thus increasing resilience [38].

Moreover, one key activity is the sustainable management of resources and protecting resources related to marine ecosystems. Such ecosystems are more resistant to phenomena related to climate change or the degradation of the wider environment and, therefore, can offer solutions to economies and societies under crisis conditions [39]. In addition, the role of international cooperation and governance is very critical. When this international cooperation is effective, the blue economy can also play a critical role in building economic resilience and protecting the environment [40].

At the same time, innovations and new technologies lead to the continuous creation of new products and services that lead to better use of marine ecosystem resources and less impact of human activities on the environment. Thus, changing the economy through new technologies, such as sustainable technologies [41], can be the path economies must take to build their resilience. Effective exploitation of the opportunities arising from new technologies can provide solutions for long-term sustainability and resilience in modern economies [42].

4. Challenges in the blue economy

Environmental degradation and climate change are among the most important challenges for the blue economy. These risks are related to the occurrence of multiple effects which, beyond the environment itself, may also cause consequences in social and economic functioning, such as issues for the health of societies (spread of diseases), economic issues (damages to aquaculture, fishing, and in tourism), social issues (access to opportunities, conflicts over the natural resources of marine ecosystems) but also governance issues (regulatory environment to mitigate the phenomena) [43, 44]. These risks cause significant shocks to marine ecosystems, their resources, and the services these ecosystems offer.

Among the remaining challenges, one of the most critical categories is socioeconomic challenges related to the blue economy. Despite the benefits associated with the operation of the blue economy, the problem may be related to who is reaping these benefits. So, the benefits may not be diffused and distributed in the same way to all societies or all members of each society [45]. Of course, being inclusive in terms of the opportunities that may exist around the operation of the blue economy is very important to achieve inclusive growth in the context of which there will be no marginalization of some groups in society [46].

Another challenge is related to the fact that the level of governance is usually not characterized by the maximum degree of efficiency, durability, and stability, making the decision-making process particularly complex. This complexity can significantly affect the effective management and protection of marine ecosystem resources [47]. The sustainability of the blue economy requires stable and resilient governance structures that focus on the sustainability of marine ecosystem resources [48].

Another important challenge for the blue economy is to balance its actions between environmental sustainability and economic development. Using the blue economy’s ecosystems without considering issues related to the protection and sustainability of the wider environment will probably lead, sooner or later, to the deterioration of these ecosystems’ health [24]. This is also why, to strengthen the resilience of marine ecosystems, it is very important to follow sustainable practices and new technologies [49].

Another challenge related to the changes observed in the climate has to do with the fact that nowadays, it is increasingly difficult to adapt and deal with the phenomenon of climate change so that the blue economy is protected against this development [50]. For this purpose, it is necessary to have preventive action and targeted initiatives to deal with existing problems. Main in this process should be the role of involvement and the wider society in these actions [51].

Another challenge is to enable economies to engage in collaborative efforts to achieve collective goals around the sustainability of the blue economy [52, 53]. The blue economy is quite complex in modern times since various emerging markets are born related to its operation due to the advancement of technology, such as deep-sea mining and marine biotechnology.

In addition, another challenge is to make societies and critical stakeholders realize how important their role is in dealing with the challenges faced by the blue economy. Whoever is involved in decision-making can improve the effectiveness of blue economy strategies and enhance transparency and accountability in these processes [54].

5. The blue economy opportunities

Despite the challenges presented in the previous section, the blue economy also provides several opportunities. The most valuable source of these opportunities is associated with new technologies and innovations emerging with new technologies. Artificial intelligence, for example, can provide a large amount of rich information on the state of ecosystems [55]. On the other side, satellite monitoring and data analysis technologies can simultaneously address the issues of overfishing or illegal actions within the blue economy [56]. The effect of new technologies on the formation of the tourist product is also important, as sustainable tourism or tourism related to the protection of marine ecosystems gathers more and more interested parties, and thus, the benefit from the activity of the tourism sector increases, while at the same time, the protection and sustainability of the natural environment are achieved [38]. This, of course, can have multiplier benefits for the societies associated with this type of food product as not only the environment in which these societies live is protected, but at the same time, their economic activity is strengthened, and their cultural heritage is protected. In addition, new technologies related to energy production from renewable sources offer enormous potential for changing the way economies in societies use energy and, at the same time, opportunities to limit the problem related to climate change [57]. Of course, all the above offer opportunities for new investments for new economic activities and employment opportunities for everyone.

Of course, the role of academic and research institutions is particularly critical for developing new technologies and innovation in the blue economy. These institutions can conduct in-depth analyses and carry out scientific research, resulting in new technologies and ways to intervene to face the challenges of the blue economy [58]. Also critical to this end is that members of the academic community can communicate at once with industry members and members in a position to make decisions on behalf of the communities.

In addition, the role of industry and entrepreneurship in the blue economy is also a catalyst for taking advantage of opportunities. Entrepreneurs are the ones who are looking to discover new opportunities and develop new business models that make use of new technologies, offering, in this way, the creation of new paths for the sustainability of the blue economy [59]. Of course, business activity is the key to achieving economic development and growth, but it is also important to protect the environment, as business practices are critical for this purpose [60]. To strengthen their role, industry members should always consider partnering with government agencies to achieve common goals through synergies.

The opportunities offered by the blue economy are not limited to society, academia, and industry but also to governments themselves. Governments can play a crucial role in supporting research and development for the development of appropriate infrastructure and in developing a regulatory framework under which spin-off activities, sustainable practices, and international cooperation will be enhanced [61, 62]. In addition, governments have a critical role in promoting sustainable practices and the protection of ecosystems through education, training, and strengthening the actions of members of society [24, 63].

6. Financing as the key to a resilient and sustainable blue economy

The sustainable and resilient blue economy cannot be achieved without a very important concept for their achievement condition. This is the concept of financing, which is necessary for the blue economy to pursue the development of new technologies, sustainable practices, innovative solutions, and effective management of its resources [64] and the implementation of marine and coastal programs [65]. The need for funding starts from all these efforts, requiring a large amount of investment at the beginning of each endeavour. Of course, the benefits of such actions are many and long-term and, as has been analysed above, lead to the protection and sustainability of marine ecosystems [66]. So, it seems that the mobilization of financial resources towards the blue economy significantly accelerates the benefits and satisfaction of the opportunities offered by the blue economy [67].

An important funding source for the blue economy arises from the private sector itself. Of course, for the private sector to mobilize and start investing and financing the blue economy, there should be sufficient information and awareness of societies around the issues of sustainability and the protection of marine resources and how important benefits can arise from these activities. One way the private sector finances the blue economy is impact investing, which is gaining momentum. Investments seek to ensure economic benefits and benefits for society and the environment [68]. The general awareness resulting from the efforts of the United Nations and the goals of sustainable development until 2030 has led to this process that has led to greater efforts towards the path of sustainability.

Of course, in addition to private resources, funding from the states themselves and international financial aid is also very critical, especially if we refer to poor or developing economies where there is a limitation in funding networks and financial resources in general. When national-level resources are directed towards the blue economy, private resources are also mobilized. Governments and various international organizations that realize this financing usually make grants, give loans, or even offer technical assistance to implement programs to protect marine ecosystems’ health, resources, and sustainability [69].

Financing the blue economy can also take many other forms. A very important form is blended finance, which can offer important financing prospects as it strengthens the dynamics of specific areas of the blue economy through the mix of financing from private and state or charitable sources [70]. Also, innovative efforts related to financial and insurance products and services (green loans, insurance programs against environmental risks, etc.) can be a very important source of financing for the blue economy [71]. Another important source of financing concerns funds directed towards the blue economy since various financial institutions and investors are increasingly focusing on activities that have to do with environmental, social, and governance (ESG) criteria in investment decisions [72, 73]. Furthermore, small-scale blue projects and new business ventures can use crowdfunding platforms to directly reach out to investors interested in blue projects and business ideas [74].

Therefore, developing financial instruments to create sustainable incentives is also essential for the future of the blue economy [75]. Such financial applications may foster environmental damage restriction barriers and financing schemes such as grants or loans.

7. Future directions and policy recommendations

The preceding analysis shows that the blue economy’s future performance will depend on how it supports cooperation, innovates, manages current trends, and has access to financial resources. The QIH framework allows the blue economy to promote its activities through sustainable cooperation.

The blue economy can bring economies closer to the United Nations Sustainable Development Goals [76]. These possibilities are directly related to the fact that the blue economy presents opportunities for investment and innovation in new technologies and sustainable industries related to marine resources.

Governments should formulate the appropriate institutional and regulatory framework to strengthen investments in blue development and protect marine ecosystems [40]. The industry should systematically adapt to the rapid changes occurring in modern economies, adopt sustainable practices, invest in research and development, seek collaboration with the academic community, and interface with the public sector to enhance knowledge diffusion and resources. The academic community should produce knowledge and research around resource management and the development of new ways of management and new technologies, as well as interface with the public sector and industry. At the same time, civil society should raise awareness of issues related to marine ecosystems and their protection and the effective management of these ecosystems, as well as social issues such as equal access to resources.

The QIH framework is a path for the blue economy to sustainable economic growth. This framework enables the interconnectedness of governments, industry, academia, civil society, and the natural environment to address the challenges associated with climate change risks and the dangers of marine ecosystems “drowning” in degradation [8, 9]. Of course, the effects of risks are not limited to the environment but also concern the whole of societies and economies. The QIH framework can provide the scope for interdisciplinary analyses, synergies between the 5 “helixes” of the framework, and the development of innovative initiatives.

Hence, the blue economy requires holistic lenses promoting milder water management, marine ecosystem resilience, economic development and growth, and inclusive economies with equal opportunities for everyone [77]. Therefore, the blue economy also contributes to our economies’ diversification of solutions, leading us to even more resilient versions.

In addition, a particularly critical process for the greater shift towards the promotion of the blue economy is the information and the activation of the awareness of civil society and the business sector [78]. The microeconomic units of the economies (households and businesses) must have all the information related to the benefits of the blue economy and the necessary incentives to make conscious choices and adopt behaviours friendly to the sustainability of marine ecosystems [78]. In addition, it is particularly critical to achieve international cooperation to address the challenges the blue economy must face through sharing experience and knowledge and coordinated action to protect marine ecosystems and better manage resources.

8. Discussion and conclusions

Dealing with the blue economy highlights the complexity of relationships and forces associated with its concept. It is not simply an analysis that has to do with the management of marine resources and the sustainability of ecosystems. Still, at the same time, it has to do with several social and economic issues. This puts the blue economy at the centre of sustainable development and economic resilience analyses. So, the blue economy can be considered the key to achieving sustainable development and growth, inclusiveness where everyone will have the same opportunities and environmental sustainability. Through the above, the blue economy is at the centre of the sustainable development goals of the United Nations.

Of course, blue economy processes are not just about creating opportunities and promoting resilience. They are also processes related to many challenges the blue economy will face in modern economies and societies. Such challenges are those related to climate change, environmental degradation, inequalities of opportunities, and other socioeconomic issues and inefficiencies related to governance.

Innovation is particularly critical for the blue economy. New technologies and innovative efforts allow the blue economy to be driven towards achieving sustainability while creating investment opportunities, employment opportunities, and opportunities to mitigate phenomena related to the deterioration of climate quality. This is why the blue economy is expected to play an even more crucial role in the future.

In this process, the role of the QIH framework is also particularly critical so that progress for societies and economies does not occur at the expense of marine ecosystems and the wider environment. This framework outlines several opportunities for innovation that can be achieved through collaboration.

In other words, the blue economy is a critical link regarding the sustainability of the environment, economies, and societies. Only holistic approaches can enhance this process to ensure the ability of the blue economy to be more dynamic and resilient against the challenges of our time. The new technologies and innovations will guarantee the proper function and oversight of the marine ecosystems’ sustainability. Surely, the collaboration between the abovementioned parties is needed to address these challenges. Yet the development of new technologies and innovations will have the most profound impact on the improved management and sustainability of marine ecosystems. One thing is obvious: the blue economy can help to ensure and build sustainable economies by building resilience to recover from the crisis and uncertainty and ensure a sustainable future.