Blue Bonds can accelerate sustainable ways for undersea exploration
Tanvi Asolkar
Monash University, Malaysia
Blue Bonds can accelerate sustainable ways for undersea exploration
Brief Overview
Blue Economy is the seventh-largest economy in the world by Gross Domestic Product (GDP), and is valued at USD 3 trillion annually. It currently supports 3 billion people worldwide.
In recent years, the Ocean Economy or ‘Blue Economy’ has been a key proponent in safeguarding the world’s water and ocean resources. The World Bank views the blue economy as a comprehensive concept, encapsulating multiple aspects of sustainability, from lowering pollution to sustainable fisheries. It has two facets, (a) it provides opportunities for growth and development as well and (b) it provides protection for threatened and vulnerable spaces. The United Nations (UN) has declared 2021 to 2030 as the decade of oceans science for sustainable development, in an effort to reverse the declining ocean health. The development of blue bonds has been instrumental in enabling countries to transition towards a blue economy. It allows countries to raise funds required to implement tools and mechanisms to shift current economic practices to those with positive economic, climate and environmental benefits.
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Tanvi Asolkar
Monash University, Malaysia