Blue Economy Valuation
The valorization of the oceans, seas, and coasts and the sustainable use of its resources underpin the principles of the so-called Blue Economy, which includes diverse economic segments related to the sea, such as fishing, food production, maritime biotechnology, production energy, reuse of waste, tourism, environmental protection, trade, shipping, maritime security, among others.
In the Caribbean, the economic potential of the majority of the countries' exclusive maritime economic zone is significant. The Caribbean's maritime area is almost 4.5 times the size of its land acreage, resulting in more than 70% of the Region's population settling along the coast and depending on the sea for subsistence and income. The Caribbean's Oceans Economy, which consists of traditional sectors such as shipping, tourism, oil and gas, fisheries, and aquaculture, was estimated to contribute around 18% of GDP (2012).
Coastal Tourism
Tourism in the Caribbean has opened its doors to international markets over the last three decades. Significant tourism growth is essential to the economies of the Caribbean islands. The regional cruise industry was up to eleven million arrivals in 2019. Tourism expenditure represents somewhere between 3% and 4% of the regional GDP, although the ratio is significantly different between countries, going from 55% in The Bahamas and 45% in Barbados to 8% in Trinidad and Tobago, 6% in Guyana, and 3% in Suriname.
Shipping and Shipbuilding
The geographic make-up of the Caribbean economies necessitates either sea or air transportation for international trade, with the former accounting for almost 90% of all merchandise trade. Maritime transportation is important because of the Region's role in transshipment within the global shipping industry, given its position at the center of the shipping corridor between the Panama Canal and Freeport, The Bahamas. Maritime trade and shipping provide benefits through intra and extra-regional trade.
Fisheries and Aquaculture
Although the Caribbean has limited resources for developing a large-scale fishing industry, the value of fish and sea products as a source of food and livelihood has long been recognized. This is particularly the case for 'coastal fisheries,' including subsistence, traditional, and advanced artisanal varieties. In addition, many Caribbean countries have made efforts to expand their on-land aquaculture, and some are exploring mariculture as a new and potentially growing industry.
Energy and Sustainability
Some countries in the Caribbean seek to exploit the ocean's energy potential in the form of Ocean Thermal Energy Conversion (OTEC). The Region also has potential for renewable energy options, including marine renewable energy. Heightening interest in offshore energy projects has raised concerns about potential conflicts between exploiting natural resources and the need to protect delicate ocean ecosystems and preserve tourism assets.
In the context of the project initiative Economic Valuation Tool for the Blue Economy in The Bahamas, Barbados, Trinidad & Tobago, Guyana, and Suriname, the Blue Economy Valuation tool (External Link) was developed.
