The blue economy is a pivotal component of global economies. There is international consensus that the blue economy boosts employment and innovation, and offers significant opportunities for economic development and investment, including to local communities. The current output of the global blue economy, worth USD 1.5 trillion, is expected to double by 2030. In addition to its potential to drive significant economic and socio economic development, the blue economy can play a central role in alleviating the pressures on land resources and fostering climate change mitigation and adaptation. In this context, the need to develop and promote sustainable blue economy activities has become critical, based on a common understanding at the international level of the activities and practices that contribute to it. This study is a step towards the establishment of such a common understanding by developing a set of criteria to assess the sustainability of blue economy activities. The outcome of this study is an outline of a Blue Economy Sustainability Framework, which provides a preliminary set of sustainability criteria and indicators across various blue economy sectors. Additional input from stakeholders would be essential to further develop and refine the Framework.
The Common Maritime Agenda for the Black Sea (CMA) envisages the creation of the Black Sea Virtual Knowledge Centre (BSVKC) with a view of providing a centralized platform for information on blue economy to the stakeholders and to improve synergies across the stakeholders and blue economy related projects in the Black Sea.