Blue economy has potential to propel Barbados forward

Barbados’ blue economy should be seen as an economic driver that can contribute to job creation and new technological advancements going forward.
Blue economy

Table of Contents

Share This News

Excerpt from loopnewsbarbados.com

Barbados’ blue economy should be seen as an economic driver that can contribute to job creation and new technological advancements going forward.

These were among the findings of a Blue Economy Scoping Study conducted on behalf of the Ministry of Maritime Affairs and the Blue Economy by the United Nations Development Programme (UNDP) over a six-month period.

Speaking during the virtual handing over of the report recently, Minister of Maritime Affairs and the Blue Economy, Kirk Humphrey, thanked the international agency for the rapid assessment study, which was designed to determine the key active blue sectors in Barbados.

According to the study, the blue economy is an integration of sustainable development and new growth. Its key findings focused on five key ocean-based activities which were highlighted as being most beneficial for the country.

These are tourism and leisure; harvesting of marine living resources, including fisheries; the ports and shipping; the extraction of non-living resources and energy generation, and ocean health and ecosystem services.

The report also noted that prior to COVID-19, the key economic activity relevant to the blue economy was tourism, which directly contributed to 12.9 per cent of the island’s gross domestic product and accounted for 62.1 per cent of its exports.

However, Minister Humphrey noted that when it came to investments in the blue economy, it was “extremely expensive” for small island developing states.

“I heard that there is money around, but accessing those resources is extremely difficult for small island developing states. You are in competition with the Pacific, you are in competition with Africa, and we all need the resources, but oftentimes Caribbean islands are not the ones coming out successful in these projects,” he pointed out. 

Don't Miss Out!

Join The Island Innovation Network!

This occasional newsletter highlights events and stories about innovation in sustainable development for rural, remote and island regions. We want to change the discourse to demonstrate how islandness can be a driver for innovation.

Invalid email address

News

A global media platform with unique insights into island sustainability.​

Content Library

A global media platform with unique insights into island sustainability.​

Find unique and insightful content on island sustainability

In our vast content library you will find original articles, webinars, interviews, past event sessions, island news and much more. Navigate through the categories to find information, get inspired and learn.

Giving visibility to projects worldwide

Our flagship event, the Virtual Island Summit, is one of the biggest events for sustainable development. Every year, it brings together over 10,000 stakeholders from around the world for a week-long virtual event covering every timezone.

Thank you for subscribing!
22-23 May 2024 | Prince Edward Island, Canada

Global Sustainable Islands Summit 2024

Prepare to immerse yourself in this landmark event for the
global island community in 2024!
Live from COP28 - Island of Hope
The Island Innovation Agency Newsletter is a must-read for sustainable business leaders! It delivers a free monthly dose of relevant and valuable business insights, expert advice, downloadable resources, and easy-to-implement ideas for professionals aiming to optimize their results in communication, branding, and networking. By signing up, you will benefit from curated insights for your sustainable brand, exclusive offers, ready-to-use templates and industry news.
Our newsletter on island sustainability is perfect for everyone interested in sustainable development, innovation, and island territories! Every week we compile stories from islands worldwide and highlight commonalities, demonstrating the spectrum of innovation from technology to the arts. Our newsletter brings together globally disparate places and strikes a balance of acknowledging and dealing with critical problems while emphasizing the resourcefulness of isolated communities.