Statistics show that the worldwide ocean economy is valued at around $1.5 trillion per year, making it the seventh largest economy in the world. It is set to double by 2030 to $3 trillion. The total value of ocean assets (natural capital) has been estimated at $24 trillion. This demonstrates the vast untapped potential for developing blue economy at national, regional, and global levels.
Ecologically, the key to the development of the blue economy is that countries should make full use of the ocean while they avoid exploiting aquatic life, polluting marine ecosystems or engaging in other harmful practices. In so soing they must find a compromise between sustainability and economic growth, and ensure that economic growth is maintained without depleting natural resources.
Therefore, promoting blue economic cooperation between the region’s states is an important measure to protect the ecosystem of the South China Sea. If managed sustainable, this can not only create a healthier environment for marine wildife but also bring increased prosperity to people.
A series of environmental problems, such as coastal erosion, solid waste pollution, sewage discharge, industrial waste, overfishing, destruction of coral reefs and mangroves, have seriously threatened the region’s marine environment.
All of these challenges pose grave threats to the emergence of a sustainable blue economy in the region, but they can also be tackled if nations join forces in mutually beneficial cooperation.
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The South China Sea holds a key to sustainable blue economies