Global development of the “Blue Economy” and Africa’s place in it

Abstract

The relevance of the chosen topic of the study is justified by a number of developments in the modern world economy: the rapid development of the global blue economy amid growing demand for products sourced from ocean resources; increasing attention to international environmental sustainability, especially at a time of transformation of traditional ocean industries; and underutilization of the potential of blue economy development in a number of regions, including Africa. The study aims to analyse the current state and prospects of the “blue economy” globally and in Africa, while also developing a stimulus plan for the most promising sectors of the blue economy on the continent. Despite progress between 2010 and 2022 in exploring the blue economy concept, there is a lack of scientific research on its development in specific regions and under international cooperation. This study addresses this research gap by analysing the global and African development of the blue economy. Barriers and challenges hindering the sustainable development of the blue economy have been identified, both globally and in Africa. The study identifies prospects and directions for sustainable development, which will depend on the dynamics of technology costs, particularly in Africa where timely resolution of issues is crucial. The author questions not only achieving sustainable growth but also expanding Africa’s role and significance in the global blue economy, and optimally harnessing the continent’s vast developmental potential, including its neighbouring islands. Research outcomes include a project for constructing offshore wind farms (OWFs) and recommendations to foster the blue economy in Africa. The analysis highlights the need for decisive political measures, cooperation, effective coordination, and the ratification of international documents to achieve sustainable development goals in Africa. The combination of these factors with technological advancements in the blue economy sectors presents an opportunity to alleviate national differences and contradictions.