INTERNATIONAL INITIATIVES IN THE "BLUE ECONOMY"

Tea Lazarashvili  Irine Mamaladze

Journal number 3 ∘ Tea Lazarashvili ∘ Irine Mamaladze ∘
INTERNATIONAL INITIATIVES IN THE "BLUE ECONOMY"

DOI: 10.36172/EKONOMISTI.2024.XX.03.LAZARASHVILI.MAMALADZE

Expanded Summary

"Blue economy" is aimed at the sustainable development of sectors related to the use of the resources of the world's oceans and seas, and implies the world's aspiration to achieve a balance between further economic growth, ensuring the social well-being of the Earth's population, and ecological security.

Irrational use of the living environment always leads to the destruction of other "services" or valuable resources. In order to ensure the sustainable use of coastal and marine resources, it is important to determine and analyze the relationship between ecosystems, economic activities, and climate change processes. That is why in the process of work of international organizations and the formation of the national development strategy, the issue of the development of the "blue economy" occupies an important place, which cannot be implemented without international initiatives in this field.

Oceans offer great opportunities for humans to exploit resources because the ocean's renewable energy, which includes wave, tidal, offshore wind, etc. It has a huge potential.

Marine and coastal ecosystems are characterized by a wide range of useful properties, which can be attributed to:

- resources for aquaculture;

- opportunities for tourism and recreation;

- living environment of valuable marine organisms;

- stabilization of coastal lines and protection from natural events;

- Resources for local production and global supply chain, etc.

Modern challenges put on the agenda the necessity of forming international approaches to its management, as a result of which new forms of international cooperation are created in the field of "blue economy", an international legal framework is formed for the utilization of ocean resources, new mechanisms are formed for financing "blue economy" projects, increasing social and ecological sustainability; In order to evaluate the progress of the "blue economy" sectors, new indicators are being developed, etc.

The number of projects and international initiatives related to the practical realization of the development of the "blue economy" is constantly increasing. Notable among them are the principles and criteria of biotrade, additional recommendations for governments and companies for the organization of sustainable activities for the collection, production and commercialization of goods and services based on local biodiversity. By 2020, the principles were updated, their scope of application was expanded in terms of maritime goods and services. According to the UN, these principles have been implemented in more than 70 countries. Negotiations are underway within the World Trade Organization to stop subsidizing harmful fishing.

As part of the "International Maritime Organization Strategy for Reducing Greenhouse Gas Emissions", since 2018, members of the International Maritime Organization have agreed to reduce greenhouse gas emissions by at least 50% by 2050 compared to 2008. The International Chamber of Shipping and other maritime industry associations have proposed to create a research and development fund to support the reduction of greenhouse gas emissions in support of this initiative. The work of the fund can be financed by introducing a tax on the use of fossil fuels in shipping.

The issue of unregulated extraction of resources, destruction of the living area of marine organisms, climate change, water pollution and transition to sustainable management practices is quite hot on the world agenda. In addition to the environmental nature, the mentioned problems have large financial losses, both for the private sector and the state.

The Food and Agriculture Organization of the United Nations estimates that the oceans and seas provide food for 10-12% of the world's population. The Intergovernmental Panel on Climate Change estimates that the oceans absorb 30% of human-produced carbon dioxide. The renewable energy of the ocean carries enormous potential. That is why, against the background of the current global trend, such as: the search for new sources of economic growth, the transition to sustainable development, the adoption of global and national goals for the reduction of carbon dioxide emissions, the attention to the development of the "blue economy" is constantly increasing, as well as the number of projects and international initiatives that support it. It is related to practical implementation.

EKONOMISTI The international scientific and analytical, reviewed, printing and electronic journal of Paata Gugushvili Institute of Economics of Ivane Javakhishvili Tbilisi State University

DOI: 10.36172/EKONOMISTI E ISSN 2346-8432 Print ISSN 1987-6890	Journal number 3 ∘ Tea Lazarashvili ∘ Irine Mamaladze ∘ INTERNATIONAL INITIATIVES IN THE "BLUE ECONOMY" DOI: 10.36172/EKONOMISTI.2024.XX.03.LAZARASHVILI.MAMALADZE Expanded Summary "Blue economy" is aimed at the sustainable development of sectors related to the use of the resources of the world's oceans and seas, and implies the world's aspiration to achieve a balance between further economic growth, ensuring the social well-being of the Earth's population, and ecological security. Irrational use of the living environment always leads to the destruction of other "services" or valuable resources. In order to ensure the sustainable use of coastal and marine resources, it is important to determine and analyze the relationship between ecosystems, economic activities, and climate change processes. That is why in the process of work of international organizations and the formation of the national development strategy, the issue of the development of the "blue economy" occupies an important place, which cannot be implemented without international initiatives in this field. Oceans offer great opportunities for humans to exploit resources because the ocean's renewable energy, which includes wave, tidal, offshore wind, etc. It has a huge potential. Marine and coastal ecosystems are characterized by a wide range of useful properties, which can be attributed to: - resources for aquaculture; - opportunities for tourism and recreation; - living environment of valuable marine organisms; - stabilization of coastal lines and protection from natural events; - Resources for local production and global supply chain, etc. Modern challenges put on the agenda the necessity of forming international approaches to its management, as a result of which new forms of international cooperation are created in the field of "blue economy", an international legal framework is formed for the utilization of ocean resources, new mechanisms are formed for financing "blue economy" projects, increasing social and ecological sustainability; In order to evaluate the progress of the "blue economy" sectors, new indicators are being developed, etc. The number of projects and international initiatives related to the practical realization of the development of the "blue economy" is constantly increasing. Notable among them are the principles and criteria of biotrade, additional recommendations for governments and companies for the organization of sustainable activities for the collection, production and commercialization of goods and services based on local biodiversity. By 2020, the principles were updated, their scope of application was expanded in terms of maritime goods and services. According to the UN, these principles have been implemented in more than 70 countries. Negotiations are underway within the World Trade Organization to stop subsidizing harmful fishing. As part of the "International Maritime Organization Strategy for Reducing Greenhouse Gas Emissions", since 2018, members of the International Maritime Organization have agreed to reduce greenhouse gas emissions by at least 50% by 2050 compared to 2008. The International Chamber of Shipping and other maritime industry associations have proposed to create a research and development fund to support the reduction of greenhouse gas emissions in support of this initiative. The work of the fund can be financed by introducing a tax on the use of fossil fuels in shipping. The issue of unregulated extraction of resources, destruction of the living area of marine organisms, climate change, water pollution and transition to sustainable management practices is quite hot on the world agenda. In addition to the environmental nature, the mentioned problems have large financial losses, both for the private sector and the state. The Food and Agriculture Organization of the United Nations estimates that the oceans and seas provide food for 10-12% of the world's population. The Intergovernmental Panel on Climate Change estimates that the oceans absorb 30% of human-produced carbon dioxide. The renewable energy of the ocean carries enormous potential. That is why, against the background of the current global trend, such as: the search for new sources of economic growth, the transition to sustainable development, the adoption of global and national goals for the reduction of carbon dioxide emissions, the attention to the development of the "blue economy" is constantly increasing, as well as the number of projects and international initiatives that support it. It is related to practical implementation.