The new edition of the European Union (EU) Blue Economy Report 2024, published on 31 May 2024, reveals a promising outlook for economic sectors based on the ocean, seas and coasts. This comprehensive analysis, published by the European Commission’s Directorate-General for Maritime Affairs and Fisheries and the Joint Research Centre, highlights the key role of innovation and sustainability in the growth of the blue economy.
Emerging Sectors and Sustained Growth
The EU blue economy, ranging from fisheries and aquaculture to coastal tourism and marine renewables, is in a robust stage of expansion. According to 2021 data provided by Eurostat:
– Employment: 3.6 million people, an increase of 17% compared to 2020.
– Turnover: €624 billion, an increase of 21% compared to the previous year.
– Gross Value Added (GVA): 171 billion euros, a growth of 35%.
These increases reflect the resilience and adaptability of the blue economy despite recent challenges, such as the COVID-19 pandemic and the energy crisis caused by the Russian invasion of Ukraine.
Innovation in Renewable Energy and Biotechnology
This year’s edition puts a special emphasis on the contribution of the blue economy to the energy transition. Offshore renewable energy, particularly offshore wind, has shown significant growth, with gross profits estimated at €2.4 billion and GVA of €3.3 billion in 2021, representing a 45% increase over 2020.
The blue biotechnology and desalination sector also stands out for its potential to drive sustainability and innovation.
However, the EU fishing fleet faces challenges due to rising fuel prices, which has affected fuel efficiency despite a 25% reduction in fuel consumption and CO2 emissions between 2009 and 2021. The Partnership for Energy Transition in the Fisheries and Aquaculture Sector, an EU initiative, seeks to address these problems by supporting the transition to cleaner energy sources.
The EU Blue Economy Report 2024 highlights how innovation and sustainability are driving growth in a number of sectors. With a combination of technological advances and supportive policies, Europe’s blue economy is not only recovering from recent challenges, but also leading the way towards a more sustainable and prosperous future.
All these data have been collected from the Blue Economy Report and the link: https://acortar.link/7vgwUU