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What is Blue Economy and how can it be audited

Discuss the concept of Blue Economy and suggest techniques that can be used to audit it.
The term 'Blue Economy' refers to the sustainable use of oceans, coastal resources and waterways for economic growth. It is an emerging concept that emphasizes the importance of ocean resources, marine biodiversity, and ecosystem health to support socio-economic development. To audit Blue Economy, the following techniques can be used:
  • Environmental Impact Assessment (EIA): It helps identify the impacts of a project or activity on the marine ecosystem.
  • Resource Mapping: A detailed mapping of marine resources can provide necessary information for effective planning and management of the Blue Economy.
  • Cost-Benefit Analysis: It is necessary to evaluate the potential economic benefits against the costs of projects or activities.
  • Compliance Evaluation: Auditing the regulatory compliance of Blue Economy activities to ensure environmental sustainability and social equity.
  • Biodiversity Assessment: It involves the assessment of species richness and composition, ecological processes and ecosystem function.
Auditing Blue Economy will ensure that the sustainable utilization and development of marine resources support economic growth while safeguarding the environment and marine biodiversity.
Answered 2 years ago
Amrita Aspirants