Blue economy, blue finance and ocean governance for achieving sustainable development goals

Abstract This research paper is an attempt to define and analyse the concept of the blue economy (BE) and its implications for achieving Sustainable Development Goals (SDGs). This study covers aspects such as building a blue economy to achieve SDGs, the importance of a healthy ocean for current and future generations, maintaining the momentum to save the ocean, achievements of the United Nations (UN) conference on the Sustainable Blue Economy, and the highlights of the UN World Water Development Report 2020. This study specifically analyses the health effects and threats to biodiversity, adaptation and mitigation, improved wastewater management, prioritizing water, accessing climate funds, water and climate change, and the relationship between the blue economy and UN SDGs as well as identification of key stakeholders. This is achieved through a detailed literature review on the blue economy that identifies global organizations working on creating a blue economy, elements of the blue economy and current development efforts, United Nations Convention on the Law of the Sea, sustainability and equity, ocean governance, international law and frameworks, and improvement in governance frameworks among other issues. The methodology used attempted to develop a macro, comprehensive, and systematic aggregate database at the country level on macro parameters, namely blue economy, blue finance, BE‐SDGs linkages, water development, marine sector, SDGs data on SDG‐14 (life underwater), SDG‐6 (access to safe drinking water and sanitation), SDG‐3 (good health and well‐being), and optimal management of water resources through scientific techniques, such as building several small reservoirs instead of mega projects, develop small catchment dams and protect wetlands, soil management, micro catchment development, recharging of underground aquifers thus reducing the need for large dams, which has encountered challenges due to data limitations. The results of this research study emphasize broader stakeholder consultations at the global level to resolve the issues relating to blue economy, blue finance, and ocean governance. The most important conclusion and policy implications of the study are that international organizations including the United Nations, the Asian Development Bank, and the World Bank are working towards achieving the SDGs in general, and the blue economy, blue finance, and ocean governance in particular.