DSC08966.jpg

BLUE ECONOMY

BERMUDA'S BLUE ECONOMY

The concept of Blue Economy is promoting economic growth, social inclusion, and the preservation or improvement of livelihoods while at the same time ensuring environmental sustainability of the oceans and coastal areas. Here in Bermuda, the wealth of our marine resources support our fishermen, bring in tourists from around the world, and contribute to our health and wellbeing in countless ways. And like any resource, careful management of its use and investment is key to long term prosperity. 

 

A core pillar of the Bermuda Ocean Prosperity Programme is protecting these resources into the future and making the most out of their potential for sustainable economic growth, especially in  response to the COVID19 pandemic. The ocean is a key factor in our ability to recover and grow. 

OUR BLUE ECONOMY STRATEGY

Bermuda is developing a Blue Economy Draft Strategy that will outline recommended activities and areas of investment for the sustainable use of Bermuda’s ocean resources in order to support economic growth, improve livelihoods, and increase jobs while maintaining the health of ocean ecosystems. The Draft Strategy will look at three sectors over a 10-year time horizon and will include recommendations and economic analyses. The final recommendations in the Blue Economy Draft Strategy are not meant to be legally binding or prescriptive, but are intended inform policy and investment decisions going forward. 

PHASE 1

Father and Son Fishing

SUSTAINABLE FISHERIES

Wind Mills

MARINE RENEWABLE ENERGY

5_edited.jpg

BLUE TOURISM

The first Phase of the Blue Economy Strategy is the development of three research reports for the sectors: Sustainable Fisheries, Blue Tourism, and Marine Renewable Energy. These sectors were chosen by the Government as important marine sectors with high potential for development. These reports include a global market assessment, local economic assessment, and industry expert analysis to build out a comprehensive picture of the sector’s current status and potential. Each sector’s recommendations will be discussed and refined with stakeholder input, starting March 15, to ensure their accuracy and relevancy to Bermuda. 

PHASE 1 REPORTS

Commercial fishing vessels have been licensed in Bermuda since 1972, with an average of 180 licensed vessels and approximately 300 licensed commercial fishers active in recent years. This report examines the commercial fishing industry to identify recommended interventions for its sustainable growth and continued management. The focus is to improve outcomes for the people, the environment, and the businesses of Bermuda. ​

  • 1-page Recommendations Summary

  • Sustainable Fisheries Report

SUSTAINABLE FISHERIES

MARINE RENEWABLE ENERGY

BLUE TOURISM

Marine Renewable Energy is an expanding industry and an important avenue of research for Bermuda. This chapter reviews ocean renewable energy first through a broad global assessment of available technologies, and then in the specific context of Bermuda, in order to consider which options best meet the island’s priorities while being both technically and commercially viable today.

  • 1-page Recommendations Summary 

  • Marine Renewable Energy Report

Tourism plays a major role in the economy, particularly as it accounts for a significant portion (between 10%-20%) of employment. Like many destinations, Bermuda’s tourism industry has been severely impacted by COVID-19 due to travel restrictions around the world. This Phase 1 report will lay out issues facing tourism in Bermuda and provide recommendations to grow tourism in an economically and environmentally sustainable way over a 10-year horizon.​

  • 1-page Recommendations Summary 

  • Blue Tourism Report

DEVELOPED IN PARTNERSHIP WITH:

DEVELOPED IN PARTNERSHIP WITH:

DEVELOPED IN PARTNERSHIP WITH:

NEXT STEPS

Public consultations will be conducted from March 15th to April 31st. The report recommendations will then undergo an economic analysis that will be incorporated to the larger Blue Economy Draft Strategy to be discussed with policy makers and shared with the public. 

QUESTIONS?

Contact us to share any questions you have.

  • White Facebook Icon
  • White Instagram Icon