BLUE ECONOMY

WHAT IS BLUE ECONOMY?

Blue Economy is defined as the sustainable use of ocean resources for economic growth, improved livelihoods, and increased jobs while preserving the health of ocean ecosystems. Essentially, how a country can capitalize its ocean resources in a sustainable way, while ensuring the continued availability of those resources for future generations.

 

BERMUDA'S BLUE ECONOMY

Here in Bermuda, the wealth of our marine resources support our fishers, bring in tourists from around the world, and contribute to our health and well-being in countless ways. And, like any resource, careful management of its use and investment for the future is key to long term prosperity. A core pillar of the Bermuda Ocean Prosperity Programme (BOPP) is protecting these resources for the future and making the most out of their potential for sustainable economic growth. The ocean will play a key role in our ability to recover from the COVID-19 pandemic.

OUR STRATEGY

BOPP 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 economic analyses and recommendations. The sectors are: Fisheries, Ocean Renewable Energy, and Blue Tourism. The final recommendations in the Blue Economy Draft Strategy are not meant to be legally binding or prescriptive and are intended inform policy and investment decisions going forward. 

Blue Water

OUR PROCESS

2019-2020

Industries were chosen based on importance to Bermuda and potential growth.

BOPP Steering Committee Selection of Three Industries for Focus

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Global Market Assessment + Local Economic Assessment 

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Industry-wide global trends and understanding of performance of the industry in Bermuda.

Stakeholder Interviews

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Interviews to collect expert input and views of the Bermudian stakeholders.

Expert Review & Recommendations

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 Industry experts evaluate  research and draft specific recommendations for each industry. 

Steering Committee & Bermudian Expert Review

Experts in Bermuda and the BOPP Steering Committee provides inputs to the Draft Recommendations.

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2021 onward

Preliminary Report Recommendations released for Public Comment

BOPP will conduct stakeholder outreach to receive input on the Recommendations of each report. Stay tuned!

Quantitative Analysis

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An analysis will be performed to model the economic impact of each recommendation, such as projected revenue gains and jobs created.

Development of Draft Strategy

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Using the results of the reports and the inputs of stakeholders, a Draft Blue Economy Strategy for the next ten years will be produced.

Public Release

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The Draft Blue Economy Strategy will be shared with Bermudian stakeholders and the public. 

Government Review

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The Bermudian Cabinet will review the Draft Strategy and develop next steps. The strategy is not legally binding and is meant to guide policy decisions.

PRELIMINARY RESEARCH

The first step of the Blue Economy Draft Strategy was the development of three research reports for the following sectors: Sustainable Fisheries, Blue Tourism, and Ocean Renewable Energy. These sectors were chosen by the Government as important marine sectors with 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 future potential. A diverse group of Bermudians were interviewed on their perspectives, expertise, and vision for Bermuda's economic future, including private sector experts, government officials, Non-Governmental Organizations, and industry stakeholders.

 

BOPP believes the ocean will play a key role in Bermuda’s ability to recover from the COVID-19 pandemic. 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 for the future is key to long term prosperity. Supporting a thriving Blue Economy and protecting these resources for the future and making the most out of their potential for sustainable economic growth remains a core pillar of BOPP.

PRELIMINARY REPORTS

FISHERIES

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 fishermen, their customers, the environment, and the people of Bermuda. ​

Developed in partnership with:

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OCEAN RENEWABLE ENERGY

Ocean Renewable Energy is an expanding industry and an important avenue of research for Bermuda. This report 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.

Developed in partnership with:

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BLUE TOURISM

Tourism has historically played a major role in the economy, particularly as it accounts for a significant portion of employment pre-2020. Like many destinations, Bermuda’s tourism industry has been severely impacted by COVID-19 due to travel restrictions around the world. Building on the National Tourism Plan, this report outlines actions to enhance environmental sustainability of the industry to help entice more arrivals.

Developed in partnership with:

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QUESTIONS?

Contact us to share any questions you have - fill out the form below or email us at BermudaOceanProsperity@gmail.com.

Thank you for joining!