Despite of the lack of a universally accepted definition of the term Blue Economy, the World Bank defines it as "the sustainable use of ocean resources for economic growth, improved livelihoods, and jobs while preserving the health of the ocean ecosystem.
A blue economy prioritizes all three pillars of sustainability: environmental, economic, and social. When talking about sustainable development, it is important to understand the difference between a blue economy and an ocean economy. The term implies that the initiative is environmentally sustainable, inclusive and climate resilient.
In addition to providing goods and services measurable in monetary terms, coral reefs, mangroves, seagrass meadows and wetlands deliver critical ecosystem services such as coastal protection and carbon sequestration.