Blue economy under threat from development

A local economist is urging caution in the development of the island’s blue economy resources due to the enormous damage that could result if it is not undertaken with care.

Senator Crystal Drakes, an economist, who is currently reading for her PhD in that area from the Cave Hill Campus of the University of the West Indies (UWI), presented her concerns during a recent lecture hosted by the Sir Arthur Lewis Institute for Social and Economic Studies (SALISES) at which she was the featured speaker.

The Opposition Senator, who was examining the donut economics concept, described it as “a rejection of perpetual economic growth” and proposed that economic activity takes place within a just and safe space with greater respect for the environment.

During a presentation attended by Governor General Dame Sandra Mason and senior UWI academics, Drakes explained: “The blue economy is being seen across the Caribbean as the next frontier for economic opportunities as ocean-based economic activity is expected to double in contribution to the global economy from US $1.5 trillion in 2010 to US $3 trillion by 2030.”

She added: “The blue economy is a part of the new wave of economic thought that emphasises the sustainable use of resources in seas and coastal areas. Small islands are viewed as large ocean states due to the size of their exclusive economic zones and therefore have a unique advantage in the blue economy space.”

At the same time, she urged caution, noting: “In an attempt to attract millions and possibly billions of dollars in investment in the blue economy, we must be cognizant of the challenges in our oceans such as acidification and warming temperatures.”

Senator Drakes went even further, warning that there could be disastrous implications if the development of marine resources was not carefully pursued.

“The mistakes we made on land, we cannot afford to make in the marine environment. The ocean is unique and represents 72 per cent of the planet’s surface and constitutes nearly 92 per cent of the biosphere. It is more fluid and interconnected. The sea is more three-dimensional than the land.

“Any exploitation of the marine environment must be coupled by a healthy dose of sobriety that environmental protection is essential. And given the cultural importance of coastal areas to Caribbean citizens, any development plan must enhance the wellbeing of our people. The blue economy is a perfect example of the paradox of growing with biophysical limits.”

According to the economist: “In Barbados, limits related to fresh water supply, high nutrient levels in near shore waters because of land-based activities, loss of biodiversity and ecosystems due to physical development particularly on the coastlines and high volumes of waste are of critical importance.”

Drakes reminded the audience that the COVID-19 pandemic had decimated Caribbean economies particularly those reliant on tourism.

“GDP in many countries is projected to decline by double digits this year but I believe new beginnings are usually disguised as painful endings.

“We have an opportunity to re-fashion our way of life. Sustainable development for the Caribbean must first start with defining how we perceive prosperity and re-orienting what we consider success and progress. This will not be an easy task as there is an engrained logic to consumerism and the value that people place on material goods.”