Globally, the ocean economy was valued conservatively at USD 1.5 trillion in 2015, with projections doubling to USD 3 trillion by 2030.
Africa, meanwhile, has yet quantify the potential of the blue economy. The socio-economic and ecological value of aquatic ecosystems is insufficiently quantified in Africa and the Indian Ocean region.
To address this gap, UNECA developed the Blue Economy Valuation Toolkit (BEVTK) to enable member states to assess the contributions of blue resources to economic, environmental, and social well-being. This toolkit has already been applied in Africa and the Caribbean to guide policy and sustainable resource management, including in IORA member countries: Madagascar, Tanzania and Seychelles.
In this perspective, ECA and IORA signed an MoU partnership agreement. The memorandum of understanding aims to strengthen collaboration on technical assistance, capacity building, and knowledge sharing for Blue Economy development. In line with this partnership, UNECA’s Sub-Regional Offices for Central and Eastern Africa and IORA are hosting a joint webinar to introduce the BEVTK, demonstrate its application, and encourage increased adoption to inform policymaking in Africa and the Indian Ocean region.
In line with this partnership, UNECA’s Sub-Regional Offices for Central and Eastern Africa and IORA are hosting a joint webinar to introduce the BEVTK, demonstrate its application, and encourage increased adoption to inform policymaking in Africa and the Indian Ocean region.
The objective of this capacity-building event is to create a virtual platform for sharing knowledge and experiences related to the Blue Economy, with a specific focus on the application of the UNECA Blue Economy Valuation Toolkit. The event aims to equip technical experts and policymakers from Central Africa, Eastern Africa, and the wider Indian Ocean region with the knowledge to the BEVTK effectively.
The anticipated outcome is enhanced understanding and adoption of this tool, enabling the development of data-driven policies and strategies to support the sustainable transition to a Blue Economy. This webinar will support the strategic goals of the IORA Working Group on the Blue Economy by creating an enabling environment for private investments and sustainable financing for Blue Economy initiatives to secure sustainable, economic, and inclusive growth.