Enhancing Global Sustainability: The Role of the Blue Economy in Preserving Natural Capital
Journal Title: Challenges in Sustainability - Year 2024, Vol 12, Issue 1
Abstract
This investigation delineates the critical role of the Blue Economy in preserving the planet's natural capital, a cornerstone for sustainable development. A systematic analysis of theoretical research and policy documents was conducted to elucidate the integration of economic systems with environmental conservation. Correlation and regression analyses were employed to evaluate the interactions between economic activities and the status of natural capital, with particular emphasis on Gross Domestic Product (GDP), population growth, ecological footprints, and biocapacity over the period from 1994 to 2020. The results revealed that prevalent economic practices are contributing to significant depletion of natural capital, thereby posing severe risks to both ecological and economic stability. Moreover, the efficacy of the Blue Economy in mitigating these risks was demonstrated, showcasing its potential to align economic growth with environmental preservation. This study provides compelling evidence that a transition towards the Blue Economy is not merely viable but imperative for sustainable development. The implications of these findings are pivotal for policymakers, stakeholders, and industries, underscoring the urgent need to revise economic strategies to prioritize environmental sustainability. Such a shift is deemed crucial for realizing long-term sustainability goals and ensuring economic resilience in the face of environmental challenges.
Authors and Affiliations
Oleksandra Ovchynnykova, Jurgita Martinkienė, Valentinas Navickas
Keywords
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