BVI, Caribbeanand International News

Strategic Blue Economy Roadmap approved by Cabinet

Strategic Blue Economy Roadmap approved by Cabinet

The Cabinet of the Virgin Islands has approved The Strategic Blue Economy Roadmap, which was developed with support from the United Nations Development Programme (UNDP), on November 30, 2022.
The Blue Economy Roadmap sets out an integrated approach to ocean-based sustainable development, which brings together economy, environment and society, consistent with the Sustainable Development Agenda (2030), Aichi Target 11 of the Convention on Biological Diversity and the Paris Agreement on Climate Change (2015).

The Blue Economy Roadmap outlines the direction and development pathways for future investment in and development of a sustainable ocean-based economy in the Virgin Islands. Specifically, the roadmap aims to create a revitalisation process that results in healthy ecosystems that are able to sustain growth in a number of economic sectors and provide an opportunity for building equitable societies.

Over time, this revitalisation will support the development of new sectors attracting greater investment and financial support to the blue economy resulting in a greater number of businesses supported by the blue economy. Strategic management of institutions that focus on sustainable development, and enabled by an innovative and skilled private sector will support the revitalisation of the Blue Economy.

Deputy Secretary in the Ministry of Natural Resources and Labour, Mr Mervin D. Hastings said, “The Virgin Islands total land area equates to about 153 km2, alternatively we have the rights and responsibilities to 80,117 km2 of ocean real estate (some 500 times more than our land real estate). Like so many other small islands developing state, we are very dependent on our oceans and the sectors in which they support. Sectors such as Fisheries and Tourism play an important economic role in the Virgin Islands and with the passing of the Virgin Islands Strategic Blue Economy Road Map, we are hopeful for the advancement and development of new ocean-based sectors while at the same time ensuring our ocean’s sustainable use.”

The Virgin Islands’ vision for the blue economy is to develop the blue economy as a means to promote sustainable economic growth while protecting and enhancing the habitats and resources that underpin that growth through improved environmental governance and stewardship, better education and an improved understanding of our shared marine space. Our shared marine space can be categorised in six thematic areas: 1) Enabling conditions 2) Maritime tourism 3) Fisheries 4) Aquaculture 5) Marine information and science needs 6) New and emerging opportunities. Each of these thematic areas has a defined Specific Development Objective (SDO) with each SDO having a series of "Results Areas" that will be achieved through specific activities.

The Ministry of Natural Resources and Labour continues to manage the natural resources of the Territory in a manner that ensures long-term sustainability.

Related Articles

Charlie Munger, calls for a ban on cryptocurrencies in the US, following China's lead
EU found a way to use frozen Russian funds
First generation unopened iPhone set to fetch more than $50,000 at auction.
WARNING GRAPHIC CONTENT - US Memphis Police murdering innocent Tyre Nichols
Almost 30% of professionals say they've tried ChatGPT at work
Interpol seeks woman who ran elaborate exam cheating scam in Singapore
What is ChatGPT?
Bill Gates is ‘very optimistic’ about the future: ‘Better to be born 20 years from now...than any time in the past’
Tesla reported record profits and record revenues for 2022
Prince Andrew and Virginia Giuffre Photo Is Fake: Ghislaine Maxwell
Opinion | Israel’s Supreme Court Claims a Veto on Democracy
Moonwalker Buzz Aldrin Gets Married On His 93rd Birthday
Who’s Threatening Israeli Democracy?
Federal Reserve Probes Goldman’s Consumer Business
China's first population drop in six decades
Microsoft is finalising plans to become the latest technology giant to reduce its workforce during a global economic slowdown
China's foreign ministry branch in Hong Kong urges British gov't to stop the biased and double standards Hong Kong report
Tesla slashes prices globally by as much as 20 percent
1.4 Million Copies Of Prince Harry's Memoir 'Spare' Sold On 1st Day In UK
After Failing To Pay Office Rent, Twitter May Sell User Names
Lisa Marie Presley, singer and daughter of Elvis, dies aged 54
FIFA president questioned by prosecutors
Britain's Sunak breaks silence and admits using private healthcare
Hype and backlash as Harry's memoir goes on sale. Unnamed royal source says prince 'kidnapped by cult of psychotherapy and Meghan'
Saudi Arabia set to overtake India as fastest-growing major economy this year 
Google and Facebook’s dominance in digital ads challenged by rapid ascent of Amazon and TikTok
FTX fraud investigators are digging deeper into Sam Bankman-Fried's inner circle – and reportedly have ex-engineer Nishad Singh in their sights
TikTok CEO Plans to Meet European Union Regulators
UK chaos: Hong Kong emigrants duped by false prospectus
France has banned the online sale of paracetamol until February, citing ongoing supply issues
Japan reportedly to give families 1 million yen per child to move out of Tokyo
Will Canada ever become a real democracy?
Hong Kong property brokerages slash payrolls in choppy market
U.S. Moves to Seize Robinhood Shares, Silvergate Accounts Tied to FTX
Effect of EU sanctions on Moscow is ‘less than zero’ – Belgian MEP
Coinbase to Pay $100 Million in Settlement With New York Regulator
FTX assets worth $3.5bn held by Bahamas securities regulator
A Republican congressman-elect is under investigation in New York after he admitted he lied about his education and work experience.
Brazilian football legend Pele, arguably the greatest player ever, has died at the age of 82.
Hong Kong to scrap almost all its Covid rules
EU calls screening of travellers from China unjustified
US imposes Covid testing for visitors from China
Ukraine President Volodymyr Zelenskyy Addresses Joint Session of Congress - FULL SPEECH
If a country is denied the right to independence by another, it is not in a union. It is in a dictatorship.
Where is Rishi? Chancellor Jeremy Hunt's excuses about the UK's economic challenges just don't make sense
Former FTX CEO Bankman-Fried finally arrested in Bahamas after U.S. files charges
Corruption works: House Financial Services Chair Waters doesn't plan to subpoena her donor, Sam Bankman-Fried, to testify at hearing on FTX collapse
Ronaldo's new contract...
Prince William's godmother resigns honorary royal role after exposing her/their racism
British PM Rishi Sunak pledges further action on strikes to 'protect lives'