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Blue Economy

Overtaking the West by 2050?
**Gunter Pauli discovered 340 innovations that could be bundled into systems that function the way ecosystems do. Gunter then wrote a book called the 'Blue economy: 10 years - 100 innovations - 100 million jobs'. Based on the thesis, blue economy was broken down into things individuals can do every day to live a happier, healthier and more sustainable life.**
According to the Hongkong Shanghai Bank (HSBC) Bangladesh in the coming 40 years will jump more than 17 spots and will have a $673 billion economy with a per capita income of $3461. This will put us over Chile and even South Africa. However this is what we are likely to attain without the wealth which we will add to the economy by use of the recently acquired marine resources in the
Bay. That will push Bangladesh at one big go to shoot further up and run past some of the lower ranking western countries who now are positioned at the top twenty of the global list of the world biggest economies. We can therefore predict that by 2050 Bangladesh will be a developed country. We, however, do not agree that by 2041 we can achieve that stature as suggested by our government.
But all this is in the realm of pure speculations. However as we discover the extent and substance of our blue economy the opaque nature of this prognostication will be made clearer. All this may come to naught if we are unable to improve our political state of affairs or we are not faced with a series of major natural disasters and are unable to overcome
these adversities. It is therefore important for us to first understand what we mean by 'blue economy' as for many ofus it is a new term.
A Belgian businessman Gunter Pauli about thirty years back began a project to fund 100 of the best inspired technologies that would affect the economy of a country while sustainably providing basic human needs. These are potable water, food, jobs and habitable shelter. He discovered 340 innovations that could be bundled into systems that function the way ecosystems do. Gunter then wrote a book called the 'Blue economy: 10 years - 100 innovations - 100 million jobs'. Based on the thesis, blue economy was broken down into things individuals can do every day to live a happier, healthier and more sustainable life. It talks about a path of blue living, making use of resources from the land and sea and the capabilities each one of us holds within. In essence the principles of a blue economy respond to basic needs of all with what we have.
The catch phrase of a blue economy is 'it is a different way of designing business by using the resources available in a country in cascading streams'. So the waste of one product becomes the input to create new cash flow. This creates jobs, builds social capital and rising income while saving the environment. Thus in any country which uses blue economy waste does not exist. A byproduct becomes a source of a new product. Wealth there means diversity. Nature provides entrepreneurs who do more with less. For example in a blue economy gravity is the main source of energy. Solar energy is the next renewable fuel. Here inno-
vation takes place each time the country moves up the ladder of wealth. In many ways blue economy is a transition from a product based economy to a system based economy.
Blue economy is essentially a design theory and is most useful in finding out ways to exploit our ocean related natural resources like oil, gas, flora, fauna, minerals as well as using the power of tides, under sea currents, the geomorphology of the sea terrain, etc. But in all this we must pay attention to the environment.
It must be remembered that more than 40% of the global population lives within 100 km of the coast. Thirteen of the worlds 20 mega cities lie along the coast. Nearly 700 million live in low lying coastal areas less than 10 m above sea level. The livelihood of 12 % of the world population depends on fisheries and aqua culture sector. But we humans have the abhorrent habit of using marine and aquatic resources as if they were endless. It is imperative that we stop using our seas and oceans as a waste pool. This is accelerating the loss of precious biodiversity also. Over 80% of 232 marine eco-regions have been attacked by invasive species.
So in Bangladesh when we start exploiting our marine resources, we should go in there with the knowledge that our Bay of Bengal hold many treasures that we also need to conserve. There are over 23 million people who feed from the coastal belt alone. Now with the new acquisition of 1, 18,813 sq km of
territorial sea, 200 miles of exclusive economic zone and sovereign rights in the sea bed extending to 354 nautical miles from Chittagong port, there is a tremendous big treasure chest there for Bangladesh to look forward to.
It was therefore most appropriate and well-timed for the Prime Minister of our country to take the initiative and convene an international expert meeting in Dhaka a few days back on ways to explore and reap the benefits in real terms by using blue economy designs. The government has just sent our State Minister for Foreign Affairs to Samoa to attend for the first time an international conference where sustainable developments of small states are being discussed. We must learn quickly how we must start investing in this treasure chest in order to accrue more wealth and bring prosperity to our poor coastal people without hurting the environment.
As we learn about our blue economy we must not forget about our green economy which is on land and how we can apply the principles of blue economy to its sustainable growth. Together we must work in a circular economy to push Bangladesh into the realm of prosperity. 2050 is just 36 years away. We don't have much time in hand. It is time to abandon political calisthenics and fruitless political posturing and work full steam towards achieving the goals of a blue economy and our green economy. Imagine how quickly the 'bottomless basket' will turn out to be a 'basket of cornucopia'.
The writer Is a former Ambassador and is a commentator on current issues. E-Mail: ashfaque303@gmall.com