The Blue Economy represents a sustainable development approach that advocates for the integrated, fair and circular use of marine resources while safeguarding the health of the aquatic ecosystem. Globally, the ocean economy was valued conservatively at USD 1.5 trillion in 2015, with projections doubling to USD 3 trillion by 2030. However, this figure underrepresents the broader contributions of Blue Economy activities. In Africa, the blue economy encompasses oceans, coasts, rivers, lakes and groundwater, emphasizing the sustainable utilization of both coastal and inland aquatic systems.

Both IORA and UNECA attribute high importance to the Blue Economy and are scaling up efforts to harness Blue Economy for socio-economic development whilst advocating for sustainable management and conservation of ocean resources. 

Despite progress, a major challenge remains: 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. 

Building on their shared goals and overlapping membership, IORA and UNECA signed an MoU 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 hosted 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 event equipped technical experts and policymakers from Central Africa, Eastern Africa, and the wider Indian Ocean region with the knowledge to the BEVTK effectively. 

This webinar was aligned with 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.

As a follow-up, the presentation materials, the recording of the webinar and the report are available on the following links for your reference:

• Presentations: (1) UNECA Work on the BE and (2) Application of the BEVTK in Tanzania
• Webinar recording (original audio): https://www.youtube.com/watch?v=gdDnQpnsKF4
• Report: BEVTK Webinar - Event Report