Browsing: Africa’s Blue Economy

Blue Economy in Africa set to register massive growth in 2023

Africa’s blue economy is set to flourish and gain a whole new prominence in 2023, with increased investments lining up to exploit this lucrative but undervalued sector.

One of the major announcements that has signalled an increased interest in the blue economy came out of the twenty-seventh session of the Conference of the Parties (COP 27) in Sharm el-Sheikh, Egypt in November 2022. The World Bank announced a Mangrove Blue Carbon Pilot Program, an initiative meant to catalyze financing and provide operational response to developmental challenges in coastal-marine areas of the African continent.

Dubbed the Blue Economy for Resilient Africa Program (BE4RAP), the initiative seeks to respond to the challenge coastal countries face in managing their marine resources, to spur economic growth and reduce poverty, while adapting to the effects of climate change. The program is set to convene a “Focus on Africa Blue Marketplace” in 2023.

Building on the …