In June 2024, Belize hosted a two-day event under the theme 'Linking science and livelihoods towards climate resilience for the coastal zone and fisheries sector of Belize' to discuss the Blue Economy and its importance for climate resilience [b96ae781]. The event included a Climate Resilience Forum and an open day fair at the Fisheries Department, where various stakeholders, including NGOs, academia, and conservationists, showcased their contributions to making Belize more climate resilient [b96ae781].
The Blue Economy director, Felicia Cruz, emphasized the collaborative efforts that have made significant strides in enhancing climate resilience in Belize. The fair featured organizations like the Hol Chan Marine Reserve, which presented its initiatives to prevent overfishing, and the Belize Women in Seaweed Farmers Association, which highlighted innovative seaweed products [b96ae781]. The forum was strategically timed to coincide with World Oceans Day, celebrated on June 8th, underscoring the importance of stakeholder involvement in the Blue Economy [b96ae781].
In addition to these environmental initiatives, Belize's economy has shown remarkable growth in 2024, with a reported 10% increase in the first half of the year, driven largely by a resurgence in tourism and increased agricultural exports, particularly in sugarcane and citrus [6bfe2aa1]. The country is exploring diversification strategies through trade finance and near-shoring, which could further bolster its economic resilience [6bfe2aa1]. Belize's legal system, based on British Common Law, continues to enhance its appeal as an offshore jurisdiction, attracting foreign investment [6bfe2aa1].
Belize has established itself as a leader in sustainable tourism and marine conservation, maintaining a moratorium on offshore oil drilling since 2017 [6bfe2aa1]. However, the economy's heavy reliance on financial services and tourism makes it vulnerable to global fluctuations. To mitigate this risk, Belize is focusing on agricultural modernization, renewable energy investments, and embracing the digital economy as part of its diversification strategies [6bfe2aa1].
The integration of Blue Economy principles with economic growth initiatives reflects Belize's commitment to sustainable development, aiming to balance economic prosperity with environmental stewardship. The concept of the Blue Economy, first coined by Dr. Gunter Pauli in 2010, emphasizes the sustainable use of ocean resources for economic growth while preserving marine ecosystems [3d85197b]. As oceans cover over two-thirds of the earth's surface, the potential for economic contributions from the Blue Economy is significant, with projections suggesting an increase from US$1.5 trillion in 2010 to US$3 trillion by 2030 [3d85197b].
Countries like Mauritius, Seychelles, and South Africa are leading in Blue Economy policies, while Nigeria has made strides by creating a ministry of Blue Economy in 2023, recognizing the economic potential of its maritime domain, which spans approximately 10,000 km [3d85197b]. However, concerns regarding environmental risks and the exclusion of small-scale fishers persist, particularly as coral reefs face extinction by 2050 due to climate change [3d85197b]. The Blue Economy must be climate-resilient and prioritize the rights of small-scale fishers to ensure sustainable development for all stakeholders involved.