The World Bank and the European Commission have launched the Blue Economy Development Framework (BEDF). The Framework is a novelty in the area of international ocean governance. It helps (developing) coastal states transition to diverse and sustainable blue economies while building resilience to climate change.
This transition starts with data and knowledge collection about the marine environment and ocean sectors. The first output of the BEDF will therefore be a comprehensive diagnostic analysis of the conditions that could enable or restrict blue growth. This can be ecological, economic or social factors, but it also relates to the policy and regulatory environment.
The outcome of this diagnostic process will lead to a roadmap that assists governments to
- prepare policy, fiscal, and administrative reforms
- identify value creation opportunities from blue economy sectors
- identify strategic financial investments