A Time and Place for the Sustainable Blue Economy: The Dilemma of Blue Growth Balancing Commercial Opportunities and Environmental Forces

The management of marine and coastal regions requires a strategic approach that ensures minimal tension between the desire of regional economic development and the sustainable development of the coastal region. Blue growth was introduced as a catch-all approach to exploring and exploiting marine resources, however, approaches to blue growth varied due to ambiguity in how blue growth has been defined and applied. While the concept of blue growth has been used as a mechanism for the management of marine sectors, no concise universally adopted definition of blue growth exists which has resulted in the mismanagement of marine resources. This research defines blue growth as the sustainable development of marine resources, generating livelihoods, and securing well-being, from innovation in emerging marine sectors. With this definition of blue growth in mind, this research asks what are the influencing factors that nurture blue growth? To answer this question, this research leverages the findings of consultative stakeholder workshops in five coastal regions along the western Atlantic seaboard. The research shows that some of the nurturing factors include geography and absorptive capacity building to develop marine sectors sustainably. This research looks at blue growth development through the triple helix lens, focusing on how collaborative efforts between the stakeholders can be utilized to build absorptive capacities and identify commercial opportunities. Effectively utilizing blue growth strategies by targeting these antecedent factors could ensure a balanced approach to economic development and the sustainable development. Understanding the influencing factors of blue growths provides a pathway to overcoming the blue growth dilemma managing sustainable development and realizing commercial opportunities to ensure the development of a sustainable blue economy.