North Carolina's blue economy

NORTH CAROLINA’S Blue Economy ISSUE NO. 1 JANUARY 2017 What is North Carolina’s Blue Economy? Introduction Duke University's Nicholas Institute for Environmental Policy Solutions and North Carolina Sea Grant recently published an initial assess¬ ment of North Carolina's ocean economy.The white paper provides an overview of the state's ocean economy sectors and begins a conversation about transitioning to a blue economy. This inaugural issue of North Carolina's Blue Economy information series summarizes the key findings from that publication. Waters upstream, like the Neuse River, also play a role in the blue economy. North Carolina North Carolina's ocean and coastal areas and their resources shape a unique and important segment of the state's economy, particularly for its coastal counties. From seafood and commercial fishing, to access to global markets through shipping and transport, and finally tourism and recreation, thousands of jobs and billions in revenue for the state depend on the ocean and coast. North Carolina's ocean economy includes the economic activities that take place in the ocean, receive inputs from the ocean and deliver outputs to the ocean. These activities take place in the state's coastal counties, coastal waters understate jurisdiction and adjacent federal waters. Significant portions of the the ocean economy depend on the underlying ecological systems and associated ecosystem services — the benefits people obtain from ecosystems. These ocean ecosystem services include: • Seafood "Tourism and recreation • Minerals • Carbon sequestration • Energy • Coastal protection • Marine biotechnology • Waste disposal • Transport and trade "Biodiversity Natural resources and ecological systems underpin the state's ocean economy, functioning as the natural capital asset base. This asset base includes fish stocks, beach and coastal water quality, and natural habitats and associated biodiversity. Ocean economy activities, which depend heavily on the health of the underlying natural capital asset base, also have the potential to deplete these resources and systems — putting jobs and economic growth at risk. A sustainable ocean economy emerges when economic activity is in balance with the long-term capacity of ocean ecosystems, resulting in a blue economy. The blue economy concept creates a lens by which to view and develop policies that simultaneously enhance ocean health and economic growth. The blue economy lens allows us to: • Better understand a unique and discrete segment of the state's economy, particularly of the coastal region, as a basis for more targeted policy, opportunities for business clustering and increased investment; and • Visualize the connection between this segment of the economy and the state's ocean resources and ecological systems, and eventually, the relationship between the two. 1