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Blue Economy

The Blue Economy Strategy outlines the approach for optimising Bermuda’s blue assets for sustainable economic growth in key sectors that create job opportunities and support local entrepreneurs.

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The Blue Economy Strategy is being updated with a focus on clarifying the Vision, Goals & Objectives; the Ocean Fund and potential projects; and the role of the Blue Economy Strategy in supporting the Marine Spatial Plan. BOPP’s Steering Committee Blue Economy Subcommittee recommended the Blue Investment Facility be named the Bermuda Ocean Prosperity Fund (the “Ocean Fund'') to align with the rest of the programme.

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Through extensive consultation, we received a variety of public feedback on the Blue Economy Strategy and key themes centred on how to:

  • Strategically grow Bermuda’s blue economy sectors alongside the Marine Spatial Plan, with priority given to small businesses through incubation support.

  • Integrate blue finance, such as blue bonds, into the Blue Economy Strategy as a potential funding mechanism.

  • Increase support for shore-based ecotourism and sustainable tourism products

  • Develop tools to assess the performance of the Ocean Fund and selection criteria for potential projects. 

Read the Draft Blue Economy Strategy:

Watch: Bermuda's Blue Economy Strategy

The Draft Blue Economy Strategy is being updated with public feedback and recommendations from the Blue Economy Subcommittee. These updates support growth in key blue economy sectors and define an investment and funding strategy that drives the creation of new job opportunities.

 

Recommendations include to:

  • Facilitate the goal of sustainable fisheries by:

    • Increasing the sustainable harvest of pelagic species with emerging technology and new best practices.

    • Developing a public education and awareness strategy that promotes consumption of locally caught fish and seafood and highlights best practices already being used to ensure sustainable fishing. For longlining, these practices include the use of large circle hooks that reduce the likelihood of catching non-target organisms and monofilament leaders that make entanglement less damaging.  

    • Diversifying and increasing high-paying employment opportunities in the commercial fishing sector.

  • Expand sustainable marine tourism through:

    • An increased focus on ecotourism, including shore-based and coastal activities, such as mangrove replanting

    • Partnerships with local entities, such as hotels and the Bermuda Tourism Authority, to develop “blue tourism” products or a “blue concierge” for sustainable products.

    • Incorporating sustainability practices, such as circular economy principles, into new tourism products and infrastructure.

  • Broaden the original goal of “Promoting cleaner, cheaper energy” to “Accelerating the clean energy transition” in order to better align with national contributions to global climate change targets.

  • Focus on mechanisms outside the Ocean Fund to sustainably develop Bermuda’s blue economy, including: 

    • Priority support through incubation funding for small businesses in key blue economy sectors.

    • The use of blue finance, such as blue bonds, as potential financing options.

  • Develop a set of metrics, called key performance indicators (or KPIs), to track the success and progress of the Ocean Fund. This will help investors with ESG reporting.

  • Develop a set of selection criteria for potential incubation/investment projects.

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