From concept to practice Enabling blue economy: Lessons learnt from the Seychelles experience

<p dir="ltr">The ocean is increasingly considered as development space. Although a contested term, the ‘blue economy’ is a concept that has gained popularity and political capital as a mechanism to support the sustainable development of the ocean, particularly for countries with large ocean domains such as the Small Island Developing States. The framing of the blue economy concept within broader ocean governance regimes is, however, poorly understood and there is limited research into how blue economy governance interventions are being implemented and experienced on the ground. This research explores the relationship between the blue economy and existing global governance frameworks applicable to the ocean, with a focus on the United Nations Convention on the Law of the Sea and the United Nations 2030 Sustainable Development Goals. It identifies the potential added value that the blue economy might offer these existing frameworks, such as an integrating mechanism and a driver of investment in sustainable development of the ocean. Using the Seychelles blue economy as a case study, the research further investigates how the blue economy has been enacted and financed in practice. Through a combination of desktop analyses, semi-structured interviews and the researcher’s experiential knowledge as an adviser to the Seychelles government, the research investigates the roles of governance and blue finance as critical enabling conditions of the blue economy. The results show that the Seychelles blue economy has achieved significant outcomes in advancing integrated policy settings, including the completion of its Marine Spatial Plan and designation of marine protected areas, and as a mechanism for securing private finance (e.g., a blue bond and debt swap). Nonetheless, the Seychelles experience highlights several governance and financing implementation challenges, some unique to its status as a small island, others common in other settings. These include challenges in overcoming silos and achieving policy coherence, inclusiveness, capacity and legitimacy, and securing long-term affordable finance for implementation. The study further reveals limitations of debt-based finance in a context of an unequal global financing system. Although there are opportunities to improve the local enabling environment, small islands’ governance and financing capabilities are, overall, not commensurate with their large ocean domain responsibilities. The research identifies several opportunities and areas for further investigation to enhance the enabling environment for the blue economy and both unlock its full potential and promote more equitable outcomes for Small Island Developing States.</p>