The U.S. Blue Economy will continue to grow thanks to four critical business accelerators announced today by the Biden-Harris Administration. These programs aim to promote the development of ocean-based renewable energy, sustainable fisheries, and marine energy.
A comprehensive plan to build the growing “Blue Economy,” which employs and supports sustainable development along America’s coastlines, has been announced by the Biden-Harris Administration. It will focus on four “business accelerators” that will support economic growth and innovation across the board, from sustainable fisheries to marine energy.
These accelerators are components of the administration’s broader plan to preserve marine ecosystems while fostering economic growth in ocean-based and coastal businesses. The program was created in response to the increasing need for sustainable practices from sectors that depend on the ocean, such as offshore energy production, shipping, and fishing.
The new accelerator program will then benefit from federal investments, partnerships with private enterprises and state and municipal governments, and research institutes that support technical improvements and job development in those vital industries. The development of ocean-based renewable energy sources, offshore wind, sustainable fisheries, and marine conservation technologies will all be focal points.
It is identifying a number of U.S. locales where the blue economy has a lot of room to grow. Through investing in the country’s maritime resources, the initiative would seek to advance national security, foster innovation, and improve the workforce.
“As we face climate change and dwindling resources in the world, we need to act with boldness to create a sustainable resilient future. The blue economy presents a new frontier, presenting opportunities for American workers, businesses, and communities, said President Biden during a recent press conference.
Key Goals and Actions
Offshore Wind Energy: Research accelerators in offshore wind turbine technologies will focus on reducing costs and improving efficiency. This will be the administration’s further effort into clean energy goals, in which investments help create thousands of clean energy jobs.
Sustainable Fisheries: Programs will focus on new technologies for sustainable fishing, reducing overfishing, and promoting marine biodiversity. It includes enhancing fishery management practices through data-driven approaches and new fishing gear innovations.
Marine Conservation: Support coastal and marine research as part of the initiative and helps minimize degradation, ensuring future generations to feed and engage in various economic activities from healthy ocean ecosystems.
Ocean-based renewable energy: The efforts to build ocean-based renewable energy, such as tidal and wave energy systems, will be highly focused because they have potential futures in reducing dependence on fossil fuels and enhancing energy security.
This reflects the broader economic vision of building a resilient, sustainable future, but with the understanding that all American communities should have the opportunity to participate in the green energy transition. The program will benefit large cities and rural coastal areas by giving opportunities for revitalizing economies and job creation across different regions.
It will spur well over $500 million in new public and private investment focused on workforce development and opportunities, especially in underserved coastal areas. The administration will further assert the importance of partnerships for the Blue Economy among public, private, and community constituencies to ensure the widest access to its benefits.
