For decades, the Island ‘ sea habitat has cared for, fed, and employed its people. With one of the highest orange economy numbers in the world, accounting for more than 36 % of its complete GDP, it has propelled the nation into a top luxury tourism hub.  ,
This powerful connection between the atmosphere, its citizens and the business is essential for the Maldives. An increase in temperatures of only 1.5 to 2 degrees may mean the difference between our country’s existence and being remembered on the global image, despite currently battling the recurring effects of climate change.
The Island has pioneered a growth strategy centered on the Blue Economy‘s tenets despite all odds.
The sustainability of the tourism sector rests entirely on the beauty and health of its marine and ocean ecosystems, which contribute directly to over 30 % of its GDP and over 80 % of foreign exchange earnings. Its tourism industry offers luxurious vacation accommodations and increasingly affordable holiday huts perched high above turquoise waters.  ,
The Maldives ‘ tuna fishing industry has been a successful one since ancient times, moving from a small-scale operation to a famous exporter of effectively caught fish today.
The whole potential of the Blue Economy has not yet been realized for the Islands and the vast majority of the nations in Asia and the Pacific region that depend on maritime and aquatic organisms. It is not just an economical approach, for these countries, including the Maldives, it’s a necessity for their success.
While angling and marine-based tourism have inevitably prospered, another investment-intensive industries like alternative marine energy, coastal biotechnology, and clean and resilient infrastructure require financing and supportive policies to flourish.  ,,
Some of the most ambitious policies being put in place by Maldives and the Pacific Small Island Developing States ( SIDS ) are aiming to transform their problems into opportunities. Priorities in their Nationally Determined Contributions ( NDCs ) include energy security and just transition.
Leaping ahead, the Island announced at COP28 its commitment to developing renewable energy systems, with the aim of meeting 33 % of the country’s energy needs within the next five years. If this determination were to be realized, it would save the national budget, or practically$ 750 million currently spent on electricity.
We have seen the SIDS putting forth an ambitious statement at the international plastic agreement negotiations in Paris that calls for the implementation of effective waste management options for Danger funded by cheap suppliers.
The Island is also currently experimenting with a plan to build a lasting waste-to-energy service in the capital region, with the potential to spread the plan across all islands.
Missing funding website
The Maldives hosted the first Asia-Pacific Blue Economy Forum in conjunction with the UN Development Programme ( UNDP )’s Climate Finance Network, which was supported by the UK.
Individuals from 15 different nations in the area identified frequent issues that affect all Violet Market sectors, along with think tank and private sector partners. These include a decrease in the international development assistance, a lack of funding opportunities and funding, maritime ecosystem governance, and a lack of big data and innovation.
Dr. Mohamed Muizzu, president of Islands, and other SIDS leaders called for a revitalized international approach that may solve the SIDS ‘ financing gap, use vulnerability steps into the allocation of concessional finance, and reform the global economic architecture to strengthen the voice and representation of SIDS and developing nations.  ,
Investments must be made in the Micro, Small and Medium Enterprises ( MSMEs ) that are the main players in the region to close the financing gap and realize the full potential of the ocean’s resources.  ,  ,
MSMEs frequently inspire creativity and create new business segments, and pool and de-risking investments are necessary for quick access to financing. MSMEs also have the power to influence business behavior, as demonstrated by Maldives ‘ own Hologo, an island-based augmented reality educational game that has been popular in 3D, Mr, and VR articles for education.
Similar innovations include, OdiApp, which is harmonizing the water transport sector in the country, and eDhumashi, providing a financial solution for women fishers, expanding their market access and enhancing financial benefits throughout the fisheries sector’s value chain.
The national and international partners in the public and private areas must work right away to help the SIDS unlock their enzymatic blue economy and growth potential. The comprehensive vulnerability index and associated measures may be more widely accepted and help these nations who are at risk of losing more money.
This needs to be met with continuing action and leadership to realize the full potential of a prosperous and inclusive society. The Blue Economy is as significant as the sea as it is for SIDS, and the opportunities it offers are as large and deep as the ocean. As essential public products, the Blue Economy is equally significant globally as it is for SIDS.
Blue Economy: A connection as old as time
A man lives atop a whale, a companion he has had many years, in a folktale from the Maldives. Perched on the whale’s back, he clings to its fin, and the whale, in turn, understands not to dive deep for prolonged periods to safeguard the man’s life.
Occasionally, it submerges briefly if sensing danger nearby. The man lives on raw fish, skillfully catching them with his hands, aided by the whale in locating them. This man was glimpsied atop the whale, according to many fishermen in the Maldives, but when spotted, both quickly retreat into the depths.
The answer to Blue lies in retracing the meaning of the tale and adage old wisdom: the Maldives ‘ profound dependence and connection to nature. The ocean’s love and care for us are treasures to cherish for generations to come.
Enrico Gaveglia serves as the Maldives ‘ resident UNDP representative.