THE LAW OF THE SEA AND THE BLUE ECONOMY: OPPORTUNITIES FOR THE PRIVATE SECTOR

Abstract

Oceans and seas are critical assets, providing numerous benefits in the form of food, employment, access to the international market, foreign exchange, culture and recreation. When properly managed, these assets can significantly enhance and sustainably contribute to the economic development, welfare and prosperity of a country. The blue economy calls for a sustainable and integrated management of these critical assets to drive economic growth while restoring, protecting and effectively harnessing ocean and coastal ecosystems. The law of the sea consists of customs, treatise, principles and rules by which public entities and governments interreact and maintain order and peaceful relations on the sea and the 1982 United Nations Convention on the Law of the Sea (UNCLOS) comprehensively covers every aspect of ocean governance and management and is the backbone for the development of a sustainable blue economy. The convention also makes elaborate provisions for private sector participation in the blue economy. The study follows a quantitative approach by analyzing existing literature and global, regional and national policy frameworks. Findings indicate that the blue economy seeks to reconcile sustainable ocean development with the legal structures of the UNCLOS, balancing economic growth with ecological preservation. To prevent the depletion of marine resources, UNCLOS imposes strict, binding legal obligations on all States to protect, reduce, and control pollution. The Study further indicates that the blue economy requires newer supplemental treaties to fill gaps regarding modern industries and the 2026 Convention on Biodiversity Beyond National Jurisdiction (BBNJ), extends UNCLOS to regulate the sharing of marine genetic resources, and the establishment of marine protected areas in the high sea. Moreover, the study indicates the need to align economic growth with marine conservation while positioning the private sector as key drivers of sustainable innovation and investment. Recommendations emphasize adopting ecosystem-based management under UNCLOS and leveraging private partnerships across all sectors of the blue economy.