Blue Economy and Renewable Energy: Opportunities and Challenges

This study examines the relationship between the Blue Economy and marine renewable energy, focusing on the opportunities the sector offers and the barriers that continue to slow its adoption. Using a hybrid ecological-developmental framework, the paper maps the environmental, economic, and social dimensions of marine renewables and classifies the structural, financial, and governance obstacles that constrain their wider deployment. Drawing on a systematic review of global case evidence, with particular attention to emerging economies and small island states, the analysis contrasts settings where integration has succeeded with those where institutional and structural constraints persist. The findings show that marine renewables can meaningfully reduce greenhouse gas emissions, diversify national energy portfolios, and strengthen energy security, but that the pace and depth of their adoption depend heavily on context-specific financial and governance conditions rather than on technology alone. The paper closes with evidence-based recommendations for policymakers, financing institutions, and private investors on the design of financing mechanisms, governance structures, and incentive frameworks capable of accelerating an equitable transition to marine renewable energy.