European Maritime Day 2016: investing in the blue economy - Main contents

Our economy is a global one. At the moment, some 90 percent of global trade is transported by sea. Proportionally, the Baltic sea has one of the highest rates of maritime traffic; It is also very vulnerable ecologically. The seas present a wide range of possibilities for growth and innovation, often referred to as the blue economy. But these possibilities must be integrated with a policy which protects the environment.

The vast majority of the five million people employed in the EU blue economy currently work in five sectors. They are fishing aquaculture; oil, gas, aggregates; shipping, ports; ships & platform building and coastal tourism.

All of these sectors provide a rich source of innovators, but they also require investments. This is why the theme of the European Maritime Day, which is celebrated this year in Turku, Finland on 18-19 May, is just that: "investment" - with smart and sustainable solutions. The theme reinforces the reasons that the President of the European Commission, Jean-Claude Juncker launched the European Fund for Strategic Investment (EFSI). This 'investment plan for Europe has been successfully promoted across all 28 Member States by Commission Vice-President Jyrki Katainen.

The activities of the five blue economy sectors do not exist in isolation. Nearly all coastal states and many regions within these states have developed integrated maritime policy or blue growth strategies. And within the EU there is a framework to swap experiences and data, launch collaborative research projects and work towards a common vision.

This vision has been adopted because the blue economy is changing. A major driver of this change is the need to steer future generations away from climate catastrophe. The circular economy initiative is a big part of this shift.

European manufacturers are producing engines that run on cleaner fuel. Growth in offshore renewable energy is increasing

In shipping, digitalization is an important way of getting the best out of sea-related activities. It can also help increase energy efficiency and reduce emissions for the benefit of the citizens and the environment.

There is much open data produced by authorities and processed by private actors that can be capitalized on in the marine sectors.

To stay ahead of the game we must protect our best advantage - our innovation. This means investment and requires good status of our seas. This will have economic, social and environmental benefit.

We know that tidal energy can provide the regular predictable energy to complement the more variable wind and sun. We know that seafood production is producing low amounts of greenhouse gases. We know that this aquaculture harvest can be increased by moving it further offshore or by developing new innovations towards ecologically sustainable farms and aquaculture technologies. We know that marine plants can provide not only more food and feed and but also a biofuel that does not divert land and water from food production. We know that reducing sewage outfall would allow more shellfish, such as oysters and mussels, to be produced. Most of all, we know that progress in these fields can maintain Europe's leadership. Knowledge is power, they say, but investment is the fuel that converts that knowledge into economic benefit.

The EU has just released a Communication on its Arctic Policy. This has a particular resonance in Finland. Finland is the only country in the EU where all ports freeze during the winter and a significant part of the world’s icebreakers have been built in Finland. Finns have special expertise that can be used in developing the blue economy. As the world is looking into the Arctic as an area for new opportunities, Europe should take an active role in the area and contribute to sustainable solutions.