Can Blue Economic Resources Lower Carbon Emissions? Empirical Evidence from ASEAN Economies

Abstract

This article aims to highlight the blue economic model comprising aquatic production, marine trade and marine tourism as a solution for addressing the global warming challenge. For this study, data for Association of Southeast Asian Nations (ASEAN) has been taken for the 2010-2022 period with blue economic indicators, energy factors including energy intensity, renewable and non-renewable sources and green economic variables to explain the impact upon carbon intensity as the dependent variable. Results derived from System Generalised Method-of-Moments (Sys-GMM) estimation techniqueshow that blue economic resources, green technology adoption, patents and renewable energy adoption are valuable for lowering carbon emissions. Moreover, excessive use of energy contributes to carbon intensity. These findings have wide-ranging implications; business managers must plan and monitor resource usage to minimise environmental damage. Enterprises need to introduce economic mechanisms that utilise blue resources and adopt cleaner technologies that are based on green innovation. Government authorities must provide supporting infrastructure for blue economic sectors and implement regulations focused on sustainable economic development.

Keywords: Blue Economy, Green Economy, Renewable Energy, Carbon Management, Sustainable Growth