It encourages algae growth. In planted tanks, plants need both red and blue light, preferably with some green as well, to flourish. If there's too much blue and not enough red, aquarium plants don't grow well. But algae can use just blue light so in the absence, or reduced amount, of red light algae will flourish at the expense of the plants.
In a non-planted tank it will still encourage algae, as will every part of the spectrum.