The blue economy is concerned with the promotion, exploitation, and regeneration of the marine environment. It is used to describe a long-term approach to coastal resources. The concern is that human activities are endangering the oceans, especially when economic gains come at the expense of maintaining environmental sanity.
From the beginning: The Blue economy
- The Blue Economy concept was popularised by Gunter Pauli’s book “The Blue Economy: 10 Years, 100 Innovations, 100 Million Jobs” (2010).
- A project to find the most environmentally friendly and sustainable technologies: Blue Economy began as a project to identify 100 of the best nature-inspired technologies that could have a global impact on economies. While providing basic human needs such as potable water, food, employment, and habitable shelter in a sustainable manner.
- Approach and goal that is inclusive: The integration of Ocean Economy development with the principles of social inclusion, environmental sustainability, and innovative, dynamic business models is envisioned.
- Eco-friendly maritime infrastructure: It is the development of environmentally friendly ocean infrastructure because larger cargo consignments can be moved directly from the mothership to the hinterland via inland waterways, eliminating the need for trucks or railways.
The Importance of Maritime Transportation
- One of the most significant employers in ocean-related activities: Maritime transport, in the form of containerships, tankers, and ports, plays a significant role in the globalized market; coastal tourism is the largest employer in ocean-related activities.
- Eighty percent of all trade takes place on the high seas: Eighty percent of global trade takes place on the high seas, forty percent of the world’s population lives near the coast, and more than three billion people rely on the oceans for a living.
- The annual value is equivalent to the seventh largest GDP: A healthy marine environment is critical for people and the planet’s long-term survival. Its worth is estimated to be more than $25 trillion, with an annual value of produced goods and services of $2.5 trillion, equivalent to the world’s seventh-largest economy in terms of GDP.
- Ensures food security: The oceans, seas, and coastal areas contribute to human food security and economic viability. The ocean is the next big economic frontier, with numerous ocean-based industries rapidly expanding.
Concerns
- Induced by humans Oceanic pollution: Marine activities have resulted in pollution, ocean warming, eutrophication, acidification, and fishery collapse, all of which have negative effects on marine ecosystems.
- Oceans are rarely used as a financial institution: The ocean is uncharted territory that financial institutions rarely comprehend. As a result, these institutions are nearly unprepared to provide affordable long-term financing on a large scale.
- Developing countries pay a high price: Developing countries bear the brunt of the economic costs associated with achieving blue economy goals.
- Lack of capacity is a major impediment: many developing countries have high levels of external debt. A critical impediment is also a lack of capacity and technology for transitioning from the agri-economy to the marine economy.
- A major concern is the lack of elaborative guiding principles: There is concern that without specific principles or guidance, national blue economies, or sustainable ocean economies, will pursue economic growth with little regard for environmental sustainability and social equity.
What approach should be taken to achieve the Blue Economy?
- It is essential to have an inclusive discussion and participation: Because the blue economy is based on multiple fields of ocean science, it requires cross-sectoral experts and stakeholders. For an inclusive discussion, it is critical to involve civil society, fishing communities, indigenous people, and communities.
- The journey of SDG-14 cannot jeopardize the other SDGs: When promoting a blue economy, the UN emphasizes the importance of equity. Land and resources frequently belong to communities, and the interests of coastal communities are frequently marginalized, as sectors such as coastal tourism are encouraged to boost the economy.
- It is necessary to conduct integrated marine spatial planning with national and global expertise: National and global expertise should be used to develop the blue economy. Any blue economy transformation must include the use of integrated marine spatial planning. This would allow for the collaborative participation of all ocean stakeholders, as well as debate, discussion, and conflict resolution among the stakeholders.
What is India’s current position?
- Natural geography: A nearly 7,500-kilometer-long coastline with no immediate coastal neighbors except for some stretches around the southern tip. In some ways, India benefits from its natural geography.
- G20 presidency opportunity: It is an opportunity for India to use its G20 presidency to promote environmental sustainability while also ensuring social equity.
- Rising role and significance: India’s involvement in the blue economy is growing, with active participation in international and regional dialogues, as well as maritime/marine cooperation.
@the end
To achieve the Blue Economy goal, the enormous human effort would be required, as well as global cooperation through various legal and institutional frameworks. This includes the need to develop newer sectors such as renewable ocean energy, blue carbon sequestration, marine biotechnology, and extractive activities while keeping environmental impacts in mind.
Source: https://www.thehindubusinessline.com/opinion/developing-the-blue-economy-requires-collaborative-effort/article66331130.ece