Sakshi Education
By Srirangam Sriram, Sriram's IAS, New Delhi.
Oceans, with a current estimated asset value of US$ 24 trillion and an annual value addition of US$ 2.5 trillion, would continue to offer significant economic benefits both in the traditional areas of fisheries, transport, tourism and hydrocarbons as well as in the new fields of deep-sea mining, renewable energy, ocean biotechnology and many more. But there is a compelling need to integrate sustainable practices with business models.
With land-based resources depleting fast, there would be renewed attempts to further expand economic exploitation of the world’s oceans. However, if not managed sustainably, growing economic engagement with the oceans could risk further aggravation of their already strained health with serious impact on their natural role as the single most important CO2 sink and replenisher of oxygen. This, in turn, could accelerate global warming with catastrophic effects on fish stocks, climatic stabilisation, water cycle and essential biodiversity.
Global campaign for sustainable harnessing of the oceans, initially spearheaded by the Small Island Developing States (SIDS), has been gaining momentum. This has led to the concept of Blue Economy which calls for harnessing of the oceans without undermining their sustainability.
With its geostrategic position in and critical dependence on the Indian Ocean, India has been at the forefront of the Blue Economy use, with a greater focus on the Indian Ocean region. The essence of this approach was spelt out by Prime Minister Narendra Modi for seeking “Security And Growth for All in the Region” (SAGAR).
Sustainable Development Goals 2030 in which Goal 14 relates to sustainable development of the ocean resources. India is committed to it.
Several countries, particularly the maritime states, have endorsed the concept of Blue Economy which is currently resonating in the United Nations, multilateral institutions, and national policy articulations. India is working with its neighbours and extended neighbours along with Seychelles, Mauritius and multilateral institutions such as Asia-Pacific Economic Cooperation (APEC), East Asia Summit (EAS), South Asian Association for Regional Cooperation (SAARC) and Indian Ocean Rim Association (IORA), Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) and others to explore the blue growth prospects.
At the third ministerial conference of the Indian Ocean Rim Association (IORA) in Dhaka in 2019, participants unanimously called for sustainable use of the blue economy resources. At the 4th ministerial summit in Kathmandu in 2018, BIMSTEC leaders agreed to establish an Inter-governmental Expert Group to develop an action plan on blue economy.
India focuses on port development through the Sagarmala initiative that has been the mainstay of India’s BE efforts.
A ‘Deep Ocean Mission’ aims to explore the 75,000 sq km of sea bed that comes under India’s purview for exploitation of mineral wealth.
Oceans, with a current estimated asset value of US$ 24 trillion and an annual value addition of US$ 2.5 trillion, would continue to offer significant economic benefits both in the traditional areas of fisheries, transport, tourism and hydrocarbons as well as in the new fields of deep-sea mining, renewable energy, ocean biotechnology and many more. But there is a compelling need to integrate sustainable practices with business models.
With land-based resources depleting fast, there would be renewed attempts to further expand economic exploitation of the world’s oceans. However, if not managed sustainably, growing economic engagement with the oceans could risk further aggravation of their already strained health with serious impact on their natural role as the single most important CO2 sink and replenisher of oxygen. This, in turn, could accelerate global warming with catastrophic effects on fish stocks, climatic stabilisation, water cycle and essential biodiversity.
Global campaign for sustainable harnessing of the oceans, initially spearheaded by the Small Island Developing States (SIDS), has been gaining momentum. This has led to the concept of Blue Economy which calls for harnessing of the oceans without undermining their sustainability.
With its geostrategic position in and critical dependence on the Indian Ocean, India has been at the forefront of the Blue Economy use, with a greater focus on the Indian Ocean region. The essence of this approach was spelt out by Prime Minister Narendra Modi for seeking “Security And Growth for All in the Region” (SAGAR).
Sustainable Development Goals 2030 in which Goal 14 relates to sustainable development of the ocean resources. India is committed to it.
Several countries, particularly the maritime states, have endorsed the concept of Blue Economy which is currently resonating in the United Nations, multilateral institutions, and national policy articulations. India is working with its neighbours and extended neighbours along with Seychelles, Mauritius and multilateral institutions such as Asia-Pacific Economic Cooperation (APEC), East Asia Summit (EAS), South Asian Association for Regional Cooperation (SAARC) and Indian Ocean Rim Association (IORA), Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) and others to explore the blue growth prospects.
At the third ministerial conference of the Indian Ocean Rim Association (IORA) in Dhaka in 2019, participants unanimously called for sustainable use of the blue economy resources. At the 4th ministerial summit in Kathmandu in 2018, BIMSTEC leaders agreed to establish an Inter-governmental Expert Group to develop an action plan on blue economy.
India focuses on port development through the Sagarmala initiative that has been the mainstay of India’s BE efforts.
A ‘Deep Ocean Mission’ aims to explore the 75,000 sq km of sea bed that comes under India’s purview for exploitation of mineral wealth.Published date : 27 Nov 2020 11:24AM
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