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WHAT IS BLUE ECONOMY
The World Bank defines blue economy as "the sustainable development of ocean resources for economic growth, improved livelihoods, and job creation while preserving the health of the ocean ecosystem." While the Commonwealth of Nations defines it as a new idea that promotes greater stewardship of our ocean or "blue" resources. It is a sustainable use of ocean resources for economic growth, improved livelihoods and jobs, and the health of the ocean ecosystem. Whereas the blue economy comprises a wide range of activities such as-
Renewable energy- where sustainable and marine energy can play a vital role in social and economy development.
Fisheries- where marine fisheries contribute more than US 210$ billion annually to global GDP where more sustainable fisheries can generate more revenue, more fish and can help to restore fish stocks.
Maritime transport- over 80% of the international goods traded are transported by sea and the volume of the seaborne trade is expected to double by 2030 and quadruple by 2050.
Waste management- over 80% of litter in the ocean island-based and an optimum source better waste management on land can help ocean to recover.
Tourism- ocean and coastal tourism can bring jobs and economic growth where coastal least developed countries and small island developing states receive more than 41 million visitors per year.
Climate change- the impact of climate change on ocean rising sea levels, coastal erosion, changing ocean current patterns and acidification are staggering. At the same time ocean are important carbon sink and help mitigate climate change.
SIGNIFICANCE OF BLUE ECONOMY
INITIATIVES TAKEN BY INDIA TO PROMOTE BLUE ECONOMY
SAGARMALA PROJECT- It was developed in 2015 by government of India. It was decided to spearhead port-led growth in India, which will boost port modernization and new port construction. The goal was to reduce the logistical costs of exports and imports in order to establish world-class ports. They also deal with shipbuilding financial support policies, with a primary emphasis on domestic shipping. In this case, the domestic shipyard receives financial aid for each outcome built by them.
PRADHAN MANTRI MATSYA SAMPADA YOJANA-The Government of India's Department of Fisheries, Ministry of Fisheries, Animal Husbandry, and Dairying is implementing the Pradhan Mantri Matsya Sampada Yojana - A plan to grow India's Fisheries sector in an environmentally sustainable, economically viable, and socially inclusive manner. PMMSY is intended to address major gaps in the fisheries value chain, including fish production, productivity, and quality, as well as technology, post-harvest infrastructure, and marketing. It aspires to modernize and reinforce the value chain, improve traceability, and develop a strong fisheries management framework while also maintaining the socioeconomic well-being of fishermen and fish farmers.
SAGARMANTHAN- India has launched the "Real-time Vessel Tracking System" to assist sailors and fishers as needed. "Sagar-Manthan: Mercantile Marine Domain Awareness Centre (MMDAC)" is the name given to this system. It is an information system designed to improve maritime safety, search and rescue capabilities, security, and the protection of the marine environment.
DEEP OCEAN MISSION- It was established by the Ministry of Earth Science to study undiscovered minerals, stones, living or non-living organisms, and to explore marine variety.
The G-20 presidency has designated the blue economy as priority area. and where one of their initiatives is focused on a marine litter action plan, Osaka blue ocean vision, and coral research and development accelerator platform.
CHALLENGES-
ANY STAKEHOLDERS- We all have an obligation to preserve accountability over the ocean because it is interrelated and any activity on one region of the earth will have an impact on others as well. There are many obstacles because there are so many different parties involved, including businesspeople, environmentalists, and members of coastal communities like fishermen. Because they all have distinct interests, it is difficult to unite them on one platform and strive to improve the ocean's sustainability.
THREATS TO OCEAN- As a result of both natural and anthropogenic factors, there is a great deal of harm and damage to the ocean as a whole. The anthropogenic factors, such as marine pollution, overexploitation of resources, and unplanned urbanization, are the main factors that are destroying the marine life on this planet.
Thus, India's G-20 presidency will contribute to encouraging both individual and group action, facilitating a forum for the transition to a sustainable global economy, and engaging effectively with all stakeholders. Member nations can also support the development of scientific and technological cooperation as well as public and private partnerships.
Topic relevance- both from GS paper-1 as from international relations as well as GS paper-3 from environment and ecology
Therefore, the candidates need to be knowledgeable about all the major issues raised by this current event, such as the importance of the G-20 and the need to comprehend ecological issues. The most important thing is to make a connection between the two, which the aspirant needs a proper understanding of, and they can do this by participating in any platform. For example, we can see what makes EDEN IAS the best IAS coaching institute in Delhi through its thorough and comprehensive UPSC foundation course and the programs that are a part of its foundation. Some of the core as well as key aspects of this program are-
Thus, they can be an asset and a power source for one's preparation, giving one additional exposure to and familiarity with the kind of important and vital themes that are covered in the UPSC syllabus.