Blue economy, as the World Bank defines, is the sustainable use of marine resources for economic growth, improved livelihoods, and jobs while preserving the health of ocean ecosystem. It covers fishing, minerals, shipping and port infrastructure, biotechnology, renewable energy, tourism, ocean governance and education in marine areas. The promotion of the blue economy is important for sustainable development. Here are five reasons why the blue economy should be promoted.
Blue economy plays a significant role providing 30 per cent of oil and gas resources and most of the resources are untapped. Sustainable mechanism their exploration would benefit the country.
About 90 per cent of goods trade through oceans and seas. Blue economy contributes US$ 2.5 trillion to world economy employing around 60 million people in fisheries and aquaculture and providing rare earth metals like polymetallic nodules and sulphides.
In the area of Climate change mitigation, the blue economy has an increasingly important role to play, even as we continue to lose forests on land. The shallow coastal water ecosystems, such as mangroves, tidal marshes and seagrass beds are now seen as a critical part of our approach to managing essential natural carbon sinks. Mangroves and other vegetated ocean habitats sequester 25 per cent of the extra carbon dioxide (CO2) from fossil fuels and protect coastal communities from floods and storms. These different ecosystems are ecologically integrated; their cumulative contribution is provided greater resilience than each of them combined.
A sustainable blue economy can help achieve commitments of Sustainable Development Goals (SDGs). So, to build a blue economy, we will need to put sustainability at its centre. This will require careful attention to all decisions and their cross‑sectoral implications. We will need to ensure that policies do not undermine each other and that interlinkages are leveraged for the benefit of people, planet and prosperity.”
Disaster Risk Reduction:
The blue economy has an important role to play in Disaster Risk Reduction. Furthermore, we must continue to build the DRR capacity and readiness of coastal populations to adapt to the adverse impacts of climate change.