G20 Initiatives towards Blue Economy

G20 Initiatives towards Blue Economy

Tags:      Gig Economy     Economy     WTO     WTO Public Stockholding     MSP     Economic Growth     Masala Bond     Environmental Performance Index     Forecast of Economic Growth     Functions of the Finance Commission

April 2, 2023

Why is it in the news? - The G20 Administration of India would play a significant role in advancing individual and collective activities toward a reasonable Blue Economy. What exactly is a Blue Economy? The World Bank states, "Sustainable exploitation of ocean resources for economic development, improved livelihoods, and employment while preserving the health of the ocean ecosystem." The "Blue Economy" includes economic development dependent on the ocean, inclusive social development, and environmental and ecological security.

Who are the G20? - The main stage for global financial collaboration is the Gathering of Twenty (G20). The G20 plays a significant role in establishing and strengthening global administration and design on all significant global financial issues. India will be in charge of the G20 from December 1, 2022, to November 30, 2023. The G20 nations accounted for a record 45% of the world's coastal areas and more than 21% of the Elite Monetary Zones (EEZs).

Why should the Blue Economy be protected?

• Extreme weather events are getting worse as a result of ocean acidification and rising sea levels. Overexploitation of resources and unplanned urbanization are both contributing to an increase in marine pollution.

• Marine pollution may have global repercussions.

Which moves were initiated to propel the Blue Economy?

• Port-based development is encouraged by the Sagarmala initiative; Domestic shipbuilding is encouraged by the Shipbuilding Financial Assistance Policy; Through the sustainable and responsible growth of the fisheries sector, the Pradhan Mantri Matsya Sampada Yojana promotes the "Blue Revolution."

• The Deep Ocean Mission develops technology for harnessing deep-sea resources in exclusive economic zones (EEZs) and the continental shelf.

• The aim of the Blue Economy is to encourage the adoption of high-level principles that will lead to economic development that is both equitable and sustainable through the ocean and its resources. This is done by preserving ecologically sensitive coastal and marine areas, including ecosystems. India's G20 presidency would be very beneficial to individual and collective efforts to facilitate the transition to a sustainable Blue Economy. One of the top priorities of the Environment and Climate Sustainability Working Group is the Blue Economy.

What initiatives has the G20 implemented to advance the Blue Economy?

• Sea 20 (O20) - The O20 will give a stage to G20 nations political pioneers, local and native networks, common society, and confidential area, to propel activity for sea arrangements

• The O20 is driven by Indonesia through their 2022 administration of G20 fully backed by the World Financial Discussion

• Coral Innovative Work Gas pedal Platform (CORDAP) - CORDAP was sent off in 2020

• It will unite the best personalities overall to speed up the advancement of new innovations that help worldwide coral preservation efforts

Source: The Hindu & Bloomberg