Date : 26/10/2023

Relevance:GS Paper 3 – Environment and Ecology

Keywords:EEZ, Coastal Economy, Convention on biological Diversity, Chabahar Port

Context-

The Indian Ocean harbors diverse marine life but faces mounting challenges like pollution, overfishing, and climate change. Recently, the United Nations Environment Programme Finance Initiative (UNEP FI) introduced guidelines offering a financial pathway to safeguard and rejuvenate the Indian Ocean. Blue bonds, a crucial financing tool, hold the promise of substantial contributions to the sustainable progress of the Indian Ocean.
In India, SEBI is actively working on formulating guidelines for blue bonds. Upon their implementation, these policies have the potential to fund numerous projects geared toward enhancing the marine environment and bolstering the country’s economy.

Significance of India's Marine Economy:

• Food Security and Livelihood:
  The marine economy provides livelihoods to millions, contributing to food security and poverty alleviation for those dependent on ocean resources.
• Energy Security and Environmental Sustainability:
  It aids in achieving energy security and reducing carbon emissions through renewable sources like wind, wave, tidal, and ocean thermal energy, aligning with India's renewable energy targets. .
• Trade and Connectivity:
  Enhances trade and investment opportunities, especially in the Indo-Pacific region, by improving maritime connectivity through initiatives like the Sagarmala Project and Chabahar Port.
• Ecological Resilience and Climate Adaptation:
  It aids in building ecological resilience and adapting to climate change by conserving and restoring marine ecosystems, bolstered by India's commitment to international conventions like the Convention on Biological Diversity.
• National Security and Strategic Interests:
  Strengthens national security by safeguarding maritime boundaries, supported by India's active participation in multilateral forums like the Indian Ocean Rim Association.
• Mineral Resources:
  India explores polymetallic nodules rich in nickel, cobalt, iron, and manganese in the Central Indian Ocean Basin, securing its access to valuable mineral resources.

Prospects of India's Marine Economy:

• Geographical Advantage:
  With a vast coastline of 7,500 km, India's Exclusive Economic Zone (EEZ) spans over 2 million sq km, offering access to abundant marine resources.
• Thriving Coastal Economy:Supports four million fishermen and coastal communities, making India the world's second-largest fish-producing nation. The country boasts 200 ports, including major ones handling significant cargo volumes.
• Abundant Oceanic Resources: The Indian Ocean, spanning over 70 million sq km, is rich in oil, minerals, and biodiversity, making it a crucial region for India's marine economy.

Challenges Faced by India's Marine Economy:

• Lack of Infrastructure:
  India needs significant investments in coastal infrastructure to enhance connectivity and efficiency, particularly considering the disparity between port capacity and the increasing port traffic.
• Marine Pollution:India's coastal waters suffer from pollution due to industrial effluents, sewage, plastic waste, and oil spills. This pollution harms marine ecosystems, biodiversity, and the quality of seafood products.
• Overexploitation of Resources:Overfishing, illegal practices, and unregulated aquaculture strain marine resources, risking fish stocks, livelihoods, and food security. Illegal fishing also challenges India’s maritime sovereignty and security.
• Climate Change Impact:
  Climate change threatens India’s marine economy with rising sea levels, coastal erosion, storms, flooding, and shifts in marine life. It endangers coastal communities and affects marine species’ abundance, migration patterns, and breeding cycles.

Measures to Strengthen India's Marine Economy:

• Developing a National Accounting Framework:
  Create a framework to measure the Marine Economy's contributions, enabling informed policy decisions and interventions.
• Coastal and Marine Spatial Planning:Implement coordinated spatial planning to allocate resources, prevent conflicts, optimize usage, and ensure environmental sustainability.
• Strengthening Legal and Institutional Governance:Enhance legal frameworks for ocean governance to safeguard sovereignty, prevent illegal activities, and resolve disputes.
• Enhancing Research and Innovation:
  Invest in marine research and technology to support evidence-based decisions and explore emerging sectors like offshore energy, biotechnology, and aquaculture.
• Promoting Cooperation and Partnerships:Encourage collaboration with countries and regional organizations in the Indian Ocean region to share expertise, build trust, and address shared challenges.
• Utilizing Blue Bonds:Leverage blue bonds to fund sustainable projects like clean energy initiatives, marine conservation, and pollution prevention. These projects can create jobs, boost the economy, and support environmental preservation.

Conclusion

India's marine economy is transforming due to innovative financial tools like Blue Bonds and strategic efforts. Harnessing the vast resources of the Indian Ocean, sustainable projects, renewable energy, and marine conservation are priorities. Investments in infrastructure, legal frameworks, research, and global partnerships ensure economic stability and marine biodiversity preservation. India's future combines sustainable growth and environmental harmony, securing prosperity for generations.

Source- The Hindu Business Line