The research note highlights the need for alternate and innovative financing mechanisms to fund the transition towards a Blue Economy. It outlines the link between sustainability and blue bonds, suggesting the need for both private and public investments to accelerate progress towards the United Nations Sustainable Development Goals (SDGs). It details the significance of the UDA Framework in governing sustainable utilisation of the undersea resources and presents applications for blue projects such as Inland Waterways, Sustainable Fisheries and Shrimp farming. The research note discusses existing blue economy policies and the future opportunities available to India to harness its Blue Economy to its full potential.
1. The Indian Ocean plays a vital role in the economy through a significant contribution in livelihoods, cultural identities, fisheries, offshore oil and natual gas resources, tourism and maritime industries. Indian Ocean nations have the capability to build skills and knowledge to underpin sustainable blue economic growth and sustainability
2. For India, Blue Economy assumes high priority. This has been expressed through the vision of Prime Minister Narendra Modi for ‘Security and Growth for All in the Region’ (SAGAR). It’s a call for stakeholders to unearth the true development potential present in India’s 7,500 km coastline in the form of a network for inland waterways with a cross-sectoral multiplier effect on employment and growth.
3. The Blue Economy serves as a framework and policy for sustainable marine economic activities as well as new marine-based Today, at the core of the Blue Economy concept is the de-coupling of ocean economic development from environmental degradation.
“”The underlying policy and regulatory framework is crucial to promote sustainable investments, including by realigning incentives towards sustainability and improving regulation.
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Monash University, Malaysia