Relevance: GS-3: Indian Economy and issues relating to planning, mobilization, of resources, growth, development, and employment.

Key Phrases: Blue Economy, Bay of Bengal (BoB) region, Bay of Bengal Large Marine Ecosystem (BOBLME), SDG 14, green-friendly technology, Ocean acidification, Blue Growth, Sustainable marine management.

Why in News?

• Over the years, oceans and marine ecosystems have been critical players in driving economic growth and development for countries across the globe.
• With a multitude of resources serving out various livelihood options, “Blue Economy” has been a great frontier of exploration and exploitation while at the same time demanding conservation and regeneration.
• One such critical marine space is the Bay of Bengal (BoB) region, extending into the wider Indo-Pacific.
• The implications of sustainable use of the blue economy, for advancing various developmental goals, loom large in this region.
• Therefore, there is an urgent need to identify focus areas located at the intersection of science and policy to enable effective governance of the Bay of Bengal Large Marine Ecosystem (BOBLME) for sustainable development.

The following may be the challenges:

• Establishing the marine eco-friendly infrastructure for marine tourists.
• Protecting the area (EEZ & high seas) from the international smugglers, trafficking of drugs, humans, and arms, fish pirates, and narco-terrorism.
• Maintaining an investment-friendly environment in the awarded area.
• Sustainable use of biodiversity.
• Maintaining eco-balance marine and coastal ecosystems.
• Preserving mangrove and sea grass.
• Addressing climate change and managing carbon emissions.
• Maintaining sea level rise and change in ecosystem and temperatures, from coral bleaching.
• Addressing ocean acidification and blue carbon.
• Keeping the sea area free from pollution and marine debris
• The growing human population, intensification of agriculture potentialities of Blue Economy in Indian Food security.
• A high-risk industry, oil, and gas development causes high levels of pollution and environmental hazards
• Anthropogenic intervention in marine and coastal ecosystems have had detrimental impacts on aquaculture and fisheries management, leading to revenue loss.
• Sustainable marine management is faced with several threats, of which, microplastics as one of the major threats posing pathological, chemical, and biological risks to the marine ecosystems.
• Economic evaluation of ecosystem services from the blue economy is vexed with critical issues such as over-exploitation, property rights, and distributional impacts, and most visibly its role as a global common.

What needs to be done?

• Need to create a knowledge economy to power the ‘Blue’ movement:
  • The Bay of Bengal needs strong scientific research and adequate ocean observations to deliver a sustainable ocean.
  • There is also a need for the widening participation of regional stakeholders in marine spatial planning – a policy process to organize the different uses of the ocean space across time.
  • Firmer frameworks need to be evolved for economic actors and decision-makers to devise policy for the sustainable harnessing of ocean resources.
• Collaboration for sustainable ocean science:
  • The region’s states must collaborate to create a more operational kind of ocean science to support sustainable economic goals.
  • The application of ocean science to fisheries management can be used to protect and preserve endangered fish species.
  • The Bay region needs ocean scientists who can respond to the challenges and demands of the blue economy; ocean technocrats, who can focus on the development of know-how, transfer of technology, and capacity development.
  • Beyond supporting the evaluation and monitoring of fishing activity, ocean science can lay the foundation for a genuine ocean sustainability framework.
  • Through new inter-state contracts between governments and their populations, between researchers and policymakers, Bay states can ensure that the best efforts and investments are channelled to develop a sustainable ocean-based economy.
• Marine Spatial Planning:
  • MSP is a proven effective policy process to bring together public and private stakeholders to analyse and allocate ocean space for competing for human activities (tourism, renewable energy, fisheries, and conservation) in coastal and marine areas.
  • It could prove invaluable in facilitating sustainable uses of marine resources by de-conflicting the maritime commons, mitigating adverse environmental impacts, and facilitating reasonable utilization of marine resources.
  • Of particular utility might be the participatory governance approach involving fishers and local self-governance institutions.
  • Bay states could collectively implement the rules for fishing in the seas, with emphasis on sustainable management.
• Involvement of the private sector:
  • It must play a more significant role in supporting nascent Blue Economy projects in the region.
  • Governments in the region must incentivize private investment in green infrastructure, technology, and innovative practices to reduce environmental risks and ecological stress.
  • There must be a framework in place, comprising green-friendly technology, as well as institutional processes and production and management systems to create new asset classes that would reduce investment risk, and help transition to a genuine blue economy that would enhance sustainable development and human well-being.
  • Private participation in important blue areas, such as deep-sea mining and offshore energy, is crucial to creating the momentum needed by marine scientific and economic initiatives.

Conclusion:

• Governments in the Bay of Bengal region must go beyond lip service to action in promoting Blue Growth.
• Stakeholders, especially private companies, should be encouraged to get involved in blue growth early, pool resources, and work constructively with scientists, governments, and advocacy groups, solving problems and minimizing risks.
• Through a holistic, cross-domain effort, the Blue Economy endeavour in the Bay region could be made less expensive, more affordable, and even profitable in the long run.
• There should emerge a universal awareness that a ‘Blue Economy revolution’ is an idea whose time has come.

Source: ORF-Online

Mains Question:

Q. What are the challenges associated with the ‘Blue Economy’ in the Bay of Bengal region? Suggest some measures for an Integrated ‘Blue Economy’ Framework in the Bay of Bengal.