UN Ocean Conference-Blue Deal
Source-Down To Earth
Introduction
A "Blue Deal" is promoted at the 2022 United Nations Ocean Conference to enable the sustainable use of ocean resources for economic growth.
The post-COVID-19 economy should prioritize sustainability and resilience in ocean-based value chains.
Key points
- Blue deal includes global trade, investment and innovation to create a sustainable and resilient ocean economy, according to UNCTAD.
- UNCTAD stands for United Nations Conference on Trade and Development.
- Coastal and island developing nations can benefit from the sustainable development of the ocean economy, including- fisheries, aquaculture, coastal tourism, maritime transport, offshore renewable energy, ecosystem services and marine genetic resources.
- Jobs can be created, and revenue can also be generated for these nations. The sea facilitates over 80% of the volume of world trade.
- The ocean is home to 80% of the world's organisms. But it is impacted by acidification, oxygen loss, marine heatwaves, and melting of sea ice and glaciers.
- The resources and opportunities are under threat and their protection is underfunded.
- According to UN Organisation, the ocean is the next great economic frontier, as it holds potential for wealth, economic growth, employment and innovation.
- It was offering support to developing countries to improve their trade policies, to ensure sustainable use of seas, oceans, and coasts for economic growth, by preserving the health of the ocean.
Post-COVID-19 economy
- The post-COVID-19 economy should prioritize sustainability and resilience in ocean-based value chains.
- The pandemic unevenly impacted ocean sectors like- marine fisheries, tourism, and maritime transport.
- Certain recommendations are built for post-COVID-19 Blue Recovery in Trade, finance and innovation.
- Some of them are-expanding digitization efforts to lower costs for business in developing countries, setting up a blue bank for investments and improving regulations of blue finance.
- These suggestions are seen as a call for Blue new deal, as the sister of the Green New Deal, which already gained political support and traction around the world.
Conclusion
The above-mentioned policy recommendations, researchers stressed need to be implemented quickly as work towards achieving Sustainable Development Goals(SDG) was delayed.
