The international community acknowledges this immense potential and has manifested its commitment through Sustainable Development Goal 14, which is dedicated to the conservation of our oceans. However, with only 7.5% of our oceans currently under protection, there is much work left to be accomplished.
A thriving planet necessitates the well-being of its oceans, which lie at the core of the blue economy, a potent driver of sustainable ocean resource utilization for economic advancement, all the while safeguarding the health of the marine ecosystem. Beyond mere statistics, the blue economy is a colossal $1.5 trillion global market, offering more than 30 million employment opportunities and nourishing billions of lives. Astonishingly, the Organization for Economic Cooperation and Development predicts that the ocean economy may even double to $3 trillion by 2030.
A significant milestone was reached in 2023 with the adoption of the UN's High Seas Treaty, which aspires to safeguard 30% of the world's oceans and establish novel benchmarks for deep-sea mining and marine conservation. The importance of the oceans transcends marine life, as they play a pivotal role in climate regulation. Research indicates that the blue economy could contribute to one-fifth of the emission reductions necessary to meet the targets set by the Paris Agreement. Moreover, sustainable food production from the oceans can help alleviate pressure on our terrestrial food systems.
Prime Minister Narendra Modi of India unveiled an ambitious initiative called "Amrit Kaal 2047" with a commitment to invest ₹100 trillion by 2047. This initiative seeks to revitalize India's maritime sector by making ports carbon neutral, enhancing hydrogen production, and augmenting port capacities. This strategic move, coupled with the proposed India-Middle East-Europe Economic Corridor, underscores India's determination to reshape global trade while upholding sustainability.
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