Blue economy conference held in kenya

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blue economy conference
Image source: Africanews.com

Recently Sustainable Blue Economy conference was organized in Nairobi, Kenya.

What is Blue Economy

  • As per the World Bank, Blue Economy is the sustainable use of ocean resources for economic growth, improved livelihoods, and jobs while preserving the health of ocean ecosystem.
  • It covers several sectors linked directly or indirectly to the oceans such as fishing, minerals, shipping and port infrastructure, marine biotechnology, marine renewable energy, marine tourism, ocean
    governance and education.

Global Legal Entity Identifier Foundation

  • It is a not-for-profit organization established by the Financial StabilityBoard in June 2014.
  • It is overseen by the LEI Regulatory Oversight Committee, representing public authorities from around the globe.
  • It publishes Global LEI Index.

Sustainable Blue Economy Conference

• It’s the first global conference on the sustainable blue economy.
• It was convened by Kenya and co-hosted Canada and Japan.

What is the Importance of the Blue economy?

1.Economic:

  • Oceans provide 30 percent of oil and gas resources.
  • 90% of goods trade takes place through the Oceans Sea of Line Communication.
  • Ocean contributes $2.5 trillion to the world economy with around 60 million people are employed in fisheries and aquaculture.
  • Seabed Mining of polymetallic nodules and polymetallic sulfides to extract nickel, cobalt, manganese and rare earth metals.

2.Environmental:

  • Mangroves and other vegetated ocean habitats sequester 25 percent of the extra co2 from fossil fuels, i.e., Blue Carbon.
  • Protection of coastal communities from disasters like floods and storms.
  • A Sustainable Blue Economy can help to achieve commitments under the UN’s Sustainable Development Goals 2030, Paris climate agreement 2015 and the UN Ocean Conference 2017.

Challenges

  • Unsustainable development near marine areas.
  • FAO estimates that approximately 57 percent of fish stocks are fully exploited and another 30 percent are over-exploited, depleted, or recovering.
  • Marine pollution
  • Impacts of climate change: Threats of both slow-onset events like sea-level rise and more intense and frequent weather events like cyclones.
  • Geopolitical issues: Geopolitical tussle between in various regions like the South China Sea, Indian Ocean Region etc.
  • Defense and security-related threats like piracy and terrorism.
  • Unfair trade practices: Many times fishing agreements allow access to an EEZ of the country to foreign operators.