Green Economy

What is Green Economy?

Green Economy is one whose growth in income and employment is driven by public and
private investments that reduce carbon emissions and pollution, enhance energy and resource
efficiency, and prevent the loss of biodiversity and ecosystems. The Green Economy touches
almost every aspect of our lives and concerns our development.

It is about sustainable energy, green jobs, low carbon economies, green policies, green
buildings, agriculture, fisheries, forestry, industry, energy efficiency, sustainable tourism,
sustainable transport, waste management, water efficiency and all other resource efficiency.
These are all elements involved in the successful implementation of a green economy.

The actions which can be taken to achieve Green Economy are as under:

• Buildings: Energy audit can reduce your building’s climate footprint and lead to
significant savings in energy costs.
• Fisheries: We can avoid overfishing by working to promote sustainable fishing
practices. Choose sustainably harvested seafood.
• Forestry: Deforestation accounts for close to 20% of the world’s greenhouse gas
emissions. Use electronic files to reduce your demand for paper products. When you
support certified sustainable forest products, you support a healthy environment and
sustainable livelihoods.
• Transport: Car-pooling or taking public transport reduces environmental impacts and
economic costs while strengthening community. Walking or riding a bike for short trips
is good for your health - and the environment’s, too! When you choose alternative
transportation methods, you support a Green Economy in the transport sector.
• Water: Taking small steps towards wise water use can help conserve this precious
resource. Turn off the tap when you’re not using it, wait until you have a full load to
run your washing machine, limit shower time, and don’t water your lawn right after a
rain. Resource efficiency is key to a Green Economy and water is one of our most
important resources.
• Agriculture: It’s time to support sustainable agriculture to ensure our ability to feed
everyone. Grow your own vegetables, and shop at local farmers’ markets. When you
buy local, organic, and sustainable food products, you send a message to producers that
you support a Green Economy for agriculture.
• Energy: You can support the development of clean, renewable energy by choosing
businesses and products that invest in them - or by investing in them yourself. While
we work towards a transition to renewable energy, consider ways to improve your
personal energy efficiency. Turn off lights and unplug appliances when you are not
using them.
• Waste: Recycling appropriate materials and composting food waste reduces the demand
on our natural resources. In this significant year for the environment and sustainable
development, the world leaders will once again meet at the United Nations Conference
on Sustainable Development twenty years after the historic Earth.
Blue Economy

Blue Economy is the sustainable use of ocean resources and ocean development strategies for
economic growth, improved livelihoods and jobs, and ocean ecosystem health.

• It provides for an inclusive model that helps the coastal nations to extend the benefit of
ocean resources to all.
• It advocates the inclusion and participation of all vulnerable social groups and sectors.
• It also ascertains the United Nations’ Sustainable Development Goals (SDGs)
• This concept predominantly aims for the development of human wellbeing and social
equity, whilst reducing environmental risks and ecological scarcities of the ocean.

History of Blue Economy

The economic philosophy of the Blue Economy was first introduced in 1994 by Professor
Gunter Pauli at the United Nations University (UNU).

The concept became significant since the Third Earth Summit Conference – Rio+20 in 2012.

This philosophy underpins the objective behind the Commonwealth Blue Charter, highlighting
the close linkage between the ocean, climate change, and the well-being of the people.

Different Definitions of Blue Economy

World Bank: The blue economy is the sustainable use of ocean resources for economic
growth, improved livelihoods, and jobs while preserving the health of the ocean ecosystem.

European Commission: Blue Economy deals with all economic activities related to oceans,
seas and coasts. It covers a wide range of interlinked established and emerging sectors.

The Commonwealth of Nations: Blue Economy is an emerging concept that encourages

Conservation International: Blue economy includes economic benefits that may not be
marketed, such as carbon storage, coastal protection, cultural values and biodiversity.

The Center for the Blue Economy: The blue economy is now a widely used term around the
world with three related but distinct meanings- the overall contribution of the oceans to
economies, the need to address the environmental and ecological sustainability of the oceans,
and the ocean economy as a growth opportunity for both developed and developing countries.

United Nations: Blue Economy is an economy that comprises a range of economic sectors and
related policies that together determine whether the use of ocean resources is sustainable. An
important challenge of the blue economy is to understand and better manage the many aspects
of oceanic sustainability, ranging from sustainable fisheries to ecosystem health to preventing
pollution. Secondly, the blue economy challenges us to realize that the sustainable management
of ocean resources will require collaboration across borders and sectors through a variety of
partnerships, and on a scale that has not been previously achieved. This is a tall order,
particularly for Small Island Developing States (SIDS) and Least Developed Countries (LDCs)
who face significant limitations. The UN notes that the Blue Economy will aid in achieving the
UN Sustainable Development Goals, of which one goal, 14, is “life below water”.

World Wildlife Fund: For some, a blue economy means the use of the sea and its resources
for sustainable economic development. For others, it simply refers to any economic activity in
the maritime sector, whether sustainable or not

Important Activities connected to a Blue Economy

The Blue Economy encompasses activities that include:

(1) Renewable Energy

Sustainable Marine Energy plays a vital role in social and economic development.

(2) Fisheries

Marine Fisheries contribute more than US$ 270 annually to global GDP. Sustainable
Fisheries generate more revenue and help restore fish stocks.

(3) Water Transport

More than 80 % of traded goods are transported by Sea and the rate of seaborne trade is
expected to double by 2030 and quadruple by 2050.

(4) Tourism

Ocean and Coastal Tourism can bring jobs and economic growth. More than 41 million visitors
per year visit Least Developed Coastal countries and small island developing countries.

(5) Climate Change

The staggering impacts of climate change include rising sea levels, Coastal Erosion, changing
Ocean Current patterns, and Acidification. Oceans are an important Carbon Sink and help
mitigate climate change.

(6) Waste Management

80% of litter in oceans is due to land-based sources.

A Better Waste Management system can help revive deteriorating ocean health.

India’s Draft Policy Framework: India’s Vision of New India by 2030

Blue Economy was mentioned as the sixth dimension of Vision of New India 2030 stressing
the need to improve the lives of the coastal communities and accelerate their development.

The objective of India’s Blue Economic policy framework should be to enhance the country’s
GDP by promoting sustainable and inclusive economic growth whilst aligning with national
security goals and the international development agenda.

Potential of Blue Economy with respect to India

India has a coastline of 7517 km long, 12 major ports, and 187 non-major ports which handled
about 633.87 million tons of cargo in the year 2019.

95% of India’s trade volume transits by sea.

India’s two million square kilometres Exclusive Economic is rich in living and non-living
resources and contains a substantial amount of crude oil and natural gas.

It can potentially enhance value addition in coastal manufacturing and services, trade, deep-
sea minerals, aquaculture, and marine-related technologies.

The coastal economy also sustains more than 40 lakh fishermen and other significant
populations of coastal communities.

According to pre-pandemic OECD estimates the global Blue Economy was expected to grow
double the rate of the rest of the world economy.
In the Post COVID-19 global scenario, India witnesses significant growth in the marine sector
by efficient and sustainable utilization of ocean resources.

The blue economy along with the market opportunities paves way for the conservation and
development of intangible ‘blue’ resources such as carbon sequestration and coastal resilience
and decision-making to help vulnerable nations to mitigate the devastating effects of climate
change.

Important facts connected with the potential of Oceans

• The worldwide ocean economy is valued at around US$1.5 trillion per year.
• Eighty per cent of global trade by volume is carried by sea.
• 350 million jobs worldwide are linked to fisheries.
• By 2025 it is estimated that 34% of crude oil production will come from offshore fields.
• Aquaculture is the fastest-growing food sector and provides about 50% of fish for
human consumption.

The green economy is defined as an economy that aims at reducing environmental risks, and
that aims for sustainable development without degrading the environment. Therefore, the blue
economy is a part of the green economy.