Ocean Stewardship Coalition
Our ocean holds several solutions to address the twin crises of biodiversity and climate change. To unlock this potential, a ‘climate-smart’ approach to the ocean is increasingly vital. Since 2018, the UN Global Compact Ocean Stewardship Coalition has been a convening point for ocean-related industries, academic institutions, financial actors, governments, and UN institutions to deliver on the Paris Agreement and all 17 of the Global Goals.
The blue economy presents a significant opportunity for businesses in countries with coastal regions, such as India, to responsibly harness ocean resources for socio-economic advancement in-line with the United Nations' Sustainable Development Goals.
India’s Ocean Coalition Stewardship emphasises on the development of Ports, green shipping and fisheries & aquaculture sectors of India. The mentioned sectors in particular, and the Indian Blue Economy in general, faces several challenges. While the Ports and shipping sector faces safety barriers pertaining to the environment, infrastructure, decent work for all as well as governance, the fisheries sector faces similar challenges in addition to inadequate finance and technological advancement.
The Indian Blue Economy has the potential to become a key component of the Indian GDP and the way forward would be to increase private sector participation in the growth of the sector, coupled with the need to emphasise on technology, infrastructure, regulatory mechanism, sustainable financing and collaboration.
Objective: Research project, undertaken for understanding the challenges and opportunities of India's Ocean (Blue) Economy, to support, assist and facilitate ocean infrastructure related capacity building in India.
Partnering Agency: UNGC New York
Timeline: 2023 (phase 1)
Activities till now: Prepared a report on India’s challenges and opportunities for the Indian Blue Economy