Paper: GS-II, Subject: Economy, Topic: Economy – Related Policies, Acts, Schemes, Issue: Blue Economy
Context: The Indian Ocean, sustaining nearly one-third of humanity, is emerging as a critical arena where climate change, geopolitics, and development intersect.
- During UNCLOS negotiations, India supported vulnerable island states and upheld the seabed as the “common heritage of mankind.”
Global Finance Turning Blue
- Recent global initiatives signal rising financial commitment to ocean action.
- Forums like Blue Economy and Finance Forum (BEFF) 2025 and COP30 have mobilised tens of billions of dollars for blue economy projects, bringing oceans firmly into climate finance priorities.
- At the 2025 BEFF in Monaco, stakeholders showcased a €25 billion pipeline of ocean investments and announced €8.7 billion in new commitments, evenly split between public and private sources.
- Public development banks, through the Finance in Common Ocean Coalition, pledged $7.5 billion annually, while the Development Bank of Latin America raised its blue economy target to $2.5 billion by 2030.
- This push was reinforced at COP30 in Belém, where Brazil launched the One Ocean Partnership, committing to mobilise $20 billion for ocean action by 2030.
- India should capitalise on this momentum by establishing an Indian Ocean Blue Fund.
Security Through Sustainability:
The Indian Ocean is not a frontier to be conquered but a shared foundation of life and livelihoods. India’s history, geography, and diplomatic credibility position it uniquely to shape a new blue economy that balances prosperity with sustainability and cooperation with justice.
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