Budget 2024: What is Blue Economy 2.0? Finance Minister Nirmala Sitharaman announces climate-friendly approach

Finance Minister Nirmala Sitharaman unveiled plans for the launch of Blue Economy 2.0 during her interim budget speech on Thursday, aimed at promoting climate-resilient activities and sustainable development in coastal areas. The scheme will focus on restoration and adaptation measures, as well as the expansion of coastal aquaculture and mariculture, adopting an integrated and multi-sectoral approach.

The Blue Economy, which harnesses the potential of oceans, seas, and coastal areas, has emerged as a key area of focus in discussions surrounding sustainable development. With marine ecosystems facing unprecedented threats from climate change, pollution, and overexploitation, there is an urgent need for coordinated action to safeguard the health and resilience of ocean resources.

Minister Sitharaman's announcement signals the government's commitment to addressing these challenges and unlocking the economic potential of the Blue Economy. By promoting climate-resilient activities, the Blue Economy 2.0 scheme aims to build resilience against the impacts of climate change while fostering sustainable growth in coastal regions.

“For promoting climate resilient activities for blue economy 2.0, a scheme for restoration and adaptation measures, and coastal aquaculture and mariculture with integrated and 
multi-sectoral approach will be launched,” she said.

Central to the scheme are measures aimed at restoration and adaptation, which will involve restoring degraded coastal ecosystems and implementing adaptation strategies to mitigate the effects of rising sea levels and extreme weather events. These efforts are crucial for preserving biodiversity, protecting coastal communities, and maintaining the ecosystem services provided by marine habitats.

In addition, the Blue Economy 2.0 scheme will focus on the expansion of coastal aquaculture and mariculture, which play a vital role in meeting the growing demand for seafood while reducing pressure on wild fish stocks. By promoting sustainable aquaculture practices and integrating them with other sectors such as tourism and renewable energy, the scheme aims to create economic opportunities for coastal communities while ensuring the long-term viability of marine resources.

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Crucially, the integrated and multi-sectoral approach adopted by the Blue Economy 2.0 scheme recognises the interconnectedness of various sectors and the need for coordinated action across government departments, industries, and civil society. By fostering collaboration and partnership, the scheme seeks to harness the collective efforts of stakeholders to achieve sustainable development goals in coastal areas.

Dr Miniya Chatterji, Founding Director, Anant School for Climate Action and CEO, Sustain Labs Paris commented, "India has committed to achieve net-zero emissions by 2070 and accordingly the budget includes providing viability gap funding for offshore wind energy, financial assistance for procurement of biomass aggregation, installation of coal gasification and liquefaction of 100 MT capacity by 2030, and phased mandatory blending of compressed biogas, CNG, and PNG. It is crucial for industry to leverage the provisions made in the Union Budget 2024 to also focus on skilling their employees and the next generation, towards achieving India’s net zero targets in ways that balance our responsibility towards producing value and providing for livelihoods, while preserving and even regenerating our natural resources."

"The Indian Government's forward-looking Interim Budget for FY 2024-25 marks a transformative moment. The introduction of 'Kartavya Kaal'—a call to duty for the private sector to significantly boost research and innovation—resonates deeply with our ethos. We're poised to lead in pioneering sustainable solutions across sunrise sectors, leveraging this budget as a springboard towards a greener, more innovative India. This budget not only fosters a circular economy and sustainable development but also emphasises India's role on the global stage through initiatives like the India-Middle East-Europe Economic Corridor," said Saurabh Rai, CEO, ARAHAS Technologies.

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