• The 'Blue Economy' refers to the sustainable use of ocean resources for economic growth while maintaining the health of marine ecosystems. Auditing the 'Blue Economy' involves evaluating the performance of various sectors such as fisheries, aquaculture, tourism, and shipping regarding their impact on marine resources and ecosystems.
• According to the Comptroller and Auditor General (CAG) of India, auditing the 'Blue Economy' requires developing new techniques and frameworks to assess the sustainability and environmental impact of different activities in the ocean. The traditional auditing approach focused on financial performance, which may not effectively capture the social and environmental aspects of the 'Blue Economy'.
• Possible measures suggested by CAG to audit the 'Blue Economy' include:
• Developing a comprehensive framework that incorporates social and environmental indicators alongside financial performance indicators to evaluate the sustainability of different sectors.
• Establishing a baseline of marine ecosystem health and setting achievable targets for resource use to ensure that current and future generations benefit from ocean resources.
• Promoting transparency and accountability through mandatory reporting requirements for ocean-based industries, including disclosures regarding their environmental footprint, resource use and compliance with regulations.
• Encouraging stakeholder engagement and participation in decision-making processes to ensure that the interests of all parties, including local communities, are considered.