Daily News Analysis » UN To Draft First-ever Treaty On Ocean’s Biological Diversity

UN To Draft First-ever Treaty On Ocean’s Biological Diversity

Why in the News?

Recently, a delegation from India and other member countries of the United Nations, deliberated to draft the first-ever treaty on Ocean’s Biological Diversity.
  • The conference is being held at New York.

Key Points:

About Ocean Diversity Pact:
  • It is a one-of-its-kind agreement to conserve marine biodiversity in the high seas, namely the oceans that extend beyond countries’ territorial waters.
  • International legally binding: To draft an international legally binding instrument under the 1982 United Nations Convention on the Law of the Sea (UNCLOS).
  • Rights of the comanies: A key aspect of the agreement is deciding on the rights of companies that undertake exploration for biological resources in the high seas.
  • Studies on sustainable utilisation of deep sea bio-resources will be the main focus.
Need: 
  • There was a “race” among international corporations for biological resources from the sea, making it critical to have an agreement on benefit-sharing.
  • Not allow it to be monopolised by a few entities.
Significance: 
  • Sustainable oceans and seas could contribute to poverty eradication, sustained economic growth, food security and creation of sustainable livelihoods.
  • It would build resilience to the impacts of climate change.
Image Source: ResearchGate
About The United Nations Convention on the Law of the Sea (UNCLOS):
  • The United Nations Convention on the Law of the Sea (UNCLOS), also called the Law of the Sea Convention is an international agreement adopted in 1982 that establishes a legal framework for all marine and maritime activities.
It has created three new institutions:
  1. The International Tribunal for the Law of the Sea.
  2. The International Seabed Authority.
  3. The Commission on the Limits of the Continental Shelf.
News Source: The Hindu