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: The International Tribunal for the Law of the Sea. The International Seabed Authority. The Commission on the Limits of the Continental Shelf.

News Source: The Hindu