Australia-India Indo-Pacific Oceans Initiative Partnership (AIIPOIP) and the Madras School of Economics (MSE) organized a virtual webinar on “Interactive dialogue on Ocean Accounting: Synthesizing Lessons and Understanding Challenges” on 16th May 2023. This interactive dialogue is part of the AIIPOIP project, “Building an Australia-India Community of Practice on Ocean Accounting” to advance the goals of India’s Indo-Pacific Oceans Initiative (IPOI).
Speaking on the Panel, Dr. Krishnan highlighted the need for integrating Marine Spatial Planning (MSP) and Ocean Accounting (OA) in the policy framework and delineating their linkage with ongoing national initiatives in various sectors including fisheries. He also emphasised the need for capacity development of the BOB rim countries so as to aid in integration of MSP and OA in the blue economy framework; developing regional frameworks for data collection and process for scalability; harmonization of institutional mechanism to undertake both MSP and OA, in national waters and in the high seas.
Some of the key takeaways from the event were addressing data limitation and data standardization; upscaling pilot projects; developing cost-effective assessment methods for ocean accounting using remote sensing; capacity building and sensitization at all levels; knowledge sharing and leap frogging through learning from national accounting practices. The initiative also welcomed the suggestion by Dr. Krishnan to hold multi-parti dialogue on ocean accounting.