Oceans’ $24tn wealth at risk
Over-fishing, pollution affecting oceans
Geneva, April 23: The oceans are awash in riches, with output rivalling that of some of the world’s largest economies, but over-fishing, pollution and climate change are rapidly eroding those resources, WWF warned on Thursday.
In a new report, the conservation group said oceans each year generate goods and services worth at least $2.5 trillion, while their overall value as an asset is worth 10 times that. If oceans were a nation, they would constitute the world’s seventh largest economy, ranking just after Britain but ahead of the likes of Brazil, Russia and India, WWF said.
Their estimated asset value of $24 trillion would meanwhile dwarf the world’s largest sovereign wealth fund, in Norway, which holds just $893 billion, it said.
The 60-page report, ‘Reviving the Ocean Economy’, meanwhile stressed that those estimates were clearly an underestimate, since they do not include offshore oil and gas and wind energy or “intangibles such as the ocean’s role in climate regulation.”
The ocean rivals the wealth of the world’s richest countries, but it is being allowed to sink to the depths of a failed economy,” WWF chief Marco Lambertini warned in a statement.
Thursday’s report, produced in cooperation with Queensland University’s Global Change Institute and the Boston Consulting Group, indicated that oceans are changing more rapidly today than at any other point in millions of years.
Collapsing fisheries, mangrove deforestation and disappearing corals and seagrass are among the changes that are threatening the livelihoods of hundreds of millions of people. A full two thirds of the economic value generated by oceans depends on healthy ocean conditions, the report said.
But unfortunately oceans are “showing serious signs of failing health,” it said.