Two recent reports by the World Wildlife Fund confirms that 85% of all commercial fisheries are being exploited at or above their sustainable biological limits. The report valued the worldwide economic output of ocean fisheries at 2.5 trillion dollars, comparable to the GDP of some of the world’s largest economies. Yet, through decades of industralized overfishing, under-reporting, ocean acidification, and habitat destruction caused by human activities, the value of that economy is rapidly shrinking.
The first report, titled “Reviving the Ocean Economy,” attempts to take stock of global marine resources, including not just fisheries, but also carbon sequestration, and “services” provided by the ocean such as facilitating shipping. The survey did not include resources generated from offshore oil. The $2.5 trillion annual product of the oceans may seem far-fetched, but keep in mind that for three billion people worldwide, 20% of the protein in their diets comes from fish.
However, as well as having a significant economic value, the environmental value of ocean resources contribute significantly to the global economy. The Coastal mangrove forests in the Southern USA act as barriers against climate change. The ocean absorbs around 30% of anthropogenic (human-generated) carbon dioxide. And the diversity of plant and animal species make the ocean a gigantic melting pot of species, the understanding of which could bring about important scientific discoveries in everything from medicine to materials development.
This takes us back to the fisheries and overfishing, its biggest problem. While large-scale industralized fisheries in the developed world have put significant pressures on fish stocks to keep up, there have also been problems with under-reporting. Approximately 40% of Panama’s annual catch goes unreported, with similar numbers being reported wherever local fisheries provide a way of life for the locals. This means that oversight of fishing resources is limited, and the true magnitude of overfishing can be obscured from the people writing the laws.
These two reports fit into a larger context of protecting our oceans, so that we may enjoy their bountiful resources for generations to come. Furthermore, the UN Millenium Development Goals are set to expire at the end of this year. These were a set of goals drafted in 2000 to guide UN development policy at the start of the 21st century, and included educational, environmental, and economic development goals to ease global poverty. These were the yardstick by which worldwide development was measured. By integrating preservation of ocean ecosystems into the post-2015 development agenda, the opportunity is open to influence international organizations to re-calibrate their yardsticks for development. Ensuring that sustainable development of the oceans is on that list will ensure the long-term health of the oceans, and allow us to reap the benefits of our watery $24 trillion trust fund.
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