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20 January 2017 - The World Economic Forum (WEF) and University of California Santa Barbara’s Marine Science Institute have announced a partnership to improve the health of the world’s oceans and maritime resources.

It is estimated that oceans generate goods and services worth $2.5trn (£2.03trn) per year – equivalent to the seventh-largest economy in the world – but are under threat from pollution and over-fishing.

Reversing the decline in ocean health is also critical to addressing climate change according to the WEF, and is a UN sustainable development goal, which this new partnership intends to help it achieve.

“We need to redouble our collective effort to manage the crisis we face from ocean degradation and illegal fishing,” WEF head of public-private partnership and executive committee member, Dominic Waughray, said.

“This partnership will harness the potential of public-private cooperation and the fourth industrial revolution to help the international community meet the ocean sustainable development goal.”

Oceans along with coastal and marine resources play an essential role in human wellbeing and economic development worldwide, according to the WEF, providing livelihoods, tourism benefits, subsistence and income.

In addition, oceans help regulate the environment by absorbing heat and carbon dioxide from the atmosphere, as well as protecting people living in coastal areas (37% of the population in 2010) from the risk of flooding and erosion.

However, these are extremely vulnerable to pollution, climate change, environmental degradation and overfishing, with scientists warning six months ago of ‘unprecedented’ marine extinction due to the hunting of large species, which could have “devastating consequences for ocean ecology”. 

This new partnership intends to address the current lack of adequate measuring and monitoring of ocean activities by bringing together public, private and civil society sector stakeholders.

CONTINUE READING: http://www.theactuary.com/news/2017/01/new-partnership-to-protect-25trn-ocean-economy/

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Publication date: 
Publication Organisation: 
The Actuary
Publication Author: 
Chris Seekings
Ocean Health
Thematic Area: 
Blue economy