A new study attempts to place a value of goods and services afforded by the ocean, estimating that if the planet’s seas were classified as a country, it would rank as the world’s seventh largest economy.
Reviving the Ocean Economy, commissioned by environmental group World Wildlife Fund (WWF), “conservatively” places the value of the ocean at $24 trillion based on an estimate $2.5 trillion in products and services generated annually. These include fisheries, coastal storm protection, tourism, and carbon sequestration, among others.
The report uses financial terms to describe the value of the ocean, calling the products and services it provides “assets” and comparing it as a whole to a “global savings account”.
“Our oceans are the planet’s natural capital, a ‘factory’ producing an incredible array of goods and services that we all want and need,” said Brad Ack, senior vice president for oceans at WWF. “But every day we are degrading, over-consuming, and polluting this productive asset to a point of ever diminishing returns.”
