World’s Oceans Value at $24T a Gross Underestimation?

The world’s oceans, as “lifelines of the global economy with about 70 percent of global trade being seaborne,” are priceless, but also taken for granted. The WWF report estimates the raw economic value of the oceans at US$24 trillion – about equal to the seventh largest economy in the world. The oceans could be undervalued, notes Roman Kilisek for Breaking Energy. That assigned value does not include oceans’ contributions to climate control or energy production. The report criticizes use of oceans for dumping waste and offers eight recommendations for their protection including conserving marine areas, rebuilding fish stocks, improving global cooperation, building transparent accounting of ocean assets and uses, collaborating on research and information exchanges, and stemming climate change. Humans ignore health and benefits of oceans at their own peril. The huge bodies of water absorb heat – more than 90 percent compared to 2 percent for the atmosphere – which masks the effects of climate change. – YaleGlobal