The global ocean economy, valued at $2.3 trillion in 2020, faces significant disruption unless urgent action is taken to improve its sustainability, warns the Organisation for Economic Co-operation and Development (OECD), as per Al Jazeera.
In a report released Monday, the OECD calls for enhanced protection measures to address intensifying pressures on marine ecosystems and their economic potential. The report cites climate change, environmental degradation, lagging productivity, and slow digital transformation as key factors threatening the ocean economy.
The world’s oceans are critical for food security, providing sustenance for over three billion people. They also facilitate the transportation of 80% of global goods and house the cables responsible for carrying 98% of international internet traffic, the OECD notes.
Between 1996 and 2020, the ocean economy doubled in size, contributing an estimated 3-4% of global gross domestic product (GDP). Tourism and offshore oil and gas were the primary drivers of this growth, accounting for nearly two-thirds of the total output. Fishing and maritime trade also played significant roles.
The OECD report, published ahead of a high-level summit in Paris, projects that the ocean economy could grow to nearly four times its 1995 size by 2050 if historical trends continue. However, the report stresses that sustaining this growth is contingent upon the implementation of proactive policy measures.
The OECD expresses concern about the increasing strain on oceans due to human population growth, environmental degradation, and heightened territorial disputes. The rise of illegal activities has also contributed to a “dark ocean economy.”
This warning comes as the world’s oceans grapple with a crisis of pollution, overfishing, and record-breaking temperatures, which have devastated marine life and contributed to rising global temperatures.
In response to these challenges, the United Nations will host a major conference in Nice, France, in June, specifically focusing on sustainable ocean use and addressing the critical issues facing the world’s oceans.
