Blue Carbon included in the discussions - (World Bank President Robert Zoellick) "pointed to the value in preserving carbon-rich mangrove forests and sea grassbeds and the possibility of earning carbon offsets for projects that conserve these areas.
"Putting a value on the carbon stored in mangroves and sea grass beds can also lead to better protection."
World Bank issues SOS for oceans
Millions of jobs at risk from over-fishing and pollution
Published Friday, February 24, 2012
The World Bank announced on Friday a global alliance to better manage and protect the world's oceans, which are under threat from over-fishing, pollution and climate change.
Oceans are the lifeblood of the planet and the global economy, World Bank President Robert Zoellick told a conference on ocean conservation in Singapore. Yet the seas have become overexploited, coastlines badly degraded and reefs under threat from pollution and rising temperatures.
"We need a new SOS: Save Our Seas," Zoellick said in announcing the alliance.
The partnership would bring together countries, scientific centres, non-governmental groups, international organisations, foundations and the private sector, he said.
The World Bank could help guide the effort by bringing together existing global ocean conservation programmes and support efforts to mobilise finance and develop market-mechanisms to place a value on the benefits that oceans provide.
Millions of people rely on oceans for jobs and food and that dependence will grow as the world's population heads for 9 billion people, underscoring the need to better manage the seas.
Zoellick said the alliance was initially committed to mobilising at least $300 million in finance.
"Working with governments, the scientific community, civil society organizations, and the private sector, we aim to leverage as much as $1.2 billion to support healthy and sustainable oceans."
A key focus was understanding the full value of the oceans' wealth and ecosystem services. Oceans are the top source of oxygen, help regulate the climate, while mangroves, reefs and wetlands are critical to protecting increasingly populous coastal areas against hazards such as storms -- benefits that are largely taken for granted.
"Whatever the resource, it is impossible to evolve a plan to manage and grow the resource without knowing its value," he said.
Another aim was to rebuild at least half the world's fish stocks identified as depleted. About 85 percent of ocean fisheries are fully exploited, over-exploited or depleted.
"We should increase the annual net benefits of fisheries to between $20 billion and $30 billion. We estimate that global fisheries currently run a net economic loss of about $5 billion per year," he said.
Participants at the conference spoke of the long-term dividends from ocean conservation and better management of its resources. But that needed economists, bankers and board rooms to place a value on the oceans' "natural capital".
"The key to the success of this partnership will be new market mechanisms that value natural capital and can attract private finance," Abyd Karmali, global head of carbon markets at Bank of America Merrill Lynch, told Reuters.
He pointed to the value in preserving carbon-rich mangrove forests and sea grassbeds and the possibility of earning carbon offsets for projects that conserve these areas.
"The oceans' stock is in trouble. We have diminished its asset value to a huge degree and poor asset management is poor economics," Stephen Palumbi, director of the Hopkins Marine Station, Stanford University, told the conference.
Why oceans are key to the global economy
Oceans carry the bulk of the world's trade, are a major source of food and employment and help regulate the planet's climate but they are under threat from pollution, over-fishing and global warming.
Governments and businesses are increasingly aware of the value of oceans but are struggling to address the many threats that imperil seas around the globe. The World Bank is steering a new global alliance on the issue.
Following are some facts about the world's oceans, the threats they face and some emerging solutions.
Oceans are Earth's most valuable asset, the World Economic Forum (WEF) says and their "natural capital" is huge, contributing $70 trillion to global gross domestic product (GDP) annually.
The value of ecosystem services oceans provide is $38 trillion annually, the WEF says.
For example, 80 percent of our oxygen comes from oceans, while the seas act as huge stores of heat and carbon, essential for regulating the climate. Seafood, reefs and tourism are major sources of jobs and wealth, while mangroves, reefs and deltas help protect coastlines.
Oceans support 90 percent of global trade volume and 40 percent of global trade value, the WEF says. More than 3.2 billion people live within 100 km (60 miles) of the sea.
Fisheries are a major source of food, providing more than 1.5 billion people with almost 20 percent of their average per-capita intake of animal protein, the UN's Food and Agriculture Organisation says.
The value of fish caught in seas and inland waterways totalled $94 billion in 2008, the FAO says. The rapidly growing aquaculture sector, such as fish and shrimp farms, added a further $98.4 billion.
In 2008, an estimated 45 million people were directly engaged, full time or, more frequently, part time, in fisheries or in aquaculture. That's twice the population of Australia.
One of every six jobs in the United States is marine-related and more than a third of US gross national product originates in coastal areas.
About 95 percent of the vast underwater world of all oceans is unexplored, the World Economic Forum says. Yet all of it is under threat, it says.
The United Nations Environment Program's Global Environment Outlook says three-quarters of marine fisheries are exploited up to, or beyond, their maximum capacity.
The UN's most recent "State of the World's Fisheries and Aquaculture" report says 85 percent of fish stocks are fully exploited or worse.
Oceans support nearly 50 percent of all species on Earth. Many species are endangered, and some coral reefs are dying or damaged because of a combination of pollution, rising water temperatures and increasing ocean acidity as the planet heats up and the sea soaks up extra carbon dioxide from power stations, industry and cars.
Pollution from the oil and gas sector is another threat.
Masses of garbage are littered across the ocean floor or trapped in huge gyres, or rotating ocean currents, in the Pacific and elsewhere.
Large areas of protective mangroves have been also lost.
There are many and include:
Curbing the growth of carbon dioxide emissions and limiting the pace of ocean acidification. Protecting natural barriers such as coral reefs or mangroves can be a cost-effective way to reduce damage from storms.
Putting a value on the carbon stored in mangroves and sea grass beds can also lead to better protection. Boosting the network of marine protected areas, including no-take reserves, is another.
At a major UN meeting in Nagoya, Japan, in 2010, governments agreed to a target of protecting 10 percent of the world's oceans by 2020. Such levels of protection apply to less than 2 percent now, the World Bank says.
The United Nations says many of the benefits from nature are still taken for granted, often because there is no value assigned to them. Rethinking how businesses value nature and incorporate those values into balance sheets will refocus decision-making in board rooms towards less destructive practices, the world body says.