Ocean plastic pollution damage could reach USD 731 billion by 2050

The ocean, the blue heart of our planet, is threatened by climate change and the increasing amount of plastic waste. The total economic damage from plastic pollution by mid-century is estimated to reach as much as USD 731 billion if production grows without mitigation measures.

The ocean makes our planet habitable. Some of its irreplaceable roles include regulating global temperatures, producing oxygen, and absorbing carbon dioxide. Marine habitats can store ten times more carbon per hectare than terrestrial ecosystems.

Climate change has a very negative impact on the oceans. The increase in greenhouse gas emissions leads to water warming, so there is more evaporation, storms are stronger, and there is heavier rainfall. Additionally, ocean water expands with rising temperature which, combined with melting glaciers, raises sea levels.

As much as 10% of the world’s population (more than 680 million people) lives at or close to the ocean. The rise in temperature increases the acidity of the ocean, causing habitat changes and species loss, threatening the food supply and the livelihoods of those living in coastal areas.

Scientists estimate that over 170 trillion pieces of plastic are floating in the oceans worldwide

In addition to the consequences of climate change, plastic pollution destroys ocean biodiversity. Plastic in the ocean affects fishing, aquaculture, coastal tourism, and the shipping industry. Scientists estimate that more than 170 trillion pieces and fragments of plastic are floating in the oceans worldwide. If plastic production continues at the current pace, it could cause economic damage of USD 197 billion by 2030 and USD 434 billion by 2050, according to a report by insurance company Allianz Trade.

The report’s authors found that if plastic production continues to grow without mitigation measures, costs could rise to USD 229 billion by 2030 and to as much as USD 731 billion by 2050.

Funding for ocean conservation efforts is essential

Production processes in the energy, industrial, and consumer staples sectors are the most harmful to ocean ecosystem services. They obtain a large amount of raw materials from it.

If the world’s ocean were considered an economy, it would be the seventh largest in the world, with a total value of goods and services of USD 2.5 trillion annually.

The gap in ocean conservation funding is nearly USD 150 billion

Ocean conservation is one of the Sustainable Development Goals. However, investments amount to only USD 25.5 billion annually, far below the USD 174 billion needed, according to the report.

To encourage public and private investors to invest in the ocean, policymakers should emphasize the return on investment in ocean conservation, using options such as conservation funds, insurance incentives, and blue bonds, according to the report’s authors.

Tourism could also contribute to financing ocean conservation by charging fees. The money could then be invested in projects for coastal communities, providing them with resources for ocean conservation.

CO2 Removal and Ocean Conservation

To halt climate change, it is no longer enough to just reduce emissions; it is also necessary to capture and remove excess CO2 from the atmosphere.

Several techniques exist for removing carbon from the atmosphere using the ocean. One example is the restoration of coastal ecosystems such as mangroves, salt marshes, or seagrass meadows, which capture more CO2 than terrestrial forests. These ecosystems also provide flood and cyclone protection.

These strategies can complement land-based measures, including afforestation and direct air carbon capture and storage (DACCS).

The circular economy can improve ocean health

Strengthening the circular economy would not only improve ocean health but also achieve significant economic benefits, with an estimated global economic growth potential of USD 4.5 trillion by 2030.

Besides recycling and upcycling, it includes the practice of industrial symbiosis, which involves reusing the waste of one industry as input for another or producing renewable and biodegradable products. To limit nutrient pollution, it will also be necessary to control and limit pollutants from agriculture and industry by improving irrigation practices, wastewater treatment, and controlling pesticide use.