A new report has revealed the economic and environmental fallout of the plastic floating in our oceans.
What's happening?
Insurance company Allianz Trade estimated that the financial repercussions of the ocean's plastic pollution will cost $197 billion by 2030 and $434 billion by 2050 if current plastic production rates remain constant, per Balkan Green Energy News.
Should rates increase without additional regulatory measures, those numbers could balloon to $229 billion and $731 billion in 2030 and 2050, respectively.
The study also notes that ocean conservation efforts outlined under the United Nations' 2030 Agenda for Sustainable Development receive $25.5 billion annually, which is well short of the yearly $174 billion needed to achieve its goals by the end of the decade.
Why is plastic pollution in the ocean important?
Scientists believe that 170 trillion pieces of plastic are floating in our oceans — all of which have been detrimental to industries such as fishing, aquaculture, tourism, offshore wind, marine biotechnology, and shipping.
"The estimated worth of major ocean assets is $24 trillion overall, or 3% to 5% of the world's GDP," the report reads. "The value of both goods and services derived from the ocean is projected to be $2.5 trillion yearly, which would make it equivalent to the seventh-largest economy in the world."Â
The litter harms marine biodiversity, as animals can get trapped in discarded fishing equipment or accidentally ingest trash, leading to premature death.
Plastic production also relies on dirty energy sources that contribute to the planet's overheating, which could then affect some of the ocean's crucial functions.
It already regulates global temperatures, produces 50% of the world's oxygen, and sequesters 25% of carbon dioxide pollution while retaining 90% of the excess heat created by said pollution. According to the report, "marine habitats could store 10 times more carbon than terrestrial ecosystems per hectare."Â
However, rising temperatures contribute to the strength and severity of storms and the ocean's acidity. This can alter habitats, cause species to decline, and disrupt the food supply and livelihoods of the estimated 680 million people living in coastal communities.
What's being done about plastic pollution in the ocean?
Allianz Trade's report called on lawmakers to utilize options such as conservation trust funds, insurance incentives, blue bonds, and debt-for-nature swaps to entice funding from public and private investors. It suggested the tourism industry could charge a fee to generate a cash influx for community-based conservation projects.
The study also promoted the benefits of a circular economy, as reducing, reusing, and recycling can help improve ocean health while creating a global economic growth potential of $4.5 trillion by 2030.
Some individuals, companies, and agencies have taken the initiative to combat plastic waste in our waters. One artist in India uses fish sculptures to encourage people to throw away single-use plastic bottles. Meanwhile, a U.K. startup has designed a filter that attaches to laundry machines to prevent microplastics from entering aquatic ecosystems.
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