U.S. Scientist Helps Lead International Study Of Ocean Value; Oceans 'Victim Of A Massive Market Failure'
Source: Underwater Times
March 22, 2012
"Professor Robert Diaz of the Virginia Institute of Marine Science, College of William and Mary, is a co-editor of "Valuing the Ocean" a major new study by an international team of scientists and economists that attempts to measure the ocean's monetary value and to tally the costs and savings associated with human decisions affecting ocean health.
The study estimates that if human impacts on the ocean continue unabated, declines in ocean health and services will cost the global economy $428 billion per year by 2050, and $1.979 trillion per year by 2100. Alternatively, steps to reduce these impacts could save more than a trillion dollars per year by 2100, reducing the cost of human impacts to $612 billion.
Diaz says the study report "describes the state of the science for six threats to the global ocean, what can happen if all these threats act together, and the economic consequences of taking or not taking action." He notes that the study is unique in stressing the interactions between and among multiple threats, which include acidification, low-oxygen "dead zones," overfishing, pollution, sea-level rise, and warming."
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