Why Our Oceans Matter

Why do our oceans matter? 

The ocean covers three-quarters of the Earth’s surface contains 97 per cent of the Earth’s water and represents 99 per cent of the living space on the planet by volume. There are no barriers, boundaries, or borders in our oceans, and although we often list the oceans separately, they are all interconnected to each other, forming one global ocean. And to date, less than 5% of the oceans have been explored. Over three billion people depend on marine and coastal biodiversity for their livelihoods. The ocean has a profound impact on anyone living on Planet Earth, and its true value exceeds economic value alone.

What are the seven key sources of value that our ocean provides? 

• Biodiversity - Biodiversity is the variety of plant and animal species in the ocean
• Climate - The ocean transports heat from the equator to the poles, regulating our climate and weather patterns
• Fisheries & aquaculture - The ocean serves as the world’s largest source of protein, with more than 3 billion people depending on the ocean as their primary source of protein. Marine fisheries directly or indirectly employ over 200 million people globally
• Transportation - Throughout history, the ocean has been vital for the trade and transportation of raw materials and manufactured products
• Minerals - The ocean is rich in minerals. There are three groups of minerals found on the seabed: seafloor massive sulphides, cobalt-rich crusts and polymetallic nodules
• Energy solutions - Our ocean is a major source of both offshore renewable and fossil energy production, and as the demand for energy will continue to increase, the footprint of energy exploration will continue to grow
• Tourism - Human interest in the oceans fuels a multi-billion dollar a year ocean tourism industry. Ocean tourism comes in many forms including cruises, scuba diving, ecotourism, and fishing expeditions

How much is the blue economy worth? 

According to WWF, globally, the market value of marine and coastal resources and industries is estimated at $24 trillion per year. A business-as-usual trajectory would mean a loss in value of approximately US$8.4 trillion over the next 15 years. If we take immediate action, we can reduce this damage to US$3.3 trillion.