Ocean economy needs urgent protection

Small low-lying islands are vulnerable even to mild climate swings. The monster of global warming is posing an existential threat to them. The annual regional summit of 16-nation Pacific Islands Forum (PIF), which kicked off on Thursday, saw an upbeat start despite the clouds of uncertainty hovering over these countries. Reason behind the euphoria: They felt that they had scored a huge victory by pushing the US and China to ratify the Paris pact. It is these nations who have made it possible for the deal to inch towards implementation by their constant lobbying.
Paris agreement must just be the beginning. More global action to mitigate the climate change impacts has to follow. And it has to come soon. These nations are running against the clock. Today, rising sea levels are gulping the Pacific islands inch by inch. Their susceptibility increases because of their economic fragility. Their economy is at risk as the infrastructure, agriculture, fisheries, freshwater resources and reef ecosystems are facing daunting challenges.
The developed world has to provide them a support system through which these nations can ward off the economic fallout. For this, they need solid preparedness against impending environmental disasters, early warning mechanisms and an economic development that is resilient towards the ripples of climate change.
A new research has found that if climate change is not checked, global fisheries will lose $10 billion of their annual revenue by 2050. Even though this will hit these island nations the hardest, the entire international community will be at the receiving end. Decreased catches due to increased ocean salinity, acidity and low oxygen levels will bring down the global business while putting massive strain on world’s economy.
A 2015 World Wide Fund for Nature (WWF) report had estimated the value of key ocean assets at $24 trillion. Dubbing the ocean role as an “economic powerhouse”, WWF also warned that climate change was the primary cause of the ocean’s ill-health. It sounded alarm at the fact that at the current rate of warming, coral reefs that provide food, jobs and storm protection will vanish in the next few decades.
The urgency is too pressing to be ignored. Dithering or adopting an ‘it’s-not-my-problem’ attitude will only aggravate the crisis. If not ecological wisdom, at least economic sense should dawn on the policy makers. Because to think that we can outgrow climate change economically is a folly that the world can’t afford to make. Lopsided economic development can’t compensate environmental damages. Economists, environmentalists and leaders have to come on one platform to devise ways to save the ocean economy, which can collapse due to inaction and apathy.
To protect the ocean wealth, a separate global body is needed that can make comprehensive ocean management plans to safeguard the marine ecosystems and coastal zones. It should be given sweeping powers. All economic activities in these regions have to put conservation and sustainability on top. Any non-compliance should be punished.
Since climate change can’t be stopped, commitments have to be made on its mitigation. In the absence of mitigation, the economic costs from damages will amplify. Lack of an international climate plan that is legally binding will ruin world’s economy. Today it is the Pacific nations who are bearing the brunt, tomorrow there won’t be any economic giants left on the earth!