Wealth, health and the power of the ocean

71% of the world is ocean. If it’s a fact you weren’t already aware of, then let it sit with you for a moment, as it’s possibly the simplest way for us humans to understand just how little of our planet we truly occupy, and how even more in awe we should be of our oceans. Humanity quite literally owes its life to the seas and oceans of this planet – together, they produce over half the world’s oxygen, help to keep climate and weather patterns regulated and absorb about 30% of the carbon dioxide in the atmosphere.

But beneath this unfathomable enormity lies the way we work with the ocean. How it fits into our lives in ways that perhaps we also don’t give enough thought and consideration to. All those quiet but necessary places where the ocean finds its way into our homes, our work and our bodies. Its role in our vast and distinctly human economic engine and all the ways it affects us every day – and will continue to do so in the future.

Fishing and Aquaculture

When something is ever present, it’s easy to underestimate it. We have fished the seas and oceans for millennia and its necessity in feeding communities – particularly coastal ones – has shaped entire cultures. But beyond local fishing businesses, the wider industry supports millions of people and their families globally and employment rates are growing year on year. According to the United Nations, in 2020 this equated to around 60 million people working in fishing and aquaculture.

Aquaculture? This might be a less familiar word to you, but it’s fairly self-explanatory when you think of it as the sea-based alternative to ‘agriculture’. It’s essentially the controlled breeding, rearing and harvesting of fish, shellfish and crustaceans, which largely end up on our plates. It is achieved in several ways, but marine aquaculture is where this ‘farming’ happens in open oceans. You might have seen pictures, for instance, of shellfish being grown on ropes or lines suspended in the sea. Aquaculture is big business, with its global value in 2020 estimated at $281.5 billion.

Tourism

Again, this feels obvious, but bears stressing because of the sheer numbers of locations in the world that survive almost entirely on income generated by holidaymakers, adventure tourists and other travellers. Of course, we are now able to view this through a post-Covid lens and can see how devastating the impact of necessary stay at home orders were on coastal communities and island nations. In the Caribbean, for example, travel and tourism GDP fell by 58% in 2020. So, it’s clear that the draw of the ocean (including their many thousands of kilometres of stunning coral reefs) represents more than just rest and relaxation for visitors. The businesses serving them employ huge numbers of local people and it’s a driver for important entrepreneurship – think local diving schools, restaurants, taxi companies and souvenir shops. This ultimately translates into communities and livelihoods for around 330 million people worldwide.

Medicines

Marine pharmacology is a thing. Or (to be more respectful to this incredibly important area of medical research), it is the scientific practice of discovering and developing medicinal applications from marine sources. And while it’s still a fairly niche area, and there have only been 17 marine-derived drugs approved to treat human disease since 1969, according to the Marine Drug Pipeline, we can expect this to substantially increase. There are at least another 40 in clinical trials around the world and, while the oceans present many challenges for scientists in this field, it’s widely accepted that the rich biodiversity of the oceans holds tremendous potential for drug research and development.

Energy Production

When we think of seas and energy, it’s unsurprising that we might immediately default to two things: offshore drilling and wind farms. It’s understandable, given how many column inches are devoted to debating the pros and cons of both. And, yes, both are creating jobs and contributing to the economy, but there are the clear and considerable downsides. However, wave and tidal energy is making significant headway, particularly in Europe, and there is some initial hope that it may represent the future of global energy production. Already, governments are showing their support, and this is the first stage in turning it into an industry in its own right, with all the knock-on benefits this will have in energy provision for individuals and businesses, as well as employment opportunities across an enormous number of skills.

Beyond the economic and personal benefits we all receive from the ocean, it is, above all else, our critical ally as we navigate a changing world. Yet, we must not forget that it is endangered in its own right. Our respect and protection are essential in order that the ocean can continue to play its vital role in keeping our shared world functioning. So, we must purposefully move forward together to meet a more sustainable future.

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