$56bn Great Barrier Reef ‘too big to fail’

$56bn Great Barrier Reef ‘too big to fail’

The economic analysis firm Deloitte Access Economics has valued the Great Barrier Reef, a vast system of coral reefs located off the coast of Queensland, at 56 billion Australian dollars (37.9 billion euros, $42.4 billion).

That’s about 56 billion Australian dollars but have warned that it’s also under duress and needs to be protected.

According to the landmark report released Monday, June 26, in Australia, the reef contributed AU $6.4 billion to the Australian economy in financial year 2015 to 2016, as well as $3.9 billion to Queensland’s economy alone.

Soaring ocean temperatures in the past three years have subjected 21 of 29 World Heritage reefs to severe and/or repeated heat stress, and caused some of the worst bleaching ever observed at iconic sites like the Great Barrier Reef (Australia), Papahānaumokuākea (USA), the Lagoons of New Caledonia (France) and Aldabra Atoll (Seychelles).

Nearly three quarters of Australians and over half the worldwide respondents named the reef as the iconic Australian UNESCO World Heritage natural site.

Over 1,500 people were surveyed as part of the report, 500 of those outside of Australia, and the biggest future concern for both groups was that of climate change.

“This report sends a clear message that the Great Barrier Reef – as an ecosystem, as an economic driver, as a global treasure – is too big to fail“. It has committed almost two billion dollars to protect the reef.

WASHINGTON-A mass bleaching of coral reefs worldwide is finally easing after three years, USA scientists announced last week.

The report covers the economic, social, “icon” and brand value of the reef, though does not include estimates of the value Traditional Owners place on the reef due to difficulties in determining monetary value, though says “its significance and qualitative value is demonstrated”.

The largest living structure on Earth, the Great Barrier Reef is over 25 million years old and is as big in size as Japan, and bigger than the United Kingdom, Switzerland and the Netherlands put together.

Lowering emissions could help many reefs, putting off a time when coral bleaching could be an nearly annual event. It comprised a survey of 1,500 Australians and worldwide respondents from 10 nations that discovered how people valued the reef for numerous reasons, such as tourism and the belief that Australians wouldn’t be the same without it.

There is a lot the business and scientific communities can do on the issue of climate change O’Mahony stressed, and added that the goal of the study is to show just how precious the Great Barrier Reef is to all Australians, and the globe as a whole.

Coral does not die immediately upon bleaching, so long as water temperatures decrease soon after.

“That’s more than 12 Sydney Opera Houses, or the cost of building Australia’s new submarines. It found that the Great Barrier Reef employs a lot of people indirectly of course through tourism and it contributes a lot to the GDP, that’s the standard framework”, O’Mahony said.

“Any failure to protect this indispensable natural resource would have profound impacts not only to Australia but around the world”, he added.