(CNN)Every dollar invested in a sustainable ocean economy can yield at least five times the return in benefits, according to a new report commissioned by the High Level Panel for a Sustainable Ocean Economy.
Ocean investment could aid post-Covid-19 economic recovery
As many countries roll out bailout packages to counter the impact of the Covid-19 pandemic, the report says investment in these four key ocean intervention areas could help aid economic recovery both now and in the future:
-- Conservation and restoration of mangroves
-- Decarbonization of the shipping industry
-- Scaling up offshore wind production
-- Increasing sustainable protein from the ocean
"They give jobs and livelihoods to people and communities and you're doing so by investing in making your environment more sustainable," said Manaswita Konar, lead author of the report. The study found that these four areas all give between five and 10 times the return on investment in terms of economic, environmental and health benefits, and could provide minimum net returns of $8.2 trillion over 30 years.
The report builds on research last year from the High-Level Panel for a Sustainable Ocean Economy showing how ocean-based climate action can provide a fifth of the carbon emissions cuts needed to achieve the Paris Climate Accord goal of only 1.5 degrees of global warming.
New research shows that global temperatures could exceed that 1.5 degrees target in the next five years.
The High-Level Panel for a Sustainable Ocean Economy is a coalition of 14 world leaders focused on developing a sustainable ocean economy. The group includes Australian Prime Minister Scott Morrison, Canadian Prime Minister Justin Trudeau, Japanese Prime Minister Shinzo Abe and leaders from Norway, Jamaica, Indonesia, Mexico and Kenya.
The world's oceans support 3.5% to 7% of global GDP, a number set to double by 2030, according to the report. Marine ecosystems lik