‘Marine protection insures against loss to environment and economy’ – CPD Marine economy fellow
This report finds that Australia’s national network of marine parks will act as an insurance policy for commercial and recreational fishing
Insuring Australia’s marine future looks at the increasing risks to Australia’s oceans, the growing evidence of the benefits of MPAs, and the low cost of managing them.
Report author, CPD fellow and former World Bank economist Caroline Hoisington contends that, ‘stronger marine ecosystems will be the basis for economic benefits to our communities and businesses’.
Global marine resources are under pressure. Oceans are damaged in much of the world by overfishing, pollution, nutrient loadings and decreased oxygen levels. Climate change adds to the risk of ecological collapse – with potentially catastrophic social and economic impacts.
Australian seas are in better condition than many, but face the same threats. As a leader in declaring a national network of marine protected areas and sanctuary zones, Australia has taken a critical step toward insuring the future of the industries and regional communities that rely on a healthy marine environment. Yet to benefit economically, Australia needs to lead the world in practice as well as on paper.