THE head of the World Bank has warned oceans are being hurt by overfishing, pollution and climate change and called on the Australian government to join a $US1.5 billion ($1.4 billion) "save our seas" plan to improve fish stocks and boost the global economy.
Describing oceans as the world's lifeblood, World Bank president Robert Zoellick said talks had begun with Australia, Monaco, New Zealand and Norway on joining a coalition that would include governments, scientists, civil society and the private sector.
He said 1 billion people in developing countries relied on seafood for protein and more than 500 million depended on fishing as a livelihood. In Pacific Island countries, fish was 80 per cent of total exports. For the tiny country of Kiribati, it was 53 per cent of gross domestic product.
Mr Zoellick said oceans were home to a "blue economy" and their degradation disproportionately affected the poor.
"At a time when the world is looking for sources of growth, there is huge potential for "blue growth" wisely preserving and investing in the value of ocean ecosystems to fight poverty. But oceans aren't living up to their potential," he said in notes released ahead of a speech at a World Oceans Summit in Singapore. "Fish stocks are crashing through exploitation. Rising pollution is flowing into the oceans from land, air and rivers, choking plant and animal life.
"Ocean habitats are disappearing, some with alarming rapidity, as coastal cities bloom. A changing climate has brought warmer oceans, higher sea levels and ocean acidification."
Mr Zoellick said a global partnership for oceans would first aim to raise $US300 million to help governments create incentives for investment in ocean protection.
It would then aim to spend $US1.2 billion over five years to rebuild at least half the world's fish stocks (85 per cent of fisheries are depleted or worse), reverse the fortunes of global fisheries (running at a net annual loss of about $US5 billion) and more than double the amount of protected ocean.
The World Bank has approached federal government agency AusAID about being involved. The speech came as more than 300 scientists urged the government to create the world's biggest "no-take" marine reserve in the Coral Sea. Environment Minister Tony Burke in November released a draft plan to create a marine reserve covering nearly 1 million square kilometres. About half would be a no-take reserve and half would be open for restricted recreational and charter fishing. The commercial fishing industry has criticised the plan and called for government compensation.
A statement signed by scientists from 21 countries this week said the plan was a good start, but missed an opportunity for Australia to show global leadership by making the whole area no-take.
Mr Burke yesterday said Australia was committed to long-term conservation of marine ecosystems and ocean biodiversity. "Any initiatives and discussions that can improve the global health of our oceans are a good thing," he said.
The World Bank proposal is one of several aimed at reducing damage to the marine environment released ahead of the June "Rio 20" United Nations sustainable development conference in Brazil, which will include a focus on the "blue economy".
South Pacific islands are linking marine resources to better manage 10 per cent of the world's oceans.
Frequently Asked Questions about this Article…
What is the World Bank's US$1.5 billion "save our seas" plan?
The World Bank has proposed a US$1.5 billion (about $1.4 billion) global "save our seas" plan to improve fish stocks and boost the global economy. The proposal would form a coalition of governments, scientists, civil society and the private sector to invest in rebuilding fisheries, expanding protected ocean areas and creating incentives for ocean protection.
How will the proposed US$1.5 billion be allocated to protect oceans and fisheries?
The plan aims first to raise roughly US$300 million to help governments create incentives for investment in ocean protection. It would then spend about US$1.2 billion over five years to rebuild at least half of the world's fish stocks, reverse losses in global fisheries and more than double the amount of protected ocean.
Why should everyday investors pay attention to the World Bank's ocean protection and "blue economy" initiatives?
The World Bank frames oceans as part of the "blue economy" with large potential for "blue growth." For investors, that signals possible economic opportunities and policy-driven incentives as governments and the private sector shift capital toward fisheries recovery, protected marine areas and sustainable ocean-related businesses. The plan also highlights the economic costs of inaction — global fisheries are running at a net annual loss (about US$5 billion) — which can affect seafood supply chains and related industries.
What are the main threats to oceans and fish stocks identified in the World Bank proposal?
The World Bank warns oceans are being harmed by overfishing, pollution (from land, air and rivers), habitat loss around growing coastal cities, warmer oceans, rising sea levels and ocean acidification. The article notes about 85% of fisheries are depleted or worse and fish stocks are "crashing" due to exploitation.
Who is the World Bank seeking to partner with for the global oceans initiative?
The World Bank said it has begun talks with countries including Australia, Monaco, New Zealand and Norway and wants a coalition that includes governments, scientists, civil society groups and the private sector. The Bank has also approached Australia’s AusAID about involvement.
What is the Coral Sea marine reserve proposal and how might it affect the fishing industry?
Australia released a draft plan to create a Coral Sea marine reserve covering nearly 1 million square kilometres, with about half proposed as a no‑take zone and the other half open for restricted recreational and charter fishing. The commercial fishing industry criticised the plan and has called for government compensation, while more than 300 scientists urged making the whole area no‑take to provide stronger protection.
How do oceans and fisheries matter for developing countries and small island economies?
The article highlights that about 1 billion people in developing countries rely on seafood for protein and more than 500 million depend on fishing for their livelihoods. In Pacific Island countries, fish account for roughly 80% of total exports, and in Kiribati fish contribute about 53% of GDP — showing that ocean health is critical to those economies.
How does the World Bank oceans proposal relate to broader global policy efforts like Rio+20?
The World Bank's proposal is one of several ocean-focused initiatives released ahead of the UN "Rio+20" sustainable development conference. Rio+20 includes a focus on the "blue economy," and the Bank’s plan is intended to feed into global discussions on sustainable ocean management and financing.
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