Scientists have just stumbled upon an alarming new discovery at one of the greatest natural resources on Planet Earth.
You can’t put a price on one of the most incredible natural resources on our planet, the Great Barrier Reef off the coast of Australia. Well, you can actually, and a group of Australian economists have done just that to draw attention to just how important the reef is economically in addition to its natural value — and how much we’re losing as the reef comes increasingly under attack.
And the price tag is staggering, with economists estimating that it is worth $42 billion, or $56 billion in Australian dollars. That would be enough to cover the price of 12 Sydney Opera Houses, or all of Australia’s new submarines, the authors of the paper write. The research was published by Deloitte.
The Great Barrier Reef has been under attack from outside forces like coral bleaching, which scientists believe are caused by climate change driven by human behavior. Bleaching happens when delicate coral systems, stressed by sudden changes in the environment, discard photosynthetic algae and essentially die.
“It’s renowned as the world’s largest living thing… but of Australia’s celebrated natural assets, the Great Barrier Reef is also the biggest contributor to our national economy and our international brand,” the statement from Deloitte reads. “Putting a price on it might seem impossible, given the Reef’s irreplaceable beauty and biodiversity. Of course it’s invaluable on so many levels, but identifying its value can help an appreciation of its importance, and shape thinking and policy around its future. In a world first, this new Deloitte Access Economics report, for the Great Barrier Reef Foundation (with support from National Australia Bank and the Great Barrier Reef Marine Park Authority) calculates the total economic, social and icon asset value of the Reef.”