Towards improved socio-economic assessments of ocean acidification’s impacts

Ocean acidification is increasingly recognized as a component of global change that could have a wide range of impacts on marine organisms, the ecosystems they live in, and the goods and services they provide humankind. Assessment of these potential socio-economic impacts requires integrated efforts between biologists, chemists, oceanographers, economists and social scientists. But because ocean acidification is a new research area, significant knowledge gaps are preventing economists from estimating its welfare impacts. For instance, economic data on the impact of ocean acidification on significant markets such as fisheries, aquaculture and tourism are very limited (if not non-existent), and non-market valuation studies on this topic are not yet available. Our paper summarizes the current understanding of future OA impacts and sets out what further information is required for economists to assess socio-economic impacts of ocean acidification. Our aim is to provide clear directions for multidisciplinary collaborative research.

Estimating the economic loss of recent North Atlantic fisheries management

It is accepted that world’s fisheries are not generally exploited at their biological or their economic optimum. Most fisheries assessments focus on the biological capacity of fish stocks to respond to harvesting and few have attempted to estimate the economic efficiency at which ecosystems are exploited. The latter is important as fisheries contribute considerably to the economic development of many coastal communities. Here we estimate the overall potential economic rent for the fishing industry in the North Atlantic to be B€ 12.85, compared to current estimated profits of B€ 0.63. The difference between the potential and the net profits obtained from North Atlantic fisheries is therefore B€ 12.22. In order to increase the profits of North Atlantic fisheries to a maximum, total fish biomass would have to be rebuilt to 108 Mt (2.4 times more than present) by reducing current total fishing effort by 53%. Stochastic simulations were undertaken to estimate the uncertainty associated with the aggregate bioeconomic model that we use and we estimate the economic loss NA fisheries in a range of 2.5 and 32 billion of euro. We provide economic justification for maintaining or restoring fish stocks to above their MSY biomass levels. Our conclusions are consistent with similar global scale studies.

The effect of ocean acidification on carbon storage and sequestration in seagrass beds; a global and UK context

Ocean acidification will have many negative consequences for marine organisms and ecosystems, leading to a decline in many ecosystem services provided by the marine environment. This study reviews the effect of ocean acidification (OA) on seagrasses, assessing how this may affect their capacity to sequester carbon in the future and providing an economic valuation of these changes. If ocean acidification leads to a significant increase in above- and below-ground biomass, the capacity of seagrass to sequester carbon will be significantly increased. The associated value of this increase in sequestration capacity is approximately 500 and 600 billion globally between 2010 and 2100. A proportionally similar increase in carbon sequestration value was found for the UK. This study highlights one of the few positive stories for ocean acidification and underlines that sustainable management of seagrasses is critical to avoid their continued degradation and loss of carbon sequestration capacity.