It’s not often we get to use the big “T” for trillion in business news. Unfortunately, this time it’s in the red.
Australia’s Climate Council has projected that the loss of coral reefs due to rising sea temperatures could cost $1T globally, based on a report which found that reefs support 500m people worldwide across 50 nations.
And, while we often think of it as the environment vs. the economy…
They tend to go hand-in-hand. The Great Barrier Reef is one of Australia’s greatest economic assets — bringing in over $7B per year and 70k jobs via tourism.
According to the ACC, we’re in the midst of the “longest global coral bleaching event on record,” due to rising ocean temps, which since 2014, have given reefs little chance to recover.
So far, ⅔ of Queensland’s Great Barrier Reef has been affected, costing the region 1m visitors a year, 10k jobs, and about $1B.
Surprise! It’s directly related to climate change
To battle Australia’s growing greenhouse gas emissions, the Aussie government is putting $200m annually towards preserving the reefs, including incentives for farmers to reduce waste runoff.
But then again, they’re also supporting the new development of the Carmichael coal mine in central Queensland.
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