WEF, UCSB partner to protect world’s $2.5 trillion ocean economy

The World Economic Forum and the UCSB’s Marine Science Institute have announced a partnership to improve the health of world’s oceans and maritime resources. The new partnership aims to protect world’s USD 2.5 trillion ocean economy. This partnership will harness the potential of public-private cooperation and the 4th industrial revolution to help the international community meet the ocean sustainable development goal. It will be supported by the Benioff Ocean Initiative for using science to improve ocean health, and the David and Lucile Packard Foundation to fund advance ocean science, protection and management. According to the World Wildlife Fund (WWF), oceans generate goods and services worth an estimated $2.5 trillion per year, equivalent to the 7th largest economy in the world. It will be supported by the Benioff Ocean Initiative, an applied programme within the University of California, Santa Barbara’s (UCSB) Marine Science Institute, using science to improve ocean health, and the David and Lucile Packard Foundation, a fund to advance ocean science, protection and management. According to the World Wildlife Fund, oceans generate goods and services worth an estimated USD 2.5 trillion per year, equivalent to the seventh largest economy in the world. However, this value – in addition to the livelihoods of 80 per cent of the world’s population – is threatened by the decline in ocean health, lack of adequate measuring and monitoring of ocean activities.

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