Why the Loss of The Great Barrier Reef Could Cost The World One Trillion Dollars

And how the future Adani Coalmine will affect our dying reef

The reef is dying, two-thirds of the Reef has already been wiped out by bleaching.  It has been the longest bleaching event on record with little chance of recovery (read more about bleaching and the reef here).

But it’s not just an environmental issue. This loss will have dire consequences for our economy. It’s predicted The Great Barrier Reef will lose one million visitors a year and 10, 000 jobs. Squeezing 1 billion dollars out of our economy.

The Great Barrier Reef is one of Australia’s greatest economic assets. It’s responsible for bringing in more than $7bn each year to our economy, while also supporting the livelihoods of around 70,000 people...

A healthy Great Barrier Reef underpins the tourism industry and the jobs that it supports.” says Climate Council’s Lesley Hughes.

So why will the loss of our Great Reef cost the world one trillion dollars?

The Reef’s monetary value comes from a 2015 report from the Director of University of Queensland’s Global Change Institute; Ove Hoegh-Guldberg. The report highlights that the reef supports 500 million people across 50 different countries.

The reef’s demise will have and has had devastating effects on our economy. So far the federal and state government has pumped out a combined spend of 200 million dollars annually in efforts to save the reef.

Last month the Government even offered financial incentives to local farmers to minimise their sediment run-off into the Great Barrier Reef:

These new projects complement existing efforts and demonstrate how we can make private investment work effectively alongside public funding to maximise results for the reef from each dollar invested..

Collaborative partnerships like the ones announced today are critical to address the threats and pressures faced by the reef.” Josh Frydenberg environment minister said of the government’s plans.

However, both the federal and state government support Adani’s Carmichael Coal mine in Queensland, which has been suggested by the scientific and environmental communities will cause high levels of carbon emissions, endangering water supplies, local communities and wildlife and ultimately the reef.

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