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Ocean ecosystems add an extra $25 billion to the national economy each year which is not accounted for in official figures, the report says. These includes $15.8 billion a year in carbon storage. Oceans also provide $6.2 billion a year in pest and disease control services in fisheries, as well as $1.85 billion per year of benefits in recreational fishing.
Aside from warning of a decline in the number of seagrass beds, the report recommended building up fish stocks and creating more marine parks to buffer ocean ecosystems from the climate change affects of acidity and rising temperatures. The report said extending a proposed marine protection area to cover coastal shelf, sea grass and coral reefs could protect a further $1.1 billion in economic benefits.
The report, Stocking Up: Securing Our Marine Economy, by The Centre for Policy Development can be downloaded from their website.
Media articles about the report on wildsingapore news.