Under threat Great Barrier Reef valued at USD42 billion
A report has highlighted the value of the Great Barrier Reef in monetary terms and is an asset ‘too big to fail.’
A Deloitte Access Economics report commissioned by the Great Barrier Reef Foundation puts its total value at A$56 billion (US$42 billion) based on the ‘economic, social and icon value’.
It is also worth A$29 billion to tourism, supporting 64,000 jobs.
The World Heritage-listed reef is the world’s largest of its kind and has been under threat from coral bleaching.
It generates A$6.4 billion to Australia’s economy.
The report includes results of a study of 1,500 Australian and international visitors from 10 countries and also comments from former US vice president Al Gore.
"This timely report is a much needed, holistic view of the incredible economic value and opportunities provided by the Great Barrier Reef. Any failure to protect this indispensable natural resource would have profound impacts not only to Australia but around the world," Gore wrote.
"Like the Great Barrier Reef itself, the numbers revealed in the report are big and highlight just how significant the Reef’s contribution to Australia’s economy is. As the largest living structure on Earth and one of the world’s most complex and diverse natural ecosystems, the Great Barrier Reef is justifiably considered priceless and irreplaceable," said Great Barrier Reef Foundation’s Director Steve Sargent.
"Alongside its important environmental and ecological function, this report demonstrates that the Reef also offers substantial value to Australia and the world in terms of the economic activity it generates and the employment."
"This report sends a clear message that the Great Barrier Reef — as an ecosystem, as an economic driver, as a global treasure — is too big to fail."
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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