Ocean plastic waste to cause $434bn of economic damage by 2050

The global economy is facing $197bn (£153bn) of economic damage by 2030 and up to $434bn by 2050 if plastic waste continues to flow into oceans at its current rate.

That is according to a new report by financial services firm Allianz, which warns that marine wildlife, fishing and aquaculture, coastal tourism and the shipping industry are all facing risks from ocean plastic waste.

Indeed, if the world’s oceans were an economy, it would be the seventh largest in the world, with the total value of its goods and services projected at $2.5trn every year.

If plastic production increases over the next few decades without new waste mitigation measures, the report claims that the economic cost could hit $229bn by 2030, and as much as $731bn by 2050.

"The ocean’s capacity to regulate our climate, provide food, and support livelihoods is being eroded by unsustainable practices and short-term thinking," said Barbara Karuth-Zelle, member of Allianz's board of management.

“This report serves as a stark reminder of the urgent need for action. It is a call to arms for governments, businesses, and individuals to recognise the critical role the ocean plays in our lives and to take decisive steps to safeguard its health and vitality."

Production processes of the energy, industrial and consumer staples sectors have the most damaging effects on ocean ecosystem services, according to the report, creating a “vicious cycle” that poses risks to industrial production itself.