Plastic pollution’s £338bn toll by 2050

Thursday 1 August 2024

New Study: Plastic Pollution Poses Billions in Damages Without Immediate Action

A groundbreaking study conducted by the insurance giant Allianz Trade has revealed alarming projections regarding the potential financial toll of plastic waste if left unaddressed. According to the report, if current production rates continue unchecked, plastic pollution could result in a staggering £338 billion in damages to crucial sectors such as aquaculture, coastal tourism, and the shipping industry by the year 2050.

The findings of the Sustainable Ocean research highlight the detrimental effects of plastic waste on marine ecosystems, with emissions from such pollution expected to significantly impact the lives of 680 million individuals residing in low-lying coastal areas, equating to 10% of the global population.

Furthermore, the depletion of marine life as a consequence of plastic pollution could lead to the collapse of industries reliant on natural capital assets, including water, soils, and species, inflicting substantial harm on a £2.5 trillion (£1.9 trillion) global economy.

Despite the crucial role that ocean conservation plays in the achievement of Sustainable Development Goals, the sector only garners £20 billion in investments annually, falling significantly short of the £135 billion required to combat plastic pollution effectively.

Barbara Karuth-Zelle, a Member of the Board of Management at Allianz SE, underscored the urgent need for action in response to the report’s findings. She warned, ‘Our oceans are facing unprecedented threats from human activities, climate change, and pollution. This report serves as a stark reminder of the pressing need for decisive action. It is a rallying cry for governments, businesses, and individuals to acknowledge the essential role the ocean plays in our lives and to take proactive measures to preserve its health and vitality.’

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