How much would it cost to buy the ocean? - Astrid J. Hsu
Surveying his vast domain,
trident heavy in hand,
Poseidon considers
the prospect of retirement.
What if someone else donned
the coral crown
so he could spend his immortality
harmonizing with blue whales
and cozying up to hydrothermal vents?
Poseidon decides he needs to actually
prioritize himself for once.
So he summons his accountant and asks:
how much could he sell
the ocean for today?
Poseidon’s accountant is the
top-ranked financial analyst
to the world’s movers and shakers,
its literal titans of industry.
He handles all divine assets.
When it comes to boiling complex systems
of intrinsic value down to monetary sums,
he’s the guy.
And he’s actually got a potential buyer:
Hades is interested in building
his real estate portfolio
and expanding his domain
into the marine realm.
So, the accountant already appraised
the ocean’s market value
and prepared a quick presentation.
"The property covers
over 70% of Earth’s surface.
But it’s also quite voluminous!"
Poseidon knows this.
He does annual Mariana Trench
swims with sea cucumbers.
But before he even gets
to his best giant squid story,
the accountant is back at analysis.
"Marine shipping alone accounts
for 80% of global trade,
generating over $14 trillion annually.
The global fishing industry
provides over 3 billion people
with a significant amount
of their dietary protein,
employs an estimated 260 million,
and generates about $163 billion
every year.
And oil and budding
seabed mining industries
generate around $245 billion per year."
"Some of the ocean’s assets
are harder to quantify monetarily.
The ocean absorbs around 30%
of human generated carbon dioxide,
and, since 1955, has taken
in more than 90% of excess heat.
About 40% of humanity lives
within 100 kilometers of the ocean.
Coastal ecosystems buffer waves,
reduce erosion, and ease flooding,
preventing over $716 billion
in damages annually.
Many cultures have deep ties to the ocean.
And coastal views and recreation
improve mental health.
Meanwhile, it's estimated
that as-yet undiscovered
marine-derived cancer treatments
could save countless lives
and be worth up to $5.7 trillion.
The ocean generates half
the planet’s oxygen
and, directly or indirectly,
provides food, energy, and minerals
to all life on Earth."
A salty tear cascades down Poseidon’s face
that the accountant ignores.
He can’t give the total cost yet
because, of course,
recent developments must be factored in.
"Climate change is heating, acidifying,
and deoxygenating the ocean
and trash is polluting it.
Overfishing and aggressive
seabed resource extraction
are disrupting fragile ecosystems
and impacting the ocean’s productivity."
The accountant says, "Sigh, buddy,
you shouldn’t worry, though,
because we can grow
the ocean’s investment value.
Coral reef tourism already yields
approximately $36 billion annually.
Considering the revenue
of popular dive sites
and their regional shark
populations and lifespans,
researchers estimate that one shark can
generate almost $2 million
in its lifetime—
making them much more valuable
alive than dead.
Sustainable management of fisheries
could allow species to rebound
and bring in an additional
$83 billion annually.
And with growth in offshore wind,
tidal, and wave energy harvesting,
the ocean is poised to help
humanity quit fossil fuels."
Now the grand reveal.
The accountant's conclusions are similar
to those of mortal experts:
the ocean alone is worth
roughly $24 trillion—
at least— about a quarter
of the World Bank’s valuation
of the global economy in 2021.
But if humanity reinvests
in the ocean's health—
fishing sustainably,
decarbonizing shipping,
scaling offshore wind farms,
and conserving and restoring mangroves—
investments could return
up to 600% in profits.
Poseidon feels the weight of his folly
crushing him
like a Styrofoam cup 2,000 meters deep.
Reducing such a priceless, generously
life-giving natural system to a number
is just another symptom of the greatest
problems he’s facing nowadays.
And though he respects the work
his brother, Hades, does,
he doesn't want the ocean to become
an extension of the Underworld.
He can’t give it up.
Poseidon asks forgiveness
and reaffirms his eternal vow
to protect the ocean.
It’ll take him a few tidal cycles
to realize Hades and the accountant
were bluffing
and see what this really was:
a much-needed intervention by a duo
of deities who cared deeply about him—
and the world.
