Marine debris

What Is Marine Debris?

Marine debris refers to any persistent, manufactured, or processed solid material that is discarded, disposed of, or abandoned into the marine or Great Lakes environment. This includes items ranging from plastic bottles and fishing gear to abandoned vessels and microplastics. Understanding the financial implications and management of marine debris falls under the broader umbrella of environmental finance, as it involves the economic costs associated with environmental degradation and the financing of solutions. Marine debris impacts various economic sectors, including tourism, fisheries, and shipping, leading to substantial economic impact globally.

History and Origin

The accumulation of marine debris is a consequence of human activities, escalating significantly with the widespread production and consumption of plastics starting in the mid-20th century. While historically, natural materials might have entered marine environments, the advent of synthetic materials, particularly plastics, transformed the scale and persistence of debris. A 2019 report commissioned by the World Wide Fund for Nature (WWF) highlighted that the lifetime cost to society, the environment, and the economy of plastic produced in 2019 alone was an estimated US$3.7 trillion.¹⁸ This underscores the long-term financial burden associated with the unchecked proliferation of these materials. The issue has grown in prominence over recent decades, moving from a niche environmental concern to a global challenge requiring comprehensive environmental policy and international cooperation.

Key Takeaways

• Marine debris consists of any persistent, man-made solid material polluting marine and Great Lakes environments.
• It imposes significant financial costs on industries such as tourism, fisheries, and shipping.
• The economic impacts include cleanup expenses, revenue losses, and damage to equipment.
• Addressing marine debris is a critical component of sustainability and can influence a company's Environmental, Social, and Governance (ESG) profile.
• Prevention through improved waste management and a circular economy approach is more cost-effective than post-pollution cleanup.

Interpreting the Economic Impact of Marine Debris

The financial implications of marine debris are interpreted through various metrics, including direct costs, such as cleanup and repair of damaged equipment, and indirect costs, like lost tourism revenue or reduced fish stocks. For instance, a study funded by the National Oceanic and Atmospheric Administration (NOAA) Marine Debris Program estimated that doubling the amount of marine debris on beaches in coastal Alabama could result in a loss of $113 million in tourism dollars and nearly 2,200 jobs.¹⁷ Conversely, reducing marine debris can lead to significant economic gains. For example, nearly eliminating marine debris in Orange County, California, could increase tourism spending by approximately $187 million and add about 1,900 local jobs.¹⁶ These figures highlight how marine debris directly affects a region's Gross Domestic Product (GDP) and overall economic vitality, making it a critical consideration for regional asset management and development planning.

Hypothetical Example

Consider a small island nation heavily reliant on its fishing and tourism industries. In a hypothetical scenario, increased marine debris, particularly abandoned fishing gear and plastic waste, begins to accumulate on its coral reefs and beaches.

1. Fishing Sector Impact: Local fishing boats frequently report tangled propellers and damaged nets due to the debris. A fishing vessel, usually generating $5,000 in revenue per trip, now loses two trips a month due to repairs, resulting in a direct monthly revenue loss of $10,000 for that vessel. Across the fleet, this could escalate to hundreds of thousands in lost revenue. The cost of replacing or repairing equipment directly impacts the profitability of fishing businesses.
2. Tourism Sector Impact: Tourists, disappointed by the littered beaches and damaged marine ecosystems visible during snorkeling and diving excursions, opt for cleaner destinations. Hotel occupancy rates drop by 15%, and bookings for dive tours decrease by 20%. This decline in visitor numbers directly translates to reduced revenue for hotels, tour operators, and local businesses, impacting the nation's overall economic growth.
3. Cleanup Costs: The local government and volunteer groups organize extensive cleanup operations. These efforts, while necessary, incur significant costs for labor, equipment, and waste disposal. If the government allocates $50,000 monthly for these cleanups, it diverts funds that could be used for other public services or infrastructure development.

This example illustrates how marine debris creates a compounding negative effect, impacting multiple economic pillars and demanding costly remedial actions.

Practical Applications

The financial implications of marine debris are increasingly being integrated into various financial and business considerations.

• Investment Strategies: Investors are incorporating Environmental, Social, and Governance (ESG) factors into their investment strategies. Companies with poor records on environmental pollution, including marine debris, may face greater financial risks and reputational damage, making them less attractive to sustainable investors. The shipping industry, for instance, faces increasing pressure to adopt cleaner technologies and practices, driven by evolving ESG agendas and regulations.¹⁵,¹⁴
• Risk Management: Businesses, especially those in maritime transport, fisheries, and coastal tourism, are assessing marine debris as a significant operational and financial risk. This involves evaluating potential liabilities for cleanup, damages, and regulatory fines.¹³ Insurers also offer specialized marine pollution liability coverage to mitigate the financial impact of accidental spills or discharges.¹²,¹¹
• Supply Chain Management: Companies are increasingly scrutinizing their supply chain management to reduce plastic packaging and other potential sources of marine debris. This is driven by consumer demand, regulatory pressures, and a broader commitment to corporate social responsibility (CSR).
• Government and International Finance: International bodies like the World Bank are actively financing projects aimed at preventing and managing marine pollution, including initiatives to improve waste management services and promote circular economy models. The World Bank Group has financed projects worth over $2 billion to improve waste management globally.¹⁰ In 2019, the World Bank published a report specifically calling for urgent action to tackle marine pollution in the Caribbean, highlighting its threat to the region's tourism and fisheries.⁹

Limitations and Criticisms

Despite growing awareness, accurately quantifying the full economic cost of marine debris remains challenging. There are limitations in data collection and the complexity of attributing specific economic losses solely to marine debris, as opposed to other environmental factors or market shifts.

One criticism is the difficulty in calculating the "social cost" of plastic, which would encompass environmental damage, health impacts, and lost ecosystem services, not just direct cleanup or revenue losses. While some researchers estimate a loss of $500 billion to $2.5 trillion per year due to marine plastic pollution's impact on ecosystem services, these broader estimates are complex to verify.⁸

Furthermore, the responsibility for marine debris is diffuse, spanning multiple industries, consumers, and nations. This "tragedy of the commons" aspect makes it difficult to assign and enforce liability or implement effective global solutions. While frameworks exist for specific pollution events like oil spills, where shipowners and their insurers are held liable,⁷,⁶ the vast majority of marine debris, particularly plastics, originates from land-based sources, complicating accountability.⁵ Effective stakeholder engagement across all sectors is crucial for developing and enforcing meaningful interventions.

Marine Debris vs. Plastic Pollution

While often used interchangeably, "marine debris" is a broader term than "plastic pollution."

Marine debris encompasses a wide array of man-made objects, with plastic being a dominant component. Therefore, all plastic pollution found in the ocean is marine debris, but not all marine debris is plastic. Other materials like glass bottles, aluminum cans, or derelict fishing nets made of non-plastic materials also constitute marine debris. The distinction is important for targeted remediation efforts and corporate governance policies, as addressing plastic pollution requires specific strategies for plastic production, use, and disposal.

FAQs

What are the main types of marine debris?

The main types of marine debris include plastics (single-use items like bottles, bags, packaging; fishing gear), metals (cans, machinery parts), glass, rubber (tires, balloons), cloth (clothing, rags), and wood (processed lumber). Plastic, however, makes up the vast majority of marine debris due to its widespread use and slow degradation.

How does marine debris impact the economy?

Marine debris impacts the economy by reducing tourism revenue due to polluted beaches, damaging fishing gear and vessels, affecting commercial catches, and incurring significant cleanup costs for governments and organizations. It also poses risks to shipping through propeller entanglement and navigation hazards. These economic losses can be substantial, affecting local livelihoods and national GDPs.⁴,³

What are the financial costs of cleaning up marine debris?

Cleanup expenses for marine debris are considerable, often amounting to billions of dollars annually worldwide. These costs are borne by governments, non-governmental organizations, and coastal communities. For example, cleanup expenses globally were estimated at over $15 billion annually in 2018.² These figures do not fully account for the indirect costs or long-term environmental damage.

Can investing help address marine debris?

Yes, investing can play a role in addressing marine debris. Sustainable investing, particularly through an ESG (Environmental, Social, and Governance) lens, encourages companies to adopt practices that reduce their environmental footprint, including plastic waste. This can involve investing in companies that promote a circular economy, develop biodegradable materials, or implement advanced waste management technologies.¹