Model Answer
0 min readIntroduction
Marine resources encompass the biological, mineral, and energy resources found in oceans and seas. These resources are not merely ecological assets but are fundamentally intertwined with global economic systems. As of 2022, the ocean economy was estimated to contribute over $1.5 trillion to global GDP (OECD, 2022 - knowledge cutoff). From providing food security through fisheries to facilitating international trade via shipping routes, and increasingly, offering renewable energy solutions, marine resources are economically vital. This answer will explore the diverse economic contributions of marine resources, illustrating their significance with relevant examples.
Fisheries and Aquaculture
The most direct economic benefit from marine resources comes from fisheries and aquaculture. Globally, over 3 billion people rely on fish as a primary source of protein.
- Food Security: Fisheries provide livelihoods for millions, particularly in developing countries. Countries like Iceland and Norway have built substantial economies around sustainable fisheries management.
- Employment: The fishing industry, including processing and distribution, employs a significant portion of the population in coastal regions.
- Trade: Fish and seafood are major export commodities for many nations, generating substantial foreign exchange. Thailand is a major exporter of seafood.
Marine Tourism
Coastal and marine tourism is a rapidly growing sector, contributing significantly to the economies of many nations.
- Recreational Activities: Activities like scuba diving, snorkeling, sailing, and beach tourism generate revenue for local businesses and governments. The Caribbean islands heavily rely on marine tourism.
- Ecotourism: Marine protected areas and whale watching tours attract tourists interested in experiencing marine biodiversity. Australia’s Great Barrier Reef is a prime example.
- Coastal Development: Tourism drives investment in coastal infrastructure, including hotels, resorts, and transportation networks.
Energy Resources
The ocean holds immense potential for renewable energy generation.
- Offshore Wind Energy: Countries like the UK, Denmark, and Germany are leading the way in developing offshore wind farms, harnessing the strong and consistent winds over the sea.
- Tidal Energy: Harnessing the energy of tides is a promising, though still developing, technology. France has the world’s oldest and largest tidal power plant at La Rance.
- Wave Energy: Wave energy converters are being developed to capture the energy of ocean waves. Portugal has been a pioneer in wave energy research.
- Oil and Gas: While facing increasing scrutiny, offshore oil and gas extraction remains a significant contributor to the energy supply of many countries, including Brazil and Saudi Arabia.
Mineral Resources
The seabed contains valuable mineral resources, though their extraction poses environmental challenges.
- Nodules: Polymetallic nodules, found on the deep seabed, contain manganese, nickel, copper, and cobalt – crucial for modern technologies.
- Sulfide Deposits: Hydrothermal vents harbor sulfide deposits rich in valuable metals.
- Cobalt-rich Crusts: Found on seamounts, these crusts are a source of cobalt, used in batteries.
Deep-sea mining is still in its early stages, but the International Seabed Authority (ISA) regulates exploration and potential exploitation.
Shipping and Transportation
The ocean is the primary highway for international trade, with over 80% of global trade volume transported by sea (UNCTAD, 2019 - knowledge cutoff).
- Ports and Logistics: Major ports like Singapore, Rotterdam, and Shanghai are crucial hubs for global trade and logistics.
- Shipping Industry: The shipping industry provides employment and generates revenue for ship owners, operators, and related services.
| Sector | Economic Contribution | Example |
|---|---|---|
| Fisheries | Food security, employment, trade | Iceland's cod fisheries |
| Tourism | Revenue generation, infrastructure development | Great Barrier Reef, Australia |
| Energy | Renewable energy, fossil fuels | Offshore wind farms in the UK |
| Mineral Resources | Supply of critical metals | Polymetallic nodules in the Clarion-Clipperton Zone |
Conclusion
Marine resources are undeniably economically significant, contributing to diverse sectors and supporting livelihoods globally. However, their sustainable utilization is paramount. Overfishing, pollution, climate change, and unsustainable extraction practices pose serious threats. Effective governance, international cooperation, and investment in sustainable technologies are crucial to ensure that future generations can benefit from the economic opportunities offered by the ocean while preserving its ecological integrity. A balanced approach that prioritizes both economic development and environmental protection is essential for long-term sustainability.
Answer Length
This is a comprehensive model answer for learning purposes and may exceed the word limit. In the exam, always adhere to the prescribed word count.