G20 plays an important role in ensuring a sustainable ocean economy
Nusa Dua, Bali (ANTARA) - G20 members should contribute to maintaining ocean assets, which are worth US$24 trillion, to support the economy and people's sustainability, Coordinating Minister for Maritime Affairs and Investment Luhut Binsar Pandjaitan has said.

"G20 plays an important role in ensuring a sustainable ocean economy," he noted during the Indonesian G20 Presidency’s “Tri Hita Karana (THK): Ocean 20” event here on Monday.

G20 is a multilateral cooperation group that comprises 19 countries and the European Union (EU). Indonesia is hosting the G20 Summit in Bali on November 15 and 16 this year.

The derived service value from the US$24 trillion in ocean assets is projected to be US$2.5 trillion per year or US$1.5 trillion, if non-market benefits are excluded.

These values are equivalent to three to five percent of the global gross domestic product (GDP), thus ocean sustainability needs to be protected.

However, the ocean's potential for economic growth has reduced currently and has tended to decline due to overfishing as well as ecosystem destruction.

In addition, seabed mining activities, offshore industries such as oil and gas extraction, as well as pollution have also reduced ocean potential.

To this end, members of the G20 can play an important role in maintaining the ocean economy, Pandjaitan noted.

This is because the grouping comprises 20 of the largest economies who account for 45 percent of the global coastline as well as 21 percent of the exclusive economic zone.

G20 members have an important role in protecting the ocean ecosystem, including restoring its value and ensuring its sustainability for the long term, which cannot be denied.

This is an extraordinary opportunity to handle many priorities on the G20 agenda, the minister remarked.

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Translator: Astrid F H, Fadhli Ruhman
Editor: Sri Haryati
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