Ocean accounts

Australia’s marine and coastal environments contribute to our economy and social wellbeing. Our ocean ecosystems clean and regulate our air and water. They also provide vital habitats and breeding grounds for a rich array of species.

Ocean accounts organise data so we can describe the complex environmental and economic systems present in our oceans. We use them to inform decisions about how we manage our oceans.

Ocean accounts compile information from diverse disciplines on ocean-based attributes and activities, including:

• biodiversity
• carbon
• coral reefs
• tourism
• resource management.

How you can use the ocean accounts

Ocean accounts can help us to make better decisions about how we manage our marine ecosystems and resources. These resources are connected and are shared by all people on our planet.

Ocean accounts can help decision makers in the private and public sectors. It helps them better understand the long-term implications of their decisions.

Ocean accounts can involve:

• tracking the size and changing structure of the ocean economy and the condition of the marine environment
• identifying the jobs and industries which rely on specific ocean ecosystems.

Ocean accounting endorsed by the High Level Panel for a Sustainable Ocean Economy

The WRI Ocean Panel – High level panel for a sustainable ocean economy (Ocean Panel) is an initiative of 16 world leaders who are building momentum for a sustainable ocean economy in which effective protection, sustainable production and equitable prosperity go hand in hand.

As a member of the Ocean Panel, the Australian Government has supported a range of priority actions outlined in the The Agenda – WRI Ocean Panel (see ocean accounting excerpt below).

ACCOUNT FOR THE VALUE OF THE OCEAN

Measurement of progress for the ocean economy is overly focused on production indicators such as contribution to gross domestic product. With current data and technology, it is now possible for all countries to account for the status of the natural wealth of the ocean—the most important measure of progress towards sustainability of the ocean economy. The development and integration of ocean accounts into national accounts can provide a dynamic evidence base that goes beyond a single indicator of production to reflect the full value of the ocean economy.

2030 OUTCOME: Decision-making affecting the ocean reflects the value of and impacts on the ocean’s natural capital.

Priority Actions:

• Develop a complete sequence of national ocean accounts that are actively used to inform decision-making.
• Align international standards for ocean accounting and best practices for implementation as soon as possible to develop and ensure interoperability, harmonisation and coherence of ocean accounts.
• Commit to global partnerships to share best practices and build capacity in national ocean accounting.
• Explore a process to develop a global approach for tracking national performance based on ocean accounts.

The Australian Government has invested $1.1 million over 2 years (commencing 2021-22) to support planning for the roll out of ocean accounting at a national scale. In parallel to this planning, Australia’s first national ocean account is being developed (see account development below). National ocean accounting provides robust measurement of the blue economy and ecosystem services which supports decision-making in relation to the use and management of ocean resources.

Account development