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Introduction
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The Great Barrier Reef is a beloved part of Australian and World Heritage, with its history in providing recreation, culture, and food extending for as long as the first human occupation by Aboriginal people in the region over 40,000 years ago. The Reef forms part of the natural capital of Australia, generating social, economic, and environmental value to Australians and the world. Deloitte Access Economics has valued the economic, social, and icon asset value of the Reef at AUD 56 billion, contributing AUD 6.4 billion and over 64,000 jobs to the Australian economy in 2015-2016. 1 However, the Reef is at risk. It faces many localised risks – such as fishing and shipping – as well as regional and climate challenges – such as climate change and the resulting sea level rise, ocean acidification, and ocean pollution. The recent Great Barrier Reef Outlook Report 2019 2 prepared by the Great Barrier Reef Marine Park Authority ( GBRMPA ) has painted a dire picture for the outlook of the Reef as “very poor”, noting that while small scale, local initiatives have been successful, the overall health of the Reef is increasingly challenged by cumulative pressures that are causing the continued deterioration. As an important habitat and World Heritage site, ensuring the long term resilience of the Reef is on the radar of State and Commonwealth governments. This provides a local, national, and international impetus for policy to be
developed around tackling the many challenges faced by the Reef. Such policies may require adaptation or transition by businesses operating in and around the Reef, from changing their practices, to potentially having to transition away from riskier activities. Nonetheless, there are opportunities to be found in building resilient infrastructure and finding ways to sustainably conduct Reef dependant industries such as fishing and tourism, which impacts both humans and the natural environment of the Reef itself. provides opportunities to reimagine management of the Reef to provide a ‘blue economy’. 3 Management of a blue economy requires holistic consideration of energy, tourism, and climate change, carbon sequestration in marine habitats, fisheries, waste management, and marine transport in marine/coastal environments. 4 A blue economy approach views stewardship over the Reef as key to ensuring long term, sustainable opportunities to provide food security, employment, carbon sequestration,andcoastal resilience,aswell as providing employment and participation opportunities for social groups and Reef- dependent economic sectors. CREATING A BLUE ECONOMY Solving these challenges
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Introduction
Climate change impacts on the Reef
Industry opinion: Spotlight on the Resilient Reefs initiative
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Physical risks of climate change on industries around the Reef
Resilience strategies, opportunities and transition risks
Litigation risks for business and government
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Conclusion
Key contacts
1 https://www2.deloitte.com/content/dam/Deloitte/au/Documents/Economics/deloitte-au-economics- great-barrier-reef-230617.pdf 2 http://elibrary.gbrmpa.gov.au/jspui/handle/11017/3474 3 http://thecommonwealth.org/blue-economy 4 https://www.worldbank.org/en/news/infographic/2017/06/06/blue-economy
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