The Economist - UK (2022-03-19)

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fromhumanactivities.Therealeconomyisatrisktoo.An

EconomistImpactcasestudyonthecostsofhypoxic“dead

zones”intheGulfofMexico,whicharecausedbyexcessive

nutrientpollution,foundthatshouldtheissueworsenand

contributetoa greatlyreducedfishcatch,Americastandstolose

nearly$838minannualfisheriesrevenues.

Failingtoactnowputsmoreatriskthancanbequantified.A

studyin 2022 concludedthattheworldhasalreadycrossedthe

pointwherechemicalsthreatentheveryecosystems—including

the marineenvironment—uponwhichhumansandotherspecies

depend.Tacklingchemicalpollutionintheoceanrequires

immediate,co-ordinatedaction—fromthechemicalsindustry

itselftogovernments,regulators,investorsandfinanciers,as

well ascivilsocietyandconsumers.

Thus, among the report’s other fi ndings and recommendations are:

Regulators need to enact and enforce stricter rules on

pollution, adopting a more precautionary approach to

chemicals, particularly in Asia, the Middle East and Africa

where much of the growth in chemicals production will

come, and where oversight is limited. The chemicals industry

for decades has been able to externalise its costs—passing

these on to society, often to the poorest and most vulnerable.

Actions by the chemicals sector present the most

compelling opportunity to address marine chemical

pollution. Yet for an industry that is sprawling, capital-

intensive and low-margin, change will be a complex,

expensive and fraught process, and will coincide with the

need to invest in rapid decarbonisation.

Momentum is growing for a circular economy and “green”

chemistry. They provide an opportunity to design high-

performance products that are less toxic and less polluting.

The fi nance and investment communities remain largely

unaware of marine chemical pollution and its risks.

This is a barrier to change, but also an opportunity. Better

information about the risks the chemicals sector faces from

a transition to a zero-pollution ocean will be critical for any

responses by the fi nance sector, with an appreciation of the

early rewards for fi rst movers.

Popular awareness of the danger of marine chemical

pollution is low compared to plastic pollution or climate

change. Building greater awareness is essential. Consumers,

notably, could infl uence progress on marine chemical

pollution through purchasing decisions.

A WAKEUP CALL

Chemicals are essential to everyday life; virtually every process,

product and service of modern life is dependent on them. Yet

chemicals are also poisoning the land, the ocean and human

health. The challenge posed by chemical pollution is global in

scale, and profound. A key goal of The Invisible Wave is to focus

minds on solutions that prevent, reduce and minimise chemical

pollution in the ocean. An aspiration towards zero pollution is

gaining currency. The hope is that more will be achieved if the

goal is seen to be ambitious. The ocean is fundamental to life

on Earth. It is more than possible to prevent chemical pollution

from infl icting irreparable harm on the ecosystem. But failing to

act now has devastating consequences.

For more information, visit

backtoblueinitiative.com

EASTWARDSHIFT

ESTIMATED CHEMICAL POLLUTANTS EMITTED BY HUMAN ACTIVITIES

Millions of tonnes released per year, estimated

ChemicalsindustryshiftstoAsia

CHINA JAPAN

€3.7trn €6.2trn

RESTOFASIA REST OF THE WORLD

Source:GrowthandCompetitiveness, CEFIC (2020)

*Miningwastesinclude overburden and tailings

†Carbon(allsources), eg, chlorofl uorocarbons, carbon tetrachloride

Sources:PureEarth and Green Cross Switzerland, 2016

2019 2030

120,000-220,000

15,000-120,000

36,000-75,000

37,000

17,000

10,000-11,000

5,800

5,000

2,500

Total human

chemical emissions

Mining wastes*

Soil, eroded by farming and land

development

Carbon (all sources)†

Total disposed waste

Total mining output

Forest output

Food output

Manufactured/

synthetic chemicals

Global chemical sales, projected