New research from Allianz Trade says that the economic damage caused by plastic pollution globally is set to reach $434bn by 2050.

In their Sustainable Oceans Report, Allianz says that because of the environmental and biodiversity damage caused by plastic pollution, the economic costs is estimated economic damages of USD197bn by 2030 and USD434bn by 2050. But if plastic production continues to increase without the introduction of mitigation measures, these costs could escalate to USD229bn by 2030 and as much as USD731bn by 2050.

According to the report, the production processes of the energy, industrial and consumer  sectors have the most damaging effects on ocean ecosystems. The United Nations Environment Assembly estimates that because marine pollution impedes maritime commercial activity, it costs some USD13bn yearly. Coastal tourism has become a vital part of the worldwide tourism sector (at least 50% of global tourism, according to UN Tourism) and has shown to be an area with particular promise to promote sustainable growth. But unsightly plastic pollution can deter tourists, lowering tourism-related income and thereby impairing coastal economies.

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