The Trillion-Dollar Value of Global Wetlands

Unlocking the Economic Treasure: The Trillion-Dollar Value of Global Wetlands | Triumph IAS

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Unlocking the Economic Treasure: The Trillion-Dollar Value of Global Wetlands

A recent study published in the journal Marine and Freshwater Research reveals that global wetlands have a staggering annual value exceeding US$47 trillion. This estimation, based on 2011 global monetary values of wetland ecosystem services, accounts for 43.5% of the total value of all natural biomes. The study emphasizes that wetlands play a crucial role in providing various services, as defined by the Ramsar Convention on Wetlands, including flood control, groundwater replenishment, storm protection, shoreline stabilization, water purification, tourism, cultural values, and more.

Notably, natural coastal wetlands make up a significant portion of this economic value, even though they constitute only 15% of all natural wetlands. Among coastal wetlands, coral reefs emerge as the primary contributors, delivering an annual value of approximately US$10 trillion, representing 49% of the overall coastal wetland value. This research underscores the substantial economic importance of wetlands and highlights the diverse services they provide to both ecosystems and human societies. 

The state of India’s wetlands

World Wetlands Day is observed annually on February 2, commemorating the adoption of the Convention on Wetlands on February 2, 1971, in Ramsar, Iran. The theme for World Wetlands Day in 2023 is ‘Wetland Restoration‘.

Wetlands are defined as areas where water plays a crucial role in shaping the environment and supporting plant and animal life, either with the water table near the surface or the land covered by water.

The Trillion-Dollar Value of Global WetlandsThere are various types of wetlands, including coastal wetlands, shallow lakes and ponds, marshes, swamps, bogs, and estuaries. India, as of February 2022, has 49 Ramsar sites, covering an extensive area and representing the highest number in South Asia. These Ramsar sites are crucial for the conservation of wetlands, and the list continues to grow with new additions, such as Khijadia Wildlife Sanctuary and Bakhira Wildlife Sanctuary in 2022.

Wetlands serve essential ecological functions, contributing significantly to global fish harvests, supporting biodiversity, storing carbon, acting as natural barriers against floods, and benefiting human and planetary life in various ways. Despite their significance, wetlands face threats from urbanization, agriculture, pollution, climate change, dredging, draining, introduced species, and salinization.

Efforts toward wetland conservation include the Ramsar Convention, with its three pillars focusing on the wise use of wetlands, designation of sites for the Ramsar List, and international cooperation. The Montreux Record is maintained as part of the Ramsar List to monitor changes in ecological character at listed wetland sites. In India, wetlands are regulated under the Wetlands (Conservation and Management) Rules, 2017, involving state-level bodies and a National Wetland Committee.

In conclusion, addressing the challenges faced by wetlands requires an integrated approach to planning, execution, and monitoring. Collaboration among various stakeholders, awareness programs, and continuous monitoring of water quality are crucial steps to safeguard wetlands from further deterioration caused by urbanization, population growth, and other threats.

Reference: Statistics

 

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8. Question: What is the key argument of Gail Omveldt regarding traditional Indian society and multiculturalism?
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10. Question: Identify one consequence of the unequal economic development factor within the context of ethnic movements in India.
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