How much would it cost to buy the ocean? - Astrid J. Hsu

Surveying his vast domain, trident heavy in hand, Poseidon considers the prospect of retirement. What if someone else donned the coral crown so he could spend his immortality harmonizing with blue whales and cozying up to hydrothermal vents? Poseidon decides he needs to actually prioritize himself for once. So he summons his accountant and asks: how much could he sell the ocean for today?

Poseidon’s accountant is the top-ranked financial analyst to the world’s movers and shakers, its literal titans of industry. He handles all divine assets. When it comes to boiling complex systems of intrinsic value down to monetary sums, he’s the guy. And he’s actually got a potential buyer: Hades is interested in building his real estate portfolio and expanding his domain into the marine realm. So, the accountant already appraised the ocean’s market value and prepared a quick presentation.

"The property covers over 70% of Earth’s surface. But it’s also quite voluminous!" Poseidon knows this. He does annual Mariana Trench swims with sea cucumbers. But before he even gets to his best giant squid story, the accountant is back at analysis. "Marine shipping alone accounts for 80% of global trade, generating over $14 trillion annually. The global fishing industry provides over 3 billion people with a significant amount of their dietary protein, employs an estimated 260 million, and generates about $163 billion every year. And oil and budding seabed mining industries generate around $245 billion per year."

"Some of the ocean’s assets are harder to quantify monetarily. The ocean absorbs around 30% of human generated carbon dioxide, and, since 1955, has taken in more than 90% of excess heat. About 40% of humanity lives within 100 kilometers of the ocean. Coastal ecosystems buffer waves, reduce erosion, and ease flooding, preventing over $716 billion in damages annually. Many cultures have deep ties to the ocean. And coastal views and recreation improve mental health. Meanwhile, it's estimated that as-yet undiscovered marine-derived cancer treatments could save countless lives and be worth up to $5.7 trillion. The ocean generates half the planet’s oxygen and, directly or indirectly, provides food, energy, and minerals to all life on Earth."

A salty tear cascades down Poseidon’s face that the accountant ignores. He can’t give the total cost yet because, of course, recent developments must be factored in. "Climate change is heating, acidifying, and deoxygenating the ocean, and trash is polluting it. Overfishing and aggressive seabed resource extraction are disrupting fragile ecosystems and impacting the ocean’s productivity." The accountant says, "Sigh, buddy, you shouldn’t worry, though, because we can grow the ocean’s investment value. Coral reef tourism already yields approximately $36 billion annually. Considering the revenue of popular dive sites and their regional shark populations and lifespans, researchers estimate that one shark can generate almost $2 million in its lifetime— making them much more valuable alive than dead. Sustainable management of fisheries could allow species to rebound and bring in an additional $83 billion annually. And with growth in offshore wind, tidal, and wave energy harvesting, the ocean is poised to help humanity quit fossil fuels."

Now the grand reveal. The accountant's conclusions are similar to those of mortal experts: the ocean alone is worth roughly $24 trillion— at least— about a quarter of the World Bank’s valuation of the global economy in 2021. But if humanity reinvests in the ocean's health— fishing sustainably, decarbonizing shipping, scaling offshore wind farms, and conserving and restoring mangroves— investments could return up to 600% in profits.

Poseidon feels the weight of his folly crushing him like a Styrofoam cup 2,000 meters deep. Reducing such a priceless, generously life-giving natural system to a number is just another symptom of the greatest problems he’s facing nowadays. And though he respects the work his brother, Hades, does, he doesn't want the ocean to become an extension of the Underworld. He can’t give it up. Poseidon asks forgiveness and reaffirms his eternal vow to protect the ocean. It’ll take him a few tidal cycles to realize Hades and the accountant were bluffing and see what this really was: a much-needed intervention by a duo of deities who cared deeply about him— and the world.