Largest marine oil spill in history of petroleum industry causing immense water pollution, happened on 20 th April, 2010.
Deep water Horizon drilling rig explosion killing 11 platform workers and injured 17 others.
Releasing 4.9 million barrels of crude oil.
Causing extensive damage to marine and wildlife habitats.
Effecting Gulf’s Fishing and Tourism industries.
Heavy clean up cost and damage effecting the economic factor.
BP Spill ( contd.)
Effect on economy due to this water pollution
Total insured losses from accident could reach $ 30 million as of now.
Market value of British Petroleum decreasing from $105 billion to $ 60 billion.
Unemployed oil workers for six months due to moratorium on drilling.
Real Estate prices and transaction in Gulf Of Mexico area has decreased.
Extensive Damage to Marine and Wildlife habitats.
Gulf’s fishing and tourism industry highly effected extensively effecting the economy.
CHINA’S GRAY SMOG
Thick Gray Smog pollution obscures the view of Beijing and nearby and nearby regions.
City’s pollution index reached the highest level on scale.
Air pollution resulting premature deaths and respiratory problems causing health issues.
Acid rain effects 33% of china’s population as per NYT.com.
75% of China’s city dwellers line below the country’s acceptable air quality standard.
GRAY SMOG (contd.)
Economic consequences due air pollution
Annual average economic losses from air pollution is 7.2 billion Yuan.
Losing 6.75 percent of national GNP fighting against air pollution.
Human health losses to 32 percent due to air pollution in China.
Acid rain resulting in approximately 14 billion Yuan of economic losses on annual basis.
Condition of Soil Globally
ECONOMIC EFFECT OF ENVIRONMENTAL DEGRADATION
FRESHWATER POLLUTION BY PHOSPHOROUS AND NITROGEN .
SPENDING $4.3 BILLION ANNUALY ON WATER PURIFICATION BY AMERICANS .
INCREASING WATER BILLS
MORE MONEY SPEND ON TREATMENT FOR WATER PURIFYING.
PRODUCTIVITY IS EFFECTED.
SHORTAGE OF EVIRONMENTAL RESOURCES SUCH AS DECLINE FISHRIES LEADING TO IRREVERSIBLE COMPACTION.
VEHICLES AND INDUSTRIAL ACTIVITIES ARE THE MAIN CAUSES OF AIR POLLUTION EFFECTING PRODUCTIVITY DURING CRITICAL PERIOD OF ENVIRONMENTAL DEGRADATION.
POLLUTION CAUSING ACID RAIN AND REDUCTION OF OXYGEN IN ATMOSPHERE EFFECTING FOREST AND WATER BODIES.
$2.3 BILLION IS BEEN EXPENDED EVERY YEAR BY GOVERNMENT ON AIR POLLUTION.
AGRICULTURAL PRODCTIVITY EFFECTED
DEPLETION OF SOIL INCREASING MALNUTRITION FOR FARMERS.
TILING OF LAND
LOSS OF PRODUCTIVITY LOSS OF TOP SOIL EFFECTING AGRICULTURAL GOODS DUE TO CONSTANT TILING OF THE LAND.
LOSS OF NUTRIENTS FROM RICH TOP SOIL
LOSS OF BIODIVERSITY
DIRECT ECONOMIC VALUE OF PRODUCTS FROM SPECIES.
THE INDIRECT ECONOMIC VALUE OF BENEFIT PRODUCED BY SPECIES.
NUTRIENT RECYCLING IN ECOSYSTEM.
CONCLUSION COUNTRY ENVIRONMENTAL DEGRADATION (% OF GDP) REMARKS CHINA 8% Air and water pollution damages were nearly $54 billion a year or 8% of the GDP in 1995. Some scholars have estimated the burden of environmental pollution at 5% of GDP. Loss due to deforestation alone is a staggering 12%. INDIA 4.5 TO 8% Environmental cost assessment by scholars varies from 4.5% to 5% of GDP due to air pollution, groundwater mining, and deteriorating quality of aquifers, land degradation and deforestation. Annual economic costs of air pollution, contaminated water, soil degradation, and deforestation were estimated to be 8% of GDP by Tata Energy Resource Institute (TERI)
Environmental Kuznet Curve
Use better technology and practices to counter environmental degradation
Better Implementation of Environmental Laws
Cost of Defiance should be more than Cost of Complaince
Transparent practices by Corporation and Public Sector