The world’s oceans are running out of breath. In the past 50 years, we have lost nearly half our coral reefs and mangrove forests and the size of marine populations has halved. A third of global fish stocks are already depleted.

If these trends continue, it is estimated that there will be no stocks left for commercial fishing by 2048 in the Asia-Pacific region alone. By 2050, the oceans might contain more plastic than fish by weight and 90% of coral reefs may be lost.

The “blue economy”, which includes livelihoods and other economic benefits derived from oceans, is estimated at between $3 trillion to $6 trillion per year globally. The oceans contribute significantly to the gross domestic product of many developing countries – as much as 13% in Indonesia and 19% in Viet Nam.

Thirty-four million people in the Asia Pacific region are engaged in commercial fishing. In Southeast Asia alone, the export value of the fish caught in 2015 was $19.5 billion. But the cost of overfishing far exceeds this amount. Overfishing reduced the aggregate net benefit of global fisheries by $83 billion in 2012, with two-thirds of this loss occurring in Asia.