UK says its seabed is more valuable for environment than oil

SourceThe National
SectorOil & Gas

The UK’s seabed is more valuable as a carbon sink absorbing pollution from industry than as a source of oil and natural gas, official estimates from the government’s Office for National Statistics show. The findings put the value of Britain’s marine “natural capital assets” at £211 billion ($300 billion) and represent an emerging area of research where nations attempt to put a value on the environment. The estimates also probe the benefit the UK gets from “blue carbon,” or the amount of greenhouse gases captured by the ocean and coastal ecosystems. It’s part of a global effort to use financial tools to understand more...