This paper develops an ocean account for Lake Illawarra in New South Wales, Australia, compiling the accounts for the years between 2010 and 2020. The account measures the extent of coastal vegetation (mangrove, tidal marsh, and seagrass), associated ecosystem services flows (climate change mitigation, eutrophication mitigation) in physical and monetary terms, and associated production and employment within sectors of the ocean economy. It establishes the use of ocean accounting as a means to organise relevant ocean data into a common framework, while being grounded in existing international statistical standards for national and environmental economic accounting.
The document provides background on the UK's Blue Planet Fund, related programmes of work, and best practices in environmental-economic accounting related to marine environment development projects.
This report provides an introduction to ocean accounts and identifies various institutional models suited for the inception of accounts.