Attaching a monetary value to the deep-sea is problematic for
several reasons: the limited knowledge of deep-sea ecosystems and
the goods and services they provide, the complexity of the
ecological processes as well as the broad time- and space-scales
over which they operate, the nature of deep-sea ecosystems,
especially those with significant option-use values for which it is
difficult to derive a monetary value, and the fact that people have
practically no first-hand experience of deep-sea ecosystems, so
valuation methods based on preferences are likely to be biased or
irrelevant (van den Hove, 2007).
While there are unlikely to be any direct socio-economic impacts
arising from the ecosystem changes discussed here, the deep sea
provides a number of important ecosystem functions which may alter
in response to climate change. In particular, the deep sea plays an
important role in the global carbon cycle, and mediates the removal
of carbon from the global carbon cycle into the geological record.
The deep-sea also provides a range of ecosystem goods and services
(i.e. human benefits directly or indirectly derived from ecosystem
functions). Maintenance of biodiversity is thought to be essential
to ecosystem stability, so that loss of species may detrimentally
influence ecosystem function, and therefore the provision of goods
and services (van den Hove, 2007).
Certain components of the Total Economic Value of the deep seas
such as oil and gas extracted or fish harvested are relatively
straightforward to value through market prices. However, the
majority of deep-water biotic resources have slow growth rates such
that their exploitation is much like that of abiotic resources;
that is, they should be considered as non-renewable. Climate-driven
changes in the deep sea of Region 8 are likely to affect
commercially-exploited demersal fish species such as orange roughy
(Hoplostethus atlanticus), roundnose grenadier
(Coryphaenoides rupestris) and deep-water sharks. This is
the only living resource currently exploited in the UK's deep sea.
Stocks of these fish species have been massively depleted by
unsustainable levels of trawling (Gordon, 2003; Bailey et
al., 2009). Current fishing pressure is much reduced, with
populations possibly stabilizing at much reduced levels (Neat &
Burns, 2010).