In 1952, Harry Markowitz, an economist, introduced the Modern Portfolio Theory (MPT). The MPT is a mathematical framework for constructing a portfolio of assets in such a way that the anticipated return for a given amount of risk is maximised. His theory won him the Nobel Memorial Prize in Economic Science. Now, the theory is helping save coral reefs around the world.
If you’ve ever had an opportunity to Scuba dive, you would know that the world under the ocean is stunning. It is a repository of rich biodiversity–flora and fauna. One can also see coral reefs on the ocean floor.
Coral reefs reflect the health of the ocean floor. Though they span only 0.2 per cent of the ocean’s surface, they are home to more than a quarter of all the marine animals. Their health and presence support millions of people. But recent reports suggest that coral reefs are dying and disappearing quickly. About 14 per cent of the world’s coral reefs had been destroyed in less than a decade, according to a study reported by The Guardian. The primary reason for such large-scale decimation of coral reefs: bleaching caused by the rising sea-surface temperatures.
The extreme emission cuts to restrict global warming to 1.5 degrees Celsius over pre-industrial levels, a pledge made during the Paris agreement, would entail almost half of global CO2 emissions from 2010 by 2030. And yet, 70 per cent to 90 per cent of today’s corals would die.
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