Seagrass meadows once wrapped Australia's coastline providing sanctuary and food for dugongs and turtles, habitats for fish to breed and myriad other ecosystem services such as nutrient recycling and sediment stabilisation.
Atmospheric carbon dioxide levels are now so high they risk damaging our ecological life-support systems and seagrass could play a vital role in helping reverse the earth's dangerous warming trend, said University of Technology, Sydney (UTS) scientist, Dr Peter Macreadie.
"What seagrasses are doing is not complex. They are simply capturing and storing carbon through photosynthesis and by trapping particles in the water column. This process - known as biosequestration - is what created fossil fuels in the first place," he said.
The ability of seagrass to absorb CO2 could be worth as much as USD 45 billion, based on the current carbon price of about USD 23 per tonne, Macreadie said.
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It is a compelling reason to protect seagrass meadows around the world, which are under threat from coastal development and nutrient runoff. New South Wales alone has lost 50 per cent of its seagrass, he said.
"The vast majority of carbon in seagrass meadows is actually stored in the sediment and can remain there for thousands of years," Macreadie said.
"The danger is that by destroying seagrass not only are we pulling less carbon out of the atmosphere, there is a risk that millennia-old carbon stocks could be released back into the environment.