If our oceans were considered a country, their worth would outshine the likes of Russia and Brazil's economies, according to a new report. The world's oceans are worth $24 trillion and generate $2.5 trillion in goods and services annually, making it technically the seventh-largest economy worldwide, according to the "Reviving the Ocean Economy" report, commissioned by the WWF, this week.

A dense school of brown striped snapper in the Galapagos Islands, Ecuador. © naturepl.com / David Fleetham / WWF

This eye-watering asset value was determined by four components: direct output of resources ($6.9 trillion), productive coastline ($7.8 trillion), trade/transport ($5.2 trillion) and carbon absorption ($4.3 trillion). World Wide Fund for Nature (WWF) admits, however, that this trillion-dollar figure is an "underestimate," as wind energy and offshore oil and gas drilling weren't factored in, due to the difficulty in calculating their exact amounts. So if the oceans are worth so much, this should be good, right? Wrong. With enviable value and precious assets come several threats, and the WWF suggest that with not enough being done it is becoming a "matter of global urgency" for governments to combat the man-made and natural factors impacting the oceans. Read MoreOceans fill with plastic—and it's hard to remove

In light of the report, WWF is calling upon governments and individuals worldwide with eight action proposals, asking those such as the U.K. government to progress the development of marine conservation zones and sustainable goals. Threats impacting the functioning of this system include pollution and destruction of marine habitats, yet one of the most destructive is climate change, which contributes to ocean acidity and impacts how marine animals live.

Fisherman holding fish in his hands, Mafamede, Mozambique. © WWF-US / James Morgan