The World’s 25 Largest Lakes, Side by Side
In many parts of the world, you don’t have to look very far to find a lake.
According to satellite data, there are roughly 100 million lakes larger than one hectare (2.47 acres) to be found globally. The largest lakes, which rival the size of entire nations, are more of a rarity.
One might expect the world’s largest lakes to be very alike, but from depth to saline content, their properties can be quite different. As well, the ranking of the world’s largest lakes is far from static, as human activity can turn a massive body of water into a desert within a single generation.
Today’s graphic – created using the fantastic online tool, Slap It On A Map! – uses the Great Lakes region as a point of comparison for the largest 25 lakes, by area. This is particularly useful in comparing the scale of lakes that are located in disparate parts of the globe.
The Greatest Lakes
The largest lake in the world by a long shot is the Caspian Sea – a name that hints at a past when it was contiguous with the ocean around 11 million years ago. This massive saline lake, which is nearly the same size as Japan, borders five countries: Kazakhstan, Russia, Turkmenistan, Azerbaijan, and Iran. An estimated 48 billion barrels of oil lay beneath the surface of the basin.
The five Great Lakes, which run along the Canada–U.S. border, form one of the largest collections of fresh water on Earth. This interconnected series of lakes represents around 20% of the world’s fresh water and the region supports over 100 million people, roughly equal to one-third of the Canada–U.S. population.
Amazingly, a single lake holds as much fresh water as all the Great Lakes combined – Lake Baikal. This rift lake in Siberia has a maximum depth of 5,371ft (1,637m). For comparison, the largest of the Great Lakes (Lake Superior) is only 25% as deep, with a maximum depth of 1,333ft (406m). Lake Baikal is unique in a number of other ways too. It is the world’s oldest, coldest lake, and around 80% of its animal species are endemic (not found anywhere else).
Here’s a full run-down of the top 25 lakes by area:
|Rank||Lake Name||Surface Area||Type||Countries on shoreline|
|1||Caspian Sea||143,000 sq mi|
|2||Superior||31,700 sq mi|
|3||Victoria||26,590 sq mi|
|4||Huron||23,000 sq mi|
|5||Michigan||22,000 sq mi|
|6||Tanganyika||12,600 sq mi|
|7||Baikal||12,200 sq mi|
|8||Great Bear Lake||12,000 sq mi|
|9||Malawi||11,400 sq mi|
|10||Great Slave Lake||10,000 sq mi|
|11||Erie||9,900 sq mi|
|12||Winnipeg||9,465 sq mi|
|13||Ontario||7,320 sq mi|
|14||Ladoga||7,000 sq mi|
|15||Balkhash||6,300 sq mi|
|16||Vostok||4,800 sq mi|
|17||Onega||3,700 sq mi|
|18||Titicaca||3,232 sq mi|
|19||Nicaragua||3,191 sq mi|
|20||Athabasca||3,030 sq mi|
|21||Taymyr||2,700 sq mi|
|22||Turkana||2,473 sq mi|
|23||Reindeer Lake||2,440 sq mi|
|24||Issyk-Kul||2,400 sq mi|
|25||Urmia||2,317 sq mi|
Shrinking out of the rankings
Not far from the world’s largest lake, straddling the border between Kazakhstan and Uzbekistan, lay the sand dunes of the Aralkum Desert. In the not so distant past, this harsh environment was actually the bed of one of the largest lakes in the world – the Aral Sea.
For reasons both climatic and anthropogenic, the Aral Sea began receding in the 1960s. This dramatic change in surface area took the Aral Sea from the fourth largest lake on Earth to not even ranking in the top 50. Researchers note that the size of the lake has fluctuated a lot over history, but through the lens of modern history these recent changes happened rapidly, leaving local economies devastated and former shoreside towns landlocked.
Lake Chad, in Saharan Africa, and Lake Urmia, in Iran, both face similar challenges, shrinking dramatically in recent decades.
How we work to reverse damage and avoid ecosystem collapse in vulnerable lakes will have a big influence on how the top 25 list may look in future years.
MegaMilk: Charting Consolidation in the U.S. Dairy Industry
This graphic charts the American dairy industry’s shift in milk production from small commercial farms to fewer, larger farms.
MegaMilk: Charting the Consolidation of the Dairy Industry
Today’s dairy industry looks very different to how it did just 30 years ago.
Milk production in the U.S. has increased by a whopping 50% over that time frame—yet, the total number of dairy farms has dropped by three-quarters.
Fewer and larger farms now have the lion’s share of all U.S milk cow inventory. While they have the ability to produce more competitively priced dairy products and provide more value to consumers, it is causing financial devastation for small farmers.
The graphic above uses data from the USDA to chart the rapid consolidation of the American dairy industry between 1992 and 2017.
The End of the Small Dairy Farmer?
In the U.S., the dairy industry is one of the fastest consolidating industries in comparison to almost all other agricultural sectors.
Between 1992 and 2017, small commercial farms with 10-99 cows saw an average decline of 70%. These farms accounted for 48.5% share of all U.S. milk cows in 1992. In 2017, that number stood at just 12.2%.
Over time, small farm production has been replaced by that of bigger and more consolidated “megafarms”—a move that can be attributed to the many benefits that scale brings, such as lower costs of production and the potential to compete in the international market.
|Share of U.S. milk cow inventory (by year)|
|1-9 milk cows||0.9%||0.7%||0.6%||0.4%||0.4%||0.4%|
|10-49 milk cows||19.5%||13.8%||9.2%||6.8%||5.9%||3.6%|
|50-99 milk cows||29%||24.5%||19.1%||13.8%||11.1%||8.6%|
|100-199 milk cows||19%||18%||15.4%||12.8%||10.6%||9.4%|
|200-499 milk cows||13.7%||15.3%||14.7%||13.8%||12%||12%|
|500-999 milk cows||8%||10.2%||12.2%||12.5%||11.3%||10.7%|
|>999 milk cows||9.9%||17.5%||28.8%||39.9%||48.7%||55.2%|
The Need For a Survival Strategy
While small dairy farmers simply cannot keep up with larger farms encroaching on their turf, they also have fluctuations in dairy prices to contend with. Milk prices fell in 2018, narrowing the gap between milk prices and feed costs so much that another wave of farm closures ensued.
To make matters worse, many small dairy farmers are close to retirement age, and according to the USDA, exits are more likely if the farm operator is 60 or older.
Despite the hardship facing small dairy farmers, analysts suggest that consumer backlash against large-scale production could present opportunities for small dairy farmers to create premium artisanal products. However, such initiatives would be entirely dependent on the state of the economy and where consumer’s values lie.
The Wider Implications
With milk production shifting to larger farms, a range of both direct and indirect impacts are being felt across the country.
For example, milk production is now predominantly focused in fewer states such as California and Wisconsin, which together accounted for almost 33% of all U.S. milk production in 2018.
In larger farms, the herds are typically confined to tight spaces— rather than grazing in pastures—making animal welfare an issue for many of these farms. Concern over waste contamination and air pollution also brings the environmental sustainability of larger farms into question as they come under more pressure to reduce their impact on the planet.
Looking beyond the production of milk, changing consumer preferences could result in the most transformative effects on both large and small scale dairy farmers.
While rising populations are increasing the demand for dairy, per capita milk consumption declined by 24% between 2000 and 2017 in the United States. Consequently, the largest dairy producer in the country, Dean Foods, filed for bankruptcy in 2019, followed by another major milk producer, Borden Dairy, just two months later.
Experts claim that changing consumer preferences, along with competition from other beverage categories, are responsible for 90% of the total dairy decline.
No Country for Old Farms
The confluence of changing economics and an aging population of farmers has brought the U.S. dairy farming industry to a tipping point, and the near future is likely to bring a fresh wave of dairy farm closures.
I don’t see anything that would give them hope at this point. The best advice I can give to these folks, dairy farmers, is to sell out as fast as you can.
– Joe Schroeder, Farm Aid
As smaller farms continue to disappear from America’s rural landscape, the impacts of consolidation will not only affect dairy farmers, but entire rural communities too.
New Waves: The ESG Megatrend Meets Green Bonds
With ESG investing outperforming benchmarks, could green bonds be next in line? We unpack the megatrend taking hold of the financial world.
New Waves: The ESG Megatrend Meets Green Bonds
It’s clear that sustainable investing has been thrown into the limelight.
Increasingly, investors are seeing both the financial and social imperative for sustainable investing. In particular, the rapid growth of green bonds—a fixed income investment that is designed to raise funds for the climate or environment—is booming.
The above infographic from Raconteur navigates the growing green bond market against the backdrop of the broader ESG (environmental, social, and governance) investing shift.
By the end of 2020, $45 trillion in assets will adhere to sustainable practices, including ESG principles.
Despite the loss of confidence from COVID-19, investors flocked to sustainable-focused funds.In fact, global fund flows hit record levels for Q2 of 2020—surpassing $71 billion.
The fund flows are not without financial warrant. Between April 2015 and April 2019, average returns of socially responsible investments (SRI) outperformed their non-SRI peers. At the same time, 94% of sustainable indices realized stronger returns than their benchmarks between January and March 2020.
The accelerating demand for sustainable investments may seem like old news, but green bonds offer a new avenue.
What Are Green Bonds?
Green bonds raise money for climate and environmental projects, and are issued by governments, corporations, and financial institutions.
Multilateral development banks, which include the European Investment Bank and the World Bank, initially brought them to market in 2007, though they had a slow start. However, in 2019, new issues of green bonds topped $258 billion worldwide—jumping 51% in one year.
Across the green bond market there is a broad spectrum of different debt instruments. These include private placements, covered bonds, and green loans.
Green private placements occur when the sale of bonds are made to private investors, rather than through public offerings. Green covered bonds, on the other hand, are bonds that are backed by a group of assets that are sustainably-focused. Green loans are forms of loans that are meant to finance green projects.
Overall, green bonds can be diversified across a number of different sectors.
The Top Purposes for Green Bonds
What are the top sectors for green bond issuance?
Alternative energy, accounting for over $143 billion in green bonds, outpaces all other sectors by a wide margin. Within four years, renewable energy bond issuance has more than quadrupled.
Meanwhile, green building bonds are garnering attention. These instruments finance the construction of energy efficient buildings. Within the industry, a notable green building certification system is the LEED standard, also internationally recognized. Often, real estate investment trusts (REITs) are involved in issuing green building bonds.
Interestingly, Big Tech is also becoming more active within the green bond landscape. Google’s parent company, Alphabet, has issued a record $5.8 billion in corporate sustainability bonds to fund everything from energy efficiency projects to affordable housing.
The Top 10 Countries for Green Bonds
On a country-by-country level, green bonds are most common in the U.S., China, and France.
|Rank||Country||Green Bond Issuance||2018-2019 Change (Amount)|
|Top 10 Total||$181.8B||49%|
Source: Climate Bonds Initiative
Germany issued its first multi-billion dollar government green bonds in just 2019. One catalyst behind this was the European Central Bank’s announcement that the environment would become a “mission critical” priority going forward.
This may contribute to the fact that both Germany and France saw the biggest change between 2018 and 2019.
Opening the Floodgates
As sustainable investing becomes front and center on the global agenda, questions about its impact on returns have arisen.
During times of both extreme exuberance and market crisis, companies with higher sustainability ratings have outperformed their respective benchmark. However, there is still a long way to go. Even with the record issuance of green bonds in 2019, they make up just 3% of all global bonds issued.
As demand for sustainable investments quickly grows, could it spell a watershed decade ahead for green bonds?
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