Rebuilding global fisheries would make them five times more valuable while improving ecology, according to a new University of British Columbia study, published today in the online journal PLoS ONE.
Global marine fisheries are currently underperforming, largely due to overfishing. An analysis of global databases finds that resource rent net of subsidies from rebuilt world fisheries could increase from the current negative US$13 billion to positive US$54 billion per year, resulting in a net gain of US$600 to US$1,400 billion in present value over fifty years after rebuilding.
To realize this gain, governments need to implement a rebuilding program at a cost of about US$203 (US$130–US$292) billion in present value. Researchers estimate that it would take just 12 years after rebuilding begins for the benefits to surpass the cost. Even without accounting for the potential boost to recreational fisheries, and ignoring ancillary and non-market values that would likely increase, the potential benefits of rebuilding global fisheries far outweigh the costs.
Credit: Wikipedia/
SeaWiFS
By reducing the size of the global fishing fleet, eliminating harmful government subsidies, and putting in place effective management systems, global fisheries would be worth US$54 billion each year, rather than losing US$13 billion per year.
"Global fisheries are not living up to their economic potential in part because governments keep them afloat by subsidizing unprofitable large scale fishing fleets with taxpayer money," says study lead author Rashid Sumaila, a fisheries economist and director of the UBC Fisheries Centre. "This is like sinking money into a series of small, cosmetic fixes in an old home rather than investing in a complete, well thought-out renovation that boosts the home's value."
Despite the US$130- to US$292-billion price tag for transitioning global fisheries, the study's authors estimate that in just 12 years, the returns would begin to outweigh the costs and the total gains over 50 years would return the investment three- to seven-fold.
"We should be getting more from our fisheries, rather than less," says Sumaila. "If the environmental and sustainability reasons alone can't convince global governments to take action, the financial incentives should."
SeaWiFS map showing the levels of primary production in the world's oceans
By reducing the size of the global fishing fleet, eliminating harmful government subsidies, and putting in place effective management systems, global fisheries would be worth US$54 billion each year, rather than losing US$13 billion per year.
"Global fisheries are not living up to their economic potential in part because governments keep them afloat by subsidizing unprofitable large scale fishing fleets with taxpayer money," says study lead author Rashid Sumaila, a fisheries economist and director of the UBC Fisheries Centre. "This is like sinking money into a series of small, cosmetic fixes in an old home rather than investing in a complete, well thought-out renovation that boosts the home's value."
Despite the US$130- to US$292-billion price tag for transitioning global fisheries, the study's authors estimate that in just 12 years, the returns would begin to outweigh the costs and the total gains over 50 years would return the investment three- to seven-fold.
"We should be getting more from our fisheries, rather than less," says Sumaila. "If the environmental and sustainability reasons alone can't convince global governments to take action, the financial incentives should."
UBC fisheries economist Rashid Sumaila says global fisheries could be worth five times as much if steps were taken to rebuild them.
Photo: Martin Dee, UBC
"This study shows that politicians can no longer use the excuse that rebuilding fisheries is too expensive," says Daniel Pauly, principal investigator of UBC's Sea Around Us Project and a study co-author. "Not only is rebuilding better for the economy, it's better for ecology."
In addition to eliminating harmful subsidies, new policies would need to address poor regulation, particularly on the high seas, and illegal fishing.
The study is available at http://dx.plos.org/10.1371/journal.pone.0040542
Contacts and sources:
'Rashid Sumailar
University of British Columbia
"This study shows that politicians can no longer use the excuse that rebuilding fisheries is too expensive," says Daniel Pauly, principal investigator of UBC's Sea Around Us Project and a study co-author. "Not only is rebuilding better for the economy, it's better for ecology."
In addition to eliminating harmful subsidies, new policies would need to address poor regulation, particularly on the high seas, and illegal fishing.
The study is available at http://dx.plos.org/10.1371/journal.pone.0040542
Contacts and sources:
'Rashid Sumailar
University of British Columbia
No comments:
Post a Comment