A new World Bank (WB) report has advised for reducing fishing in oceans to generate an additional USD 83 billion each year for the fisheries sector and creating a much-needed revenue stream in developing countries.
Fishing less is also likely to improve global food security as fish stocks are under pressure from pollution, coastal development, and the impacts of climate change.
The WB study shows that reducing the global fishing effort would allow fish stocks to recover from overexploitation and lead to increases in the weight, value and price of fish landed, boosting the profitability of the fisheries sector to USD 86 billion from an estimated USD 3 billion a year.
“This study confirms what we have seen in different countries. Giving the oceans a break pays off”, said Laura Tuck, World Bank Vice President for Sustainable Development.
Tuck said, “Moving towards more sustainable fisheries management, through approaches that are tailored to local conditions, can yield significant benefits for food security, poverty reduction and long-term growth”.
According to the report, the above mentioned moves would also lead to more fish being caught and landed, because stocks would have recovered to healthier levels, thus helping meet growing global demand for seafood and improving food security in many countries around the world.
The bio-economic model used in The Sunken Billions Revisited - developed by Ragnar Arnason, Professor in the Faculty of Economics at the University of Iceland - treats the world's marine fisheries as one large fishery.
It examines the mismatch between the increasingly high level of effort put into fishing and stagnant or even declining fish catches, and calculates the incremental benefits that could be derived from global fisheries reform.
The analysis reveals foregone economic benefits of about USD 83 billion in 2012, compared with what could be generated under the optimal scenario.
This result is not statistically different from the sunken billions estimated for 2004, which were revised from an estimated USD 50 billion in the 2009 study to USD 88 billion in The Sunken Billions Revisited based on improvements in the model, better data, and adjustment to 2012 dollars.
It said that reducing the global fishing effort would allow biological processes to reverse the long term decline in fish stocks in many parts of the world.
About 90 percent of marine fisheries monitored by the Food and Agriculture Organisation (FAO) are fully fished or overfished, up from about 75 percent in 2005.
The World Bank helps countries improve the management of their fisheries, invest in sustainable aquaculture and manage competing pressures on coasts and oceans to improve the livelihoods of coastal communities and put growth on a more sustainable and resilient footing.
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