World Bank Report Says Fisheries Reform with Catch Limits Shows Promising Results
SEAFOODNEWS.COM [SeafoodNews] February 14, 2017
The World Bank has released an updated economic report that says poor fisheries management costs more than $80 billion per year in global fishery losses.
The new report, called The Sunken Billions Revisited: Progress and Challenges in Global Marine Fisheries
, confirms what many intuitively know: overexploitation is not a good strategy to manage a renewable natural resource like fish stocks, for steady profits, reliable jobs and long-term growth. For global fisheries as a whole, about $83 billion were foregone in 2012, compared to a more optimal scenario, largely because of overfishing.
The report uses a bio-economic model developed by Professor Ragnar Arnason of the University of Iceland that is an update of a 2009 study published by the World Bank and the FAO, called The Sunken Billions: The Economic Justification for Fisheries Reform. By explicitly quantifying the potential economic benefit forgone in global marine fisheries, The Sunken Billions underscored the urgency of improving marine fisheries governance and generated additional momentum toward restoring overexploited fish stocks.
Since then, the World Bank and partners have worked ...
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