Roughly 65 percent of global public spending on fisheries supports activities that could promote overfishing and illegal fishing, according to findings from the Organisation for Economic Co-operation and Development.
In a new comprehensive review of government fisheries investment across 41 countries, the global trade organization called on leaders to shift public funding away from expanding fishing fleets and maximizing fish yields in favor of sustainable fishing practices and policies.
“Sound fisheries and aquaculture management, including through policies tackling illegal, unreported and unregulated fishing, are fundamental for protecting local livelihoods, global food security and ocean ecosystems,” OECD Secretary-General Mathias Cormann said in a statement. “Better targeted fisheries support and better management are essential to improving the profitability and resilience of the sector.”
Among its recommendations, OECD said leaders should redirect public funds “currently allocated to subsidizing fuel and the construction, acquisition and operation of vessels” toward assessing the status of fish stocks, enforcing domestic and international fishing laws and providing financial support for fishing communities harmed by disasters like marine heat waves, according to a news release. Experts further noted that government investment in stronger fisheries management and monitoring “can also be a powerful tool to eradicate illegal fishing, which undermines the resilience of the sector” and improve economic well-being of fishermen.
