Fisheries

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Insights

Oceans cover three-quarters of the globe, and a staggering 80% of all life on Earth is found hidden beneath their waves. They also represent an enormous economic opportunity, which is why the “Ocean Economy” is driven by a combination of growing ocean-based industries, jobs and rising incomes as well as concerns about growing pressures on dwindling marine resources and response to climate change.
Oceans cover three-quarters of the globe, and a staggering 80% of all life on Earth is found hidden beneath their waves. They also represent an enormous economic opportunity, which is why the “Ocean Economy” is driven by a combination of growing ocean-based industries, jobs and rising incomes as well as concerns about growing pressures on dwindling marine resources and response to climate change.
Claire Jolly and Barrie Stevens, OECD, discuss the new report 'The Ocean Economy in 2030' that explores the growth prospects for the ocean economy, its capacity for future employment creation and innovation, and its role in addressing global challenges.

Fish and fish products constitute a major source of income, food, employment and recreation in the global economy (FAO, 2014). Fish products are also essential to food security, providing over 3 billion people almost 20 percent of their intake of animal protein. Many fisheries practices are unsustainable, however, due to overcapacity; illegal, unreported and unregulated (IUU) fisheries; and environmentally detrimental subsidies.

Sustainable management of fisheries can support eliminating hunger and malnutrition, ultimately supporting economic growth. A number of reforms and economic investments can be implemented to promote greener growth in fisheries and enable aquaculture to grow sustainably. These include improving fisheries management, curbing IUU fishing, reducing overcapacity, reducing subsidies, incorporating social equity issues into economic planning, raising efficiency of utilizing by-products, and increasing incentives for sustainable aquaculture practices (FAO, 2014). The present value of benefits from greening the fisheries sector is estimated to be approximately 3 to 5 times the value of the necessary investment (FAO, 2012).

Relevance to SDGs

Sustainable Development Goal (SDG) 14 recognizes the role of marine and coastal ecosystems and the need to conserve and promote their sustainable use. SDG 14.4 states the need for regulation on overfishing and 14.6 suggests to eliminate subsidies contributing to illegal and unreported fishing. 

Explore green growth resources related to SDG 14:

SDG 14.4
    Regulation    
   SDG 14.6
     Subsidies     
   SDG 14.7
Small Islands

Best Practices

Global Green Growth Institute (GGGI), Green Growth Best Practice (GGBP)

Projects

Global Green Growth Institute (GGGI)
Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH