Turning The Tide For Sustainable Fisheries By Reeling In Investments·
A total of 31.4 percent of global fisheries are being fished at biologically unsustainable levels, according to the Food and Agriculture Organization of the United Nations. However, a 2016 study by Costello and others said the application of sound management reforms to global fisheries will increase biomass by 619 million metric tons relative to a business-as-usual scenario.
One way to enable sustainable fisheries management is to target the activities of small-scale coastal fishing businesses. Given their socioeconomic status, coastal fishing enterprises typically lack the economic independence to be able to completely disengage from unsustainable practices that are in favor of lucrative catch. They also represent 90 percent of the total 30 million fishing businesses globally, according to the FAO. This shows their vital role in the transition toward sustainable fisheries.
It is critical for funding to be channeled into fishing businesses as a way to incentivize a behavioral shift toward sustainable practices. With government resources becoming increasingly constrained as some nations address multiple challenges, there is a greater need to leverage private capital. Despite this need, there is a scarcity of platforms and financial instruments available to channel resources toward fisheries.
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