Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

Governments Spend $22 Billion on Fisheries Subsidies Harmful to Oceans

Mon 05 Feb 2024 | 12:27 PM

The practice of overfishing, driven by substantial government subsidies, poses a significant threat to our ocean's health and the livelihoods of millions dependent on fish. Governments worldwide are funding the fishing industry to the tune of $22 billion, covering everything from fuel costs to boat construction, inadvertently promoting overfishing. This financial support often benefits the most environmentally harmful fishing methods, such as bottom trawling and deep-sea fishing, which devastate marine ecosystems and deplete fish populations.

A collective of scientists from across the globe is advocating for stringent regulations to eliminate these detrimental subsidies. The protection of oceans through subsidy reform is not just an environmental issue but a critical step towards ensuring food security and equitable access to marine resources.

In a pivotal moment, trade ministers from various countries will convene in Abu Dhabi this month under the World Trade Organization's banner to discuss this matter. An open letter from 36 marine experts has highlighted the necessity for the WTO to establish ambitious guidelines that foster sustainable fishing practices and dismantle harmful financial aids.

The push for change has been ongoing, with a notable appeal made in 2021 through an article in Nature by 300 experts, urging the cessation of these destructive subsidies. After years of stalled discussions, a breakthrough came in June 2022 when the World Trade Organization reached a consensus on fishery subsidies. This agreement, pending ratification, aligns with the United Nations Sustainable Development Goal to eradicate harmful subsidies, representing a leap forward in sustainable fishery management.

The issue at hand transcends environmental preservation, touching on social and economic realms. Predominantly benefiting large-scale operations, these subsidies undermine small, sustainable fishers, exacerbating inequality. The ramifications of overfishing extend to the economic stability and food security of communities worldwide.

The upcoming WTO meeting is a critical juncture for global leaders to commit to actionable measures against these harmful subsidies. The collective effort towards sustainable fishing practices is imperative to protect our oceans, ensure fair resource distribution, and secure fish populations for future generations. The urgency to act is paramount, with the health of our oceans and the welfare of countless individuals hanging in the balance.