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Ussif Rashid Sumaila Fisheries Economics Research Unit Fisheries Centre

Achieving Sustainable Fisheries The Economic Dimension. Ussif Rashid Sumaila Fisheries Economics Research Unit Fisheries Centre University of British Columbia r.sumaila@fisheries.ubc.ca. UNEP Workshop on Subsidies and Sustainable Fisheries Management, Geneva, 26-27 April, 2004.

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Ussif Rashid Sumaila Fisheries Economics Research Unit Fisheries Centre

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  1. Achieving Sustainable Fisheries The Economic Dimension Ussif Rashid Sumaila Fisheries Economics Research Unit Fisheries Centre University of British Columbia r.sumaila@fisheries.ubc.ca UNEP Workshop on Subsidies and Sustainable Fisheries Management, Geneva, 26-27 April, 2004

  2. Outline of talk • Are fisheries sustainably managed? NO!!! • Some reasons for the lack of sustainability; • Concluding remarks.

  3. Analysis of FAO's global fisheries catch data set (1951-1998).Shows that there is a steady erosion of oceanic fisheries worldwide. Analysis by R. Froese, IfM, Kiel, Germany

  4. Some economic reasons for the lack of sustainability in fisheries • Open access; • Subsidies; • Increasing trade in the face of bad management; • Problems related to IUU fishing; • Short-sightedness in the valuation of fishery benefits.

  5. Short-sightedness in valuation “Egoism is the law of perspectives as it applies to feelings, according to which what is closest to us appears to be large and weighty, while size and weight decrease with our distance from things” - by Friedrich Nietzche (1844-1900). Discounting in economics Future benefits from today’s time perspective Value Present Future Results in the urge to frontload fisheries benefits

  6. Flow of 1 unit of benefit in current and discounted value (7% d.r.)

  7. NPV accruing to each of 5 generations of fishers within 100 yrs

  8. NPV accruing to each of 5 generations within 100 yrs

  9. Inter-generational discounting • This idea has been developed further in the following publications: • Sumaila (2001); • Sumaila and Buchary (under review); • Sumaila and Walters (in press); • Ainsworth and Sumaila (under review).

  10. Concluding remarks • From these papers • dealing with the problems of open access, subsidies, IUU fishing, etc., will improve the current situation of global fisheries;

  11. Concluding remarks • BUTthis will not be enough • We also need to deal with the urge to frontload fisheries benefits by: • Counting fisheries benefits to future generations from their time perspective; • Assigning property rights to fisheries resources to all generations.

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