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#Sustainability #Conservation
Mongabay
Mongabay
1w ago 19 views

Global treaty to end subsidies for destructive fishing takes effect

A global treaty to eliminate harmful fishing subsidies took effect on September 15, marking a significant step in environmental sustainability by the WTO.
Global treaty to end subsidies for destructive fishing takes effect
A What happened
On September 15, a landmark treaty to curb harmful fishing subsidies took effect, marking the first environmental sustainability agreement approved by the World Trade Organization (WTO) in its history. The treaty, called Fish One, was ratified by 111 countries, surpassing the two-thirds majority needed among the WTO's 166 members. It aims to eliminate approximately $22 billion in government subsidies that contribute to overfishing and illegal fishing practices. The treaty bans subsidies for illegal, unreported, and unregulated (IUU) fishing and prohibits support for overfished stocks and fishing in international waters. Despite its significance, concerns have been raised about potential inequities, particularly for small-scale fishers in poorer nations who may be unfairly classified under IUU due to lack of formal reporting. To address this, the WTO established a Fish Fund to help these nations develop necessary data collection and management systems. The treaty's effectiveness hinges on the successful negotiation of its second part, Fish Two, within four years.

Key insights

  • 1

    WTO's First Environmental Agreement

    The treaty marks a historic approval by the WTO for environmental sustainability.

  • 2

    Significant Subsidy Reduction

    It aims to eliminate $22 billion in harmful fishing subsidies.

  • 3

    Support for Poorer Nations

    The Fish Fund will assist poorer countries in compliance with the treaty.

  • 4

    Concerns Over Inequity

    There are worries about unfair classifications affecting small-scale fishers.

Takeaways

The treaty represents a crucial step towards sustainable fishing practices globally.