Protection through policy

For fisheries to diversify and adopt practices that have regenerative outcomes, the economics need to work.

That means making changes to subsidies, taxes, and duties, internationally, to prevent overfishing and damaging fishing practices, and instead reward practices that support ecosystems and seafood stocks.

In June 2022, the World Trade Organization (WTO) adopted the Agreement on Fisheries Subsidies, which prohibits fisheries subsidies that enable harmful practices such as overfishing. At the same time, a voluntary funding mechanism was established, helping WTO members to access support to integrate “fisheries sustainability elements into their fisheries subsidies policies and practices”, as well as strengthening management systems and improving transparency. Policies that empower individual countries to set vital boundaries for the protection of the species in surrounding waters mark an important step forwards.

Changes to policy and regulation in this area also need to work for the people and businesses involved in fishing. A primary challenge associated with rectifying overfishing is illegal, unreported and unregulated (IUU) fishing, with the chief driver of this identified as money and avoidance of duties and taxes. But what if it was more lucrative to fish legally and regeneratively? Global policy has a central role to play in creating the right conditions in which practices that support the regeneration of ocean ecosystems are not only viable but valuable.