Towards a green economy Key messages 1. The world’s marine fisheries are socially and economically vital, providing animal protein
and supporting food security to over 1 billion people. An estimated half of these people live in close proximity to coral reefs, relying on them not just for fish, but also for livelihoods – from small-scale fishing to tourism. Currently, the world’s fisheries deliver annual profits of about US$ 8 billion to fishing enterprises worldwide and support 170 million jobs, directly and indirectly, providing some US$ 35 billion in household income a year. When the total direct, indirect and induced economic effects arising from marine fish populations in the world economy are accounted for, the contribution of the sector to global economic output amounts to some US$ 235 billion per year.
2. Global marine fisheries are currently underperforming in both economic and social terms. Society at large receives negative US$ 26 billion a year from fishing, when the total cost of fishing (US$ 90 billion) and non-fuel subsidies (US$ 21 billion) are deducted from the total revenues of US$ 85 billion that fishing generates. This negative US$ 26 billion corresponds roughly to the estimated US$ 27 billion in subsidies a year (including US$ 21 billion in non-fuel subsidies), the latter of which contributes directly to over-fishing and depletion of fish stocks.
3. Investing to achieve sustainable levels of fishing will secure a vital stream of income in the
long run. Greening the sector requires reorienting public spending to strengthen fisheries management, and finance a reduction of excess capacity through de-commissioning vessels and equitably relocating employment in the short-term. Thus, measures to green the sector will contribute to replenishing overfished and depleted fish stocks. A single investment of US$ 100-300 billion would reduce excessive capacity. In addition, it should result in an increase in fisheries catch from the current 80 million tonnes a year to 90 million tonnes in 2050, despite a drop in the next decade as fish stocks recover. The present value of benefits from greening the fishing sector is about 3 to 5 times the necessary additional costs. In a scenario of larger and