deeper spending of 0.1 to 0.16 per cent of GDP over the period 2010-2050, to reduce the vessel fleet, relocate employment and better manage stocks to increase catch in the medium and longer term, 27 to 59 per cent higher employment would be achieved, relative to the baseline by 2050. In this same scenario, around 70 per cent of the amount of fish resources in 1970 would be available by 2050 (between 50 million tonnes and 90 million tonnes per year), against a mere 30 per cent under a business-as-usual (BAU) scenario, where no additional stock management activities are assumed.
4. Greening the fisheries sector would increase resource rent from global fisheries
dramatically. Results outlined in this chapter indicate that greening world fisheries could increase resource rents from negative US$ 26 to positive US$ 45 billion a year. In such a scenario, the total value added to the global economy from fishing is estimated at US$ 67 billion a year. Even without accounting for the potential boost to recreational fisheries, multiplier and non-market values that are likely to be realised, the potential benefits of greening fisheries are at least four times the cost of required investment.
5. A number of management tools and funding sources are available that can be used to move the world’s fisheries sector from its current underperforming state to a green sector
that delivers higher benefits. Aside from removing environmentally harmfully subsidies, a range of additional policy and regulatory measures can be adopted to restore the global potential of fisheries. Economic studies generally demonstrate that marine protected areas (MPA), for example, can be beneficial under specific conditions as an investment in the reproductive capacity of fish stocks. Currently, MPAs comprise less than 1 per cent of the world’s oceans. To fully utilise MPAs as a management tool, the 2002 World Summit on Sustainable Development set a target to establish a global network of MPAs covering 10-30 per cent of marine habitats by 2012. This deadline was extended to 2020 and the target lowered to 10 per cent at the CBD meeting in Nagoya, Japan in late 2010.