USD8B Needed to 'Green' Global Fisheries, UN Report Says

Some USD8 billion is required each year to rehabilitate and “green” global fisheries, which could boost fish catches and generate USD1.7 trillion in long-term economic returns in the next 40 years, according to a new United Nations report.

A preview of the Green Economy report says funding is needed to limit the excess capacity of the world’s fishing fleets and support alternative livelihoods for workers. It also recommends reforming the management of fisheries by establishing marine protected areas, among others.

The final version of the report, which looks at 11 sectors including agriculture, waste and tourism, will be released later in 2010.

Meanwhile, the U.N. Industrial Development Organization, with financing from Russia, is setting up a fishery training institute in Sierra Leone. Russia committed USD1.5 million to support another UNIDO initiative, which aims to enhance water quality and deal with the adverse effects of industrial activities in the Volga River basin in Europe.

About the author

  • Ma. Rizza Leonzon

    As a former staff writer, Rizza focused mainly on business coverage, including key donors such as the Asian Development Bank and AusAID.

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