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34 | BLUE ECONOMY AND BLUE FINANCE

FISHING
Challenges and

opportunities

for a sustainable ocean

Invited by the Monaco Scientific Center, experts in the blue economy

are preparing a report on the conditions for sustainable use of the ocean
to meet the social and environmental challenges of our time.

During the Monaco Ocean Week, the two-day panel They also highlighted the role of mesopelagic fish,
discussion co-organised by Nathalie Hilmi, econo- which make daily vertical migrations at depths of
mist in charge of the "environmental economics" sec- between 200 and 1,000 metres, and the constant
tion at the Monaco Scientific Center, in partnership sequestration of carbon (at a rate of 300 to 2,700
with the MERI Foundation, brought together experts thousand tonnes of carbon per year ). A little-known
1
in natural and social sciences, representatives from insight into the impact of ocean fisheries and overfi-
industry and finance, decision makers and members shing.
of senior government technical bodies. From current
findings to policy recommendations, five issues were Noting that 35% of fisheries are overfished , the ex-
2
examined, providing the basis for the future report, perts are calling for a new attitude towards the ocean,
which will be presented at international conferences centred on a "blue farming revolution" that could
such as COP28 on climate change, COP16 on biodi- launch integrated multi-trophic aquaculture, focus on
versity and the Intergovernmental Conference on Ma- seaweed farming, or endorse a ban on the use of wild
rine Biodiversity beyond Areas of National Jurisdiction fish as feed for farmed fish...
(BBNJ).
In addition, the promotion of zoning and active mana-
gement of marine protected areas, the establishment
1. THE LITTLE-KNOWN EFFECTS of no-bottom trawling zones and the standardisation
OF OVERFISHING of traceability of seafood products are recommended.
Finally, raising public awareness (local populations, fi-
How can we feed a rapidly growing population in the shermen, decision makers, etc.) of the importance of
context of climate change, ecosystem degradation, good fishing practices goes hand in hand with these
economic uncertainty, and growing competition for objectives.
natural resources? Specialists have identified three
effects of overexploitation of fish stocks: it hinders 1. Saba et al., 2021.
the resilience and recovery capacity of a species and 2. FAO, 2019.
poses a considerable threat to the sustainable pro-
vision of crucial ecosystem functions and the proper
functioning of the biological carbon pump.