1. Ussif Rashid Sumaila Fisheries Economics Research Unit Fisheries Centre University of British Columbia r.sumaila@fisheries.ubc.ca Achieving Sustainable Fisheries The Economic Dimension UNEP Workshop on Subsidies and Sustainable Fisheries Management, Geneva, 26-27 April, 2004

2. Outline of talk Are fisheries sustainably managed? NO!!! Some reasons for the lack of sustainability; Concluding remarks. Are fisheries sustainably managed? NO!!! Some reasons for the lack of sustainability; Concluding remarks.

3. Analysis of FAO's global fisheries catch data set (1951-1998). Shows that there is a steady erosion of oceanic fisheries worldwide. Analysis by R. Froese, IfM, Kiel, Germany

4. Some economic reasons for the lack of sustainability in fisheries  Open access;  Subsidies;  Increasing trade in the face of bad management;  Problems related to IUU fishing;  Short-sightedness in the valuation of fishery benefits.  Open access;  Subsidies;  Increasing trade in the face of bad management;  Problems related to IUU fishing;  Short-sightedness in the valuation of fishery benefits.

5. Short-sightedness in valuation PresentFuture Future benefits from today’s time perspective Value “Egoism is the law of perspectives as it applies to feelings, according to which what is closest to us appears to be large and weighty, while size and weight decrease with our distance from things” - by Friedrich Nietzche (1844-1900). Discounting in economics Results in the urge to frontload fisheries benefits

6. Flow of 1 unit of benefit in current and discounted value (7% d.r.)

7. NPV accruing to each of 5 generations of fishers within 100 yrs

8. NPV accruing to each of 5 generations within 100 yrs

9. Inter-generational discounting This idea has been developed further in the following publications: –Sumaila (2001); –Sumaila and Buchary (under review); –Sumaila and Walters (in press); –Ainsworth and Sumaila (under review). This idea has been developed further in the following publications: –Sumaila (2001); –Sumaila and Buchary (under review); –Sumaila and Walters (in press); –Ainsworth and Sumaila (under review).

10. Concluding remarks From these papers –dealing with the problems of open access, subsidies, IUU fishing, etc., will improve the current situation of global fisheries; From these papers –dealing with the problems of open access, subsidies, IUU fishing, etc., will improve the current situation of global fisheries;

11. Concluding remarks BUT this will not be enough We also need to deal with the urge to frontload fisheries benefits by: –Counting fisheries benefits to future generations from their time perspective; –Assigning property rights to fisheries resources to all generations. BUT this will not be enough We also need to deal with the urge to frontload fisheries benefits by: –Counting fisheries benefits to future generations from their time perspective; –Assigning property rights to fisheries resources to all generations.