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Weekly Overview: Climate Change May Lead to $10 billion in Losses for Fishing Industry

Sustainability Economics Politics +3 more

ANALYSIS - Global fisheries stand to lose approximately $10 billion of their annual revenue by 2050 if climate change continues unchecked, according to a new study from the University of British Columbia, Canada.

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Climate change impacts such as rising temperatures and changes in ocean salinity, acidity and oxygen levels are expected to result in decreased catches.

"Developing countries most dependent on fisheries for food and revenue will be hardest hit," said Vicky Lam, a postdoctoral fellow at UBC's Institute for the Oceans and Fisheries, and the study's lead author.

"It is necessary to implement better marine resource management plans to increase stock resilience to climate change."

While many communities are considering aquaculture as a solution to ease the financial burden of fishing losses and improve food security under climate change, the study found it may actually drive down the price of seafood, exacerbating the negative impact on revenues.

In other news, the Canadian government is investing C$94 million into a world-leading international institute for ocean science that will foster innovations related to sustainable fisheries and aquaculture.

The Ocean Frontier Institute (OFI) will be one of the world's most significant international ocean science collaborations providing scientific, technological and human capacity to advance Canada's ocean research leadership.

Research will also foster innovations related to sustainable fisheries and aquaculture to support the transformation of those industries.