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Reports: Mark Carney warns of market failure in fisheries

Bank of England governor Mark Carney has warned the 'tragedy of the commons' is threatening the sustainability of the world's oceans. 

In an interview with Sky News, Carney warned governments must do more to address the market failure underway in the world's fisheries that could threaten mass extinction of marine life. "It's individually rational behaviour: the cost of having another cow on that on the common pasture - for the individual it's a net benefit but for the group it can lead to overgrazing and net cost," he told the broadcaster.

"The extra fishing trawler in the high seas - again, individual benefit. But for the world: overfishing potential extinction of some fish stocks. So those are market failures."  Carney has been one of the most vocal figures warning of the risks climate change poses to the financial system, cautioning that the "tragedy of the horizon" means money markets are not set up to respond to far-reaching climatic risks. He now seems set to turn his attention to similar resource-based market failures.

More than 30 per cent of the world's fisheries have been pushed beyond their biological limits and are in need of strict management plans to restore them, according to WWF. There are fears that efforts to move to a more sustainable approach to fisheries management could lead to stranded assets - analyst firm Carbon Tracker last year launched a spin-off Fish Tracker initiative to highlight how investors in fisheries-related firms are failing to fully account for the environmental risks they face. 

Meanwhile, campaigners are working to encourage more sustainable investment in global fisheries. Last week the US NGO Environmental Defense Fund (EDF) set out new guidelines for investors looking to scale sustainably managed fisheries and restore abundance to the world's oceans. The Principles for Investment in Sustainable Fisheries, developed in collaboration with Mely Fund and Encourage Capital, include requiring fisheries to meet all national and international fisheries law, to understand the current environmental status of waters, analyse the future environmental risks, and use of transparent sourcing systems to boost traceability throughout the supply chain.

Source: Business Green

Päivitetty/Updated: 12.03.2018




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