Illegal fishing causes billions in losses for developing countries, study finds
According to new research from the Financial Transparency Coalition (FTC).
The study finds that the top 10 companies involved in fishing IUU are responsible for almost a quarter of all reported cases: eight are from China - led by Nasdaq Marine Enterprise Ltd-listed Pingtan - one from Colombia and one from Spain.
Spanish tuna giant Albacora SA emerges as Europe's largest suspected IUU fishing company, according to a report by a coalition of 11 nonprofits.
"Illegal fishing is a massive industry that directly threatens the livelihoods of millions of people around the world, especially [those] who live in poor coastal communities developing countries already affected by the Covid -19 pandemic, the cost of living crisis and the impact of climate change,” said Matti Kohonen, one of the report's authors and executive director of the FTC. p>
More than 90% of the world's fish stocks are fully exploited, overexploited or depleted, according to the UN. IUU fishing is a major driver of destruction of the marine ecosystem and accounts for a fifth of global fisheries catches, worth up to $23.5 billion (£20 billion) a year , the third most lucrative natural resource crime after timber and mining.
Overall, global losses from IUU fishing are estimated at $50 billion (£44 billion), according to a study. ="model.dotcomrendering.pageElements.RichLinkBlockElement" class="dcr-1mfia18"/>
Africa is the most affected continent, losing some $11.2 billion ($9.76 billion pounds sterling) of income per year from IUU fishing while concentrating 48.9% of identified industrial and semi-industrial vessels involved in p practice, according to the FTC report. Of this total, 40% is in West Africa, which has become a global epicenter of IUU fishing.
Elsewhere, Argentina loses between 2 and 3 $.6 billion (£1.74 billion to £3.14 billion) in terms of IUU catch per year, Chile estimates its losses at $397 million (£346 million) and those Indonesia to $4 billion (£3.49 billion) a year, equivalent to the country's annual net rubber exports, he concluded.
IUU fishing accounts for around 20% of global fishing...
According to new research from the Financial Transparency Coalition (FTC).
The study finds that the top 10 companies involved in fishing IUU are responsible for almost a quarter of all reported cases: eight are from China - led by Nasdaq Marine Enterprise Ltd-listed Pingtan - one from Colombia and one from Spain.
Spanish tuna giant Albacora SA emerges as Europe's largest suspected IUU fishing company, according to a report by a coalition of 11 nonprofits.
"Illegal fishing is a massive industry that directly threatens the livelihoods of millions of people around the world, especially [those] who live in poor coastal communities developing countries already affected by the Covid -19 pandemic, the cost of living crisis and the impact of climate change,” said Matti Kohonen, one of the report's authors and executive director of the FTC. p>
More than 90% of the world's fish stocks are fully exploited, overexploited or depleted, according to the UN. IUU fishing is a major driver of destruction of the marine ecosystem and accounts for a fifth of global fisheries catches, worth up to $23.5 billion (£20 billion) a year , the third most lucrative natural resource crime after timber and mining.
Overall, global losses from IUU fishing are estimated at $50 billion (£44 billion), according to a study. ="model.dotcomrendering.pageElements.RichLinkBlockElement" class="dcr-1mfia18"/>
Africa is the most affected continent, losing some $11.2 billion ($9.76 billion pounds sterling) of income per year from IUU fishing while concentrating 48.9% of identified industrial and semi-industrial vessels involved in p practice, according to the FTC report. Of this total, 40% is in West Africa, which has become a global epicenter of IUU fishing.
Elsewhere, Argentina loses between 2 and 3 $.6 billion (£1.74 billion to £3.14 billion) in terms of IUU catch per year, Chile estimates its losses at $397 million (£346 million) and those Indonesia to $4 billion (£3.49 billion) a year, equivalent to the country's annual net rubber exports, he concluded.
IUU fishing accounts for around 20% of global fishing...
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