Global fisheries will lose $10B a year to climate change

Forbes cited a study from UBC’s Institute for the Oceans and Fisheries that revealed how climate change will gut the global fishing industry by $10 billion per year within a few decades.

Vicky Lam, a postdoctoral fellow and the study’s lead author, said developing countries that depend on fisheries for their livelihood will be most impacted.

“It is necessary to implement better marine resource management plans to increase stock resilience to climate change,” she said in a release.

“Climate adaptation programs such as aquaculture development may be seen as a solution,” said co-author and UBC professor William Cheung. “However, rather than easing the financial burden of fishing losses and improving food security, it may drive down the price of seafood, leading to further decreases in fisheries revenues.”