Sustainable Tuna Fishing

World Tuna Day, established by the United Nations General Assembly on May 2nd [1], aims to heighten awareness about the importance of tuna, the challenges facing tuna populations, and the economic and social advantages of managing these stocks sustainably. The Food and Agriculture Organization of the United Nations has set an ambitious goal within its Tuna Conservation Project to achieve sustainable tuna fishing by 2027.

 

Prof. Pierre Failler, a researcher from the United Kingdom, has conducted a study [2] examining the correlation between tuna and crude oil prices with his co-authors. In the long term, the focus should be on sustainable crude oil price forecasting to mitigate the impact of tuna price fluctuations. Utilizing monthly data from 2000 to 2020 on WTI crude oil prices and the prices of skipjack and yellowfin tuna, the study employed the time-varying parameter structure vector autoregressive (TVP-VAR) method to analyze the dynamic effects of crude oil price volatility on tuna prices. This research contributes to the existing body of literature on the impact of crude oil prices on various commodities. The findings indicate that the relationship between oil and tuna prices is contingent upon the specific phase of oil price volatility and that global crude oil price shocks can exert immediate and short-term effects on fish markets, particularly during financial crises. For regions heavily dependent on seafood for sustenance and income, where national adaptation measures are limited and may lead to fish stock vulnerability, the study suggests that tuna fishing organizations and the countries and regions in which they operate should consider a variety of long-term planning options for oil price projections. These strategies should include building resilience to future price shocks and implementing mitigation measures to help the industry navigate short-term fluctuations.

 

Another study by Prof. Pierre Failler and his co-authors [3] on investment in the tuna industry of the European Union reveals that the productivity of fishing grounds where European vessels operate off the west coast of Africa is on the decline. Profitability is decreasing for both European-flagged ships and those with national flags closely aligned with European interests. Consequently, these investors are seeking to expand their fishing areas, which could incur additional costs when landing at distant ports, as some closer ports cannot handle landings. The study documents and analyzes the significant challenges faced by all fisheries and underscores the diverse strategies preferred by investors as the industry becomes more competitive and productive. The Sustainable Fisheries Partnership Agreement (SFPA) is central to this survey, aiming to establish a transparent and clear framework for operations in these regions.

 

Given that over 7 million tonnes of tuna and tuna-like species are caught globally each year, it is imperative to acknowledge the significance of tuna resources for global sustainable development, food security, economic growth, and livelihoods. We encourage an increasing number of practitioners and researchers to offer practical measures and recommendations for sustainable tuna fishing from diverse perspectives.

 

Author Bio:

Prof. Pierre Failler works at the Economics in the Faculty of Business and Law and the Director of the Centre for Blue Governance in UK.

 

He specializes in development economics, particularly environmental or ecological economics. I explore the interfaces between the use of natural resources and the development of countries. His particular area of expertise is the 'Blue Economy' — the sustainable use of oceans and coastlines for economic growth while preserving the health of ecosystems.

 

He investigates how developing countries can benefit from the use of natural resources in a sustainable way, and, importantly, how to place a monetary value on the protection of the natural environment. His research helps countries to develop sustainably. It informs the implementation of policies that favor environmental protection while providing economic and social benefits.

 

He coordinates complex research projects with multidisciplinary teams in Europe, Africa, Asia, the Caribbean, and the Pacific region, working in collaboration with national research institutions, universities, and policy makers.

 

Interests:

Prof. Pierre Failler's core research interest is the governance of oceans and coasts in the context of global changes. His researches cover:

  1) Economic development

  2) Blue governance

  3) Blue carbon market

  4) Marine resource economics

  5) Trade and food security

  6) Blue Governance

  7) Payment for marine ecosystem services

 

References:

1. World Tuna Day 2 May. United Nations. https://www.un.org/en/observances/tuna-day

2. Failler P, Zheng Y, Liu Y, et al. Time-varying effects of crude oil price fluctuations on tuna fish prices. Sustainable Economies. 2024; 2(3): 103. https://doi.org/10.62617/se.v2i3.103 

3. Failler P, Touron-Gardic G, Hansen JA, et al. Tuna: Investigations of value addition and potential EU investments in tuna fisheries in Africa. Sustainable Economies. 2024; 2(2): 107. doi: 10.62617/se.v2i2.107.