Measuring the socio-economic importance of high seas

THE BACKGROUND

There is a growing economic and political interest in the exploitation of marine resources in the high seas. Sectors such as fisheries, shipping, and cable laying are operating in this area with already well-established structures. Regulations for other sectors, such as seabed mining, for example, are now being developed.

THE PROJECT

The International Ocean Institute and BirdLife’s aim was to assess the socio-economic importance of the areas beyond national jurisdiction (ABNJ) in the Southeast Atlantic region and to quantify the actual and potential social and economic outcomes (costs and benefits) associated with the conservation and use (exploitation) of marine resources.

FINANCE FOR IMPACT provided a comprehensive cost-benefit analysis of the potential social and economic outcomes associated with the conservation and exploitation of marine resources in areas beyond national jurisdiction. The assessment team applied the ecosystem services concept to characterize socio-economic interests and the importance of biodiversity conservation in high seas.

THE RESULTS

The International Ocean Institute and BirdLife gained valuable evidence for planning policy actions on the high seas. FINANCE FOR IMPACT’s analysis demonstrated that the exploitation of common resources within ABNJ across all industries is dominated by a limited number of states and/or companies. Thus, the socio-economic benefits resulting from the activities in ABNJ remain concentrated in a limited number of stakeholders, while the costs due to reduced ocean health and ecosystem services are borne by the global community.