The Broken Economics of the Oceans
Wendover Productions・23 minutes read
New Guinea's geography impacts fishing industries in Indonesia and Australia, with China's fishing fleet contributing to overfishing globally and illegal practices in various waters. Efforts to regulate deep-sea mining and manage marine resources face challenges, including differing opinions among International Seabed Authority members and the recent Biodiversity Beyond National Jurisdiction Treaty not addressing deep-sea mining, raising concerns about enforcement and impact.
Insights
- Indonesian fishing industry out-competes Australia due to lower costs, leading to majority fishing in Indonesia's exclusive economic zone, while Australia's North has a sparse population and small fishing industry compared to Indonesia.
- Chinese distant water fleets, the largest globally, engage in overfishing and illegal practices in Indonesian and other waters, impacting fish populations and local economies, with Chinese fleets found fishing illegally in North Korean waters, disregarding international sanctions and exploiting loopholes to avoid detection and accountability.
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Recent questions
What is the impact of Chinese fishing fleets on global waters?
Chinese fleets overfish, deplete stocks, and exploit loopholes.
How does the fishing industry in Indonesia compare to Australia?
Indonesia's industry out-competes Australia due to lower costs.
What are the environmental concerns associated with deep-sea mining?
Deep-sea mining poses habitat destruction and carbon release risks.
What challenges does the International Seabed Authority face in regulating deep-sea mining?
The ISA lacks existing regulations, leading to potential legal conflicts.
What is the purpose of the Biodiversity Beyond National Jurisdiction Treaty?
The treaty aims to manage marine genetic resources and protected areas.
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Summary
00:00
Impact of Fishing and Mining in Oceans
- New Guinea is divided by borders between Papua New Guinea and Indonesia, with the Central Cordillera range running horizontally, producing snow near the equator that feeds rivers and coastal mangrove forests.
- The Arafura Sea, shared by Indonesia and Australia, is a productive fishery, with Australia's North having a sparse population and small fishing industry compared to Indonesia.
- Indonesia's fishing industry out-competes Australia due to lower costs, leading to the majority of fishing in Indonesia's exclusive economic zone.
- Shark finning is illegal in Australia, leading to healthier shark populations on the Australian side of the sea compared to Indonesia, where poaching is prevalent due to the high value of shark fins.
- Indonesian poachers illegally fish in Australian waters for sharks, taking advantage of the vast and desolate coastline where enforcement is challenging.
- China's massive fishing fleet, the largest globally, has led to overfishing and illegal practices in Indonesian and other waters, impacting fish populations and local economies.
- Chinese distant water fleets have expanded globally, causing depletion of fish stocks in West Africa and the Pacific, with a lack of enforcement and regulation exacerbating the issue.
- Chinese fleets have been found fishing illegally in North Korean waters, disregarding international sanctions and exploiting loopholes to avoid detection and accountability.
- Marine-based drugs derived from ocean species show promise in modern medicine, with potential for groundbreaking treatments as marine exploration and research increase.
- Deep-sea mining for polymetallic nodules containing valuable metals like manganese and cobalt poses environmental concerns due to habitat destruction and carbon release, with regulatory challenges allowing for potential unregulated operations.
14:51
Challenges in Regulating Deep-Sea Mining
- The International Seabed Authority (ISA) faces challenges in regulating deep-sea mining, with no existing regulations in place, leading to potential legal conflicts.
- Members of the ISA, including countries like Nauru and China, are divided on supporting regulated deep-sea mining, a moratorium, or an outright ban.
- The United States, not an ISA member, has granted exploratory licenses for deep-sea mining, potentially leading to conflicts with ISA regulations.
- The Biodiversity Beyond National Jurisdiction Treaty, finalized in March 2023, aims to manage marine genetic resources and protected areas on the high seas.
- The treaty, while significant, does not address deep-sea mining, causing concerns among some nations like China.
- The treaty's enforcement and impact remain uncertain, with challenges in regulating the high seas and ensuring compliance.
- The treaty's potential success hinges on addressing issues like overfishing, lack of regulations, and the need for international cooperation in managing ocean resources.
