August 25, 2021 — If one percent of global fisheries subsidies were redirected to onboard monitoring, the proportion of wild-catch fishing monitored by observers could create a meaningful impact in reducing illegal fishing and bycatch, according to Planet Tracker Financial Analyst Francois Mosnier.
Mosnier, a financial analyst covering seafood companies at the financial think tank, said he believes an additional USD 222 million (EUR 190.2 million) is needed to expand observer coverage to 20 percent across all regional fishery management organizations, which cover the cost of observers through a levy on fisheries. Currently, observers cover just 2 percent of all catches recorded by RFMOs.