Lost at Sea

Investment Rating - The report does not explicitly provide an investment rating for the industry. Core Insights - The report emphasizes the need for a holistic approach to manage Abandoned, Lost, and Otherwise Discarded Fishing Gear (ALDFG) across the entire life cycle of fishing gear, highlighting significant gaps in current policies and practices [26][28][46]. Summary by Sections Executive Summary - Global policies exist to address ALDFG but are often fragmented and lack coordination across the life cycle of fishing gear [26][27]. - The report outlines the importance of integrating various management approaches to effectively tackle ALDFG [28][46]. Solutions Across the Fishing Gear Life Cycle - Solutions to ALDFG can be categorized into prevention, mitigation, and remediation, with a focus on addressing issues at the design, usage, and end-of-life stages [54][55][56]. - Prevention measures are prioritized as they are often more cost-effective in reducing ALDFG [57][58]. Existing Initiatives and Potential Opportunities - The report discusses the establishment of an Intergovernmental Negotiating Committee (INC) to develop an International Legally Binding Instrument (ILBI) on plastic pollution, which includes addressing ALDFG [27][40]. - Collaboration among various stakeholders is essential for effective management of ALDFG [36][46]. Key Considerations and Implications for ILBI - The report identifies key considerations such as harmonization of management authorities, collaboration among stakeholders, and the need for regulatory measures and standards development [36][46]. - Financing solutions are necessary to support the adoption of alternative fishing gears and waste management processes [36][46]. Design and Production Stage - The design and production of fishing gear should incorporate considerations for its eventual disposal, promoting durability and recyclability [71][72][74]. - Innovative designs, such as gear with tracking capabilities, can help prevent loss and abandonment [75][76]. Usage Stage - Effective fisheries management measures, including gear restrictions and education, are crucial to prevent ALDFG during the usage stage [31][31][33]. - Best fishing practices and awareness training can significantly reduce the occurrence of ALDFG [31][33]. End-of-Life Stage - Providing feasible waste management options for end-of-life fishing gear is essential to prevent discards [32][33]. - Circular business models can create markets for end-of-life fishing gear and facilitate the retrieval of ALDFG [32][33].