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Wall Street History
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02/09/2007
Something Fishy
I’ve had some fun the last few years talking about fish in my
“Week in Review” column, including my habit of “Salmon
Sunday.” But whereas I used to be a big buyer of the farm raised
variety at my local supermarket because ‘wild’ catch wasn’t
readily available, or far too expensive, now I’m pretty grossed
out at the thought of eating most farmed fish. In fact I’ve been
getting my supply from one of those Alaskan outfits you can find
over the web mine being conservationsalmon.com. It’s not
cheap, but you can see the difference in the quality between wild
and farmed salmon, that’s for sure.
Well, just as ethanol is the new hot topic in the alternative energy
game, fish farming, or aquaculture, has also become a big issue.
At the same time all manner of commissions have been
deliberating the past few months, ranging from the European
Union’s gathering to decide limits on North Sea cod, a tuna
conference in Kobe, Japan, and congressional committees ruling
on such topics as fisheries management, the disappearance of
various stocks and the economic hardships for coastal
communities if prudent principles aren’t applied, soon. The
London-based Marine Stewardship Council is another group that
certifies fisheries and is being called on extensively for its
expertise.
Fishing is obviously big business and I saved an editorial from
the Washington Post, Nov. 23, 2006, that more or less sets the
tone for today’s debate.
[Excerpts]
“Fish is the one major component of the American diet that is
still mostly hunted, not farmed. American seafood consumption
is growing, and much of the growth involves farmed fish from
countries with terribly lax environmental standards. With many
fisheries collapsing and others dwindling, development of
responsible domestic aquaculture stands to relieve stressed wild
species even as it reduces U.S. imports of unsustainably farmed
seafood. What’s more, certain types of aquaculture – particularly
the harvesting of mollusks – can actively aid water systems that
benefit from the filtration they provide. The administration’s
instinct to create a regulatory framework for offshore fish
farming, an idea pushed in the landmark 2004 report of the U.S.
Commission on Ocean Policy, is a sound one.
“But fish farming poses serious environmental problems of its
own. In many fish farms, water flows freely in and out of
enclosures in which huge numbers of fish are raised; fish feces
and excess food end up polluting area waters. The feed for fish
is often made of other fish that still have to be hunted – and it can
sometimes take several pounds of extracted fish to produce a
single pound of edible farmed fish. Escapes from fish farms can
lead to competition between farmed species and local species.
And farmed fish can concentrate diseases and parasites that then
transfer to wild fish.”
The National Oceanic and Atmospheric Administration (NOAA)
notes that currently over 70% of the seafood Americans consume
is imported, and at least 40% of those imports are farmed
seafood. Properly done, domestic aquaculture can cut into this
dependence on seafood imports, and provide jobs for
economically distressed coastal communities at the same time.
A report from the U.S. Commission on Ocean Policy titled “An
Ocean Blueprint for the 21st Century” reached some of the
following conclusions.
“America is a nation intrinsically connected to and immensely
reliant on the ocean. All citizens – whether they reside in the
country’s farmlands or mountains, in its cities or along the coast
– affect and are affected by the sea. Our grocery stores and
restaurants are stocked with seafood and our docks are bustling
with seaborne cargo. Millions of visitors annually flock to the
nation’s shores, creating jobs and contributing substantially to
the U.S. economy through one of the country’s largest and most
rapidly growing economic sectors: tourism and recreation.
“The offshore ocean area under U.S. jurisdiction is larger than its
total land mass, providing a vast expanse for commerce, trade,
energy and mineral resources, and a buffer for security. Born of
the sea are clouds that bring life-sustaining water to our fields
and aquifers, and drifting microscopic plants that generate much
of the oxygen we breathe. Energy from beneath the seabed helps
fuel our economy and sustain our high quality of life. The
oceans host great biological diversity with vast medical potential
and are a frontier for exciting exploration and effective
education. The importance of our oceans, coasts, and Great
Lakes cannot be overstated; they are critical to the very existence
and well-being of the nation and its people. Yet, as the 21st
century dawns, it is clear that these invaluable and life-sustaining
assets are vulnerable to the activities of humans.
“Human ingenuity and ever-improving technologies have
enabled us to exploit – and significantly alter – the ocean’s
bounty to meet society’s escalating needs. Pollution runs off the
land, degrading coastal waters and harming marine life. Many
fish populations are declining and some of our ocean’s most
majestic creatures have nearly disappeared. Along our coasts,
habitats that are essential to fish and wildlife and provide
valuable services to humanity continue to suffer significant
losses. Non-native species are being introduced, both
intentionally and accidentally, into distant areas, often resulting
in significant economic costs, risks to human health, and
ecological consequences that we are only beginning to
comprehend.”
But while there was a well-publicized study that said by 2048 the
world’s fish supplies would be totally depleted, it is not too late.
The conferences I mentioned above have all been hammering out
reductions in the levels of catch and in some cases prudent
management of our fish resources can work. Alaska is a prime
example of successful programs in this regard.
It’s also true, though, that without aggressive stewardship, we’re
in trouble. By 2004, for example, the number of adult Atlantic
bluefin tuna capable of spawning had dropped about 20% from
1975’s level.
Another example is anchovies, believe it or not (don’t sneak
them on my pizza!), where a total ban on anchovy fishing in the
Bay of Biscay is often sought for six-month periods to replenish
the stock. An agreement was recently reached where the number
of boats fishing for them is limited to 20 from Spain and 8 from
France. In the North Sea, the cod catch is being reduced 14%
(20% in the waters between Scotland and Ireland), while
scientists are asking for limits on the days boats can spend at sea.
Back to the “Ocean Blueprint”:
“Based on estimates in 2000, ocean-related activities directly
contributed more than $117 billion to America’s prosperity and
supported well over two million jobs. By including coastal
activities, the numbers become even more impressive; more than
$1 trillion, or one-tenth of the nation’s gross domestic product, is
generated within the relatively narrow strip of land immediately
adjacent to the coast that we call the nearshore zone. [Note:
This is 2000 GDP is now over $13 trillion and the other figure
has gone up in kind.] When the economies throughout coastal
watershed counties are considered, the contribution swells to
over $4.5 trillion, (almost) half of the nation’s gross domestic
product, accounting for some 60 million jobs.”
Trouble in Paradise
“Unfortunately, our use and enjoyment of the ocean and its
resources have come with costs, and we are only now
discovering the full extent of the consequences of our actions. In
2001, 23 percent of the nation’s estuarine areas were considered
impaired for swimming, fishing, or supporting marine species.
In 2003, there were more than 18,000 days of closings and
advisories at ocean and Great Lakes beaches, most due to the
presence of bacteria associated with fecal contamination. Across
the globe, marine toxins afflict more than 90,000 people annually
and are responsible for an estimated 62 percent of all seafood-
related illnesses. Harmful algal blooms appear to be occurring
more frequently in our coastal waters and non-native species are
increasingly invading marine ecosystems.”
Interestingly, since the days of the Pilgrims, “over half of our
fresh and saltwater wetlands – more than 110 million acres –
have been lost.”
As some of the reports on our seas and waterways are prepared
over the coming months, we’ll come back to this issue from time
to time.
Wall Street History will return in two weeks as I’m off on a trip
overseas.
Brian Trumbore
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