Sustainability at Sea Meets Abundance on Land: WTO Pact, NOPA Crush, Diwali Buying, and U.S. LCFS Momentum
The WTO’s Global Fisheries Agreement came into force today, marking the organisation’s first sustainability-focused deal. The pact bans subsidies for illegal, unreported, and unregulated (IUU) fishing and deep-sea fleets, targeting part of the $35 billion in annual subsidies, including $22 billion that artificially boosted capacity. The immediate impact will be higher costs for fleets in China, the EU, U.S., South Korea, and Japan, as fuel subsidies are curtailed. This could dampen global fishing activity and modestly reduce marine fuel demand — though Singapore bunker sales still held near record highs at 4.97 million tons in August. Longer-term, the accord is expected to encourage more efficient fleets and reinforce environmental standards.
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