Nvesting in Natural Capital – the Case of Fisheries 1

Two main problems can be identified in fisheries currently: overfishing and negative effects on ecosystems (including bycatch). Both result in a reduction in natural capital. In recent years a concept for a theory of sustainability was developed at our institute. Part of the work has been to develop a strategy in fisheries for creating sustainable use systems, which can be considered as "investments in natural capital". The paper starts with a short introduction to a layer model for a sustainability theory, a discussion of problems with the term ‘natural capital' in natural resource use systems, and of the concept of safe biological limits, which derives from the precautionary approach in fisheries management. Afterwards the paper outlines a strategy for long-term fisheries management that introduces recovery plans while addressing the economic situation of fishermen. This management strategy also addresses options for reduced impacts of fisheries on marine ecosystems.