Although the protocol does not allow European fleets to fish for small pelagics because they are overexploited, at least 4 European vessels have reportedly reflagged to Guinea-Bissau and are fishing for these species in the region, jeopardising the region's food security and competing with small-scale fisheries.

Closing the funding gap for biodiversity conservation is one of the critical topics at COP 16 in October 2024. The funding gap has been estimated at $700 billion in Goal D of the Kunming-Montreal Agreement, based on a report, “Financing Nature”, published in 2020. Taking the example of fisheries and ocean conservation, this article shows the $700 billion figure is based on highly dubious calculations and assumptions. The author argues the funding gap report is not a serious effort to estimate the needs for supporting conservation efforts. Therefore, the $700 billion figure should be rejected by those opposed to the continuing financialisation of conservation.

The author makes 4 recommendations to make the external dimension of the CFP more effective: (1) the EU should shift from access agreements to fisheries governance agreements, while (2) continuing to support informed participation of stakeholders in third countries; (3) it should also ensure that all vessels of EU origin, including those reflagged, abide by sustainability standards; and (4) it should actively engage, at international level, to promote transparent, fair, and sustainable access arrangements applicable to all fleets of foreign origin fishing in developing countries.

With Senegal’s yellow card, fisheries agreement negotiations between the EU and Senegal are at a standstill. Meanwhile, the EU will negotiate the renewal of its SFPA with The Gambia, whose waters are bordered on both sides by Senegal’s. How would access to the Gambian waters be used by EU fleets, at a time when they may be barred from Senegal waters?

Andre Standing, senior consultant at CFFA, discusses with researcher Arınç Onat Kılıç, who has recently published a paper exploring the Seychelles Blue Bond, its impact on local fishing communities and the broader implications of private finance for developing the blue economy.