Palau‘s Shark Haven Act
Palau‘s Shark Haven Act: By declaring its entire exclusive economic zone a sanctuary for sharks, Palau has taken the global lead in counteracting the dramatic decline in shark populations and protecting biodiversity in its surrounding oceans. The exemplary stance against commercial exploitation of sharks and rays benefited other species too by ensuring a healthy ecosystem. The economic benefits of banning shark hunting are also demonstrable: the shark diving industry contributes US$1.2 million in salaries to local communities and generates US$1.5 million in taxes for the Palauan government annually. Globally, ecotourism generates over 800 billion dollars every year (Sustainable Travel & Ecotourism, 2014). Shark fins boost the Asian economy by only 2 billion dollars annually, with that number declining each year due to the lack of available sharks. Palau was honoured with the Gold Future Policy Award in recognition of two outstanding marine policies, the Protected Areas Network Act, initiated in 2003, and the Shark Haven Act from 2009.