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. 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.