A new fund has launched to help finance the move towards more sustainable fisheries worldwide.
The Fisheries Improvement Fund (FIF) is being established by fund manager, Finance Earth, and aims to raise more than US$100 million by 2030.
“This approach has the capacity to attract a range of investors from the public and private sector to support fishery improvement worldwide,” said James Mansfield, co-founder and managing director at Finance Earth. “This is a unique opportunity for all of us to protect our oceans and invest in a sustainable blue economy,” he added.
Finance Earth worked with World Wildlife Fund (WWF) to design an effective and scalable model. “Our vision is that this fund revolutionises fisheries finances, driving game-changing environmental and social impact,” said Johan Bergenas, senior vice president of oceans at WWF US.
Industry is coming on board with feed companies Cargill and Skretting and a number of seafood buyers agreeing to join a pilot project to showcase the new fund.
Philanthropic foundations including Mars, Incorporated, Costco Wholesale, Sodexo and the Walmart Foundation are also supporting its launch.
“At Mars, we are continually working to drive positive change for people, pets, and our planet. As part of this, we are always looking for more sustainable ways to source our raw materials to help protect vulnerable ecosystems and drive responsible practices,” said Paul Gardner, chief procurement officer – pet nutrition at Mars.
“Through this innovative blue finance mechanism, Mars is supporting the development of new models that can provide a consistent source of funding for global fisheries improvements, with a clear aim to positively impact our oceans.
“Mars has committed $1million in funding for fishery improvement projects over five years, supporting the scaling up of credible projects beyond the pilot to create real change on the water. We believe this effort is critical to helping protect the long-term viability of our planet’s natural resources and the many people dependent on healthy fisheries for their livelihoods,” Gardner said.
Innovation approach
The companies will commit to a volume-based fee that enables the FIF to pay back upfront costs for fishery improvement programmes as well as create long-term revenue. This innovative approach embeds the cost of sustainability into the cost of the end product.
“We see a compelling business case for companies to invest in the long-term viability of their marine ingredient, especially as aquaculture production continues to grow exponentially,” said Helene Ziv-Douki, president of aqua nutrition business at Cargill.
Jorge Diaz Salinas, sustainability manager at Skretting agreed. “Sustainability is non-negotiable for doing business and is essential for the industry’s future growth,” he said.
Finance Earth is now seeking proposals from industry players, NGOs, buyers/retailers and governments. More details can be found at its website.
