Set up in April last year with the aim of injecting more than $100 million into fisheries management by 2030, the Fisheries Improvement Fund has launched its first fishery improvement project.
The FIP is led by the World Wildlife Fund and Finance Earth, with input from feed companies Cargill and Skretting, large-scale seafood buyers, pet food manufacturers and philanthropic organisations.
The inaugural FIP aims to foster the transition to sustainable marine ingredients in the anchoveta and Araucanian herring (common sardine) fishery in Chile, and help create a scalable model for further projects.
“We are excited to launch the first project in Chile together with Finance Earth and WWF, funded through this innovative supply chain financing model to scale fisheries improvement,” said Juan Enrique Rosales, managing director, Cargill Aqua Nutrition, Chile.
“Chile is important to us and our customers seeking to use sustainably sourced ingredients from the region.”
The fishery is a critical source of marine ingredients for feed for the aquaculture industry which, together with fishing, directly supports more than 300,000 people in Chile’s coastal communities.
“The only way we are going to have a meaningful impact across our seas and coastal communities is by working together across industry and supply chains,” said Jorge Diaz Salinas, sustainability manager for Skretting.
“The financing model that we are deploying for the first time in Chile is both equitable and scalable and includes the support from local actors all the way up through our customers – a true sea to plate model – that we are eager to see applied in other important sourcing geographies for Skretting.”
Finance Earth is now seeking proposals for FIPs worldwide that may be interested in accessing funding through the new Fisheries Improvement Fund. More information can be found at the Finance Earth website.
