Friday, July 19, 2024

A shift in financing can make our fisheries more sustainable

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Our oceans provide around 90 million tons of wild-captured seafood each year. Fishing communities, businesses and consumers alike rely on healthy ecosystems and fisheries to continue to source, sell and eat fish.

Unfortunately, over a third of the world’s fisheries have been overexploited and the health of the ecosystems on which they depend is in decline. Despite these realities, seafood still holds much promise. The World Bank has indicated that fishery production globally could be worth $83 billion more each year if fisheries were managed at sustainable levels.

Fisheries are an inherently renewable resource. They can provide more fish, guarantee more predictable and resilient incomes, and deliver higher environmental benefits if we invest in their recovery and continued management. At present, Fishery Improvement Projects (FIPs) – many of which work towards third party certification – are a primary mechanism for achieving these goals.

However, funding for FIPs comes predominantly from governmental and philanthropic sources, and it is inadequate for the major work needed. Given competing priorities in the philanthropic sector and pressure to reduce public spending, we urgently need other sources of capital. Read more…

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