In recent years, investment circles have been abuzz with a bright new shiny object — the “Blue Economy.” Pick an impact investor, development bank or conservation fund out of a hat, and chances are there is a mention of the Blue Economy somewhere on their website. (Although technically, the Blue Economy has existed ever since humans began engaging in maritime commerce, but that’s another story.) Read More
You may not have it on your calendar – but today is World Fisheries Day – a moment to celebrate the incredible bounty that we receive from the sea. It’s also an opportunity to take stock and reflect on where we’ve been, and where we’re headed. As we look back over the past year, the EDF Oceans team has been struck by how much the global oceans community has accomplished. And we’re increasingly optimistic and energized about the future health and resilience of our oceans. Here are five reasons for hope on World Fisheries Day. Read More
photo credit: pengrin™ origami fish – made by June via photopin (license)
Investing in the ocean is essential to ensuring life thrives on our planet. Three billion people depend on seafood for their survival, and hundreds of millions depend on the oceans for their livelihood. With climate impacts threatening this critical resource, now is the time to bring investment capital to accelerating the transition to sustainable fishing.
In a recent New York Times op-ed, former Treasury Secretary Henry M. Paulson Jr. urged worldwide consensus on the need for large-scale private financial investments to cover the costs of combatting climate change. He points out that “there is a global abundance of private capital” that should be tapped to develop clean technologies rather than relying exclusively on the relatively small supply of capital available from governments. Mr. Paulson also asserts that governments can lead the way to a low-carbon future by creating policies and tools to enable the flow of capital into critical projects.
The same is true for sustainable fishing. We already have the tools to increase the amount of fish in the sea, food on the plate and financial return for fishing communities in as little as ten years. EDF, together with the Prince of Wales’s International Sustainability Unit and 50in10, found that fish and people thrive, and investment risk is lower, when harvests are at sustainable levels, fishers have secure access rights and there is robust monitoring and enforcement of fishing activity. These enabling conditions make it possible for investors to focus on investments in seafood supply chains, infrastructure, and technology. Read More
Since launching in 2008, the California Fisheries Fund (CFF) has made 30 low-interest loans—ranging from $50,000 to $350,000 — providing fishermen and sustainable fishing businesses with the capital needed to upgrade boats, purchase equipment and improve their business operations.
Our recent loan to the Monterey Bay Fisheries Trust—a new community-led non-profit dedicated to securing groundfish fishing rights in the Monterey Bay region—provided the organization with vital seed money to enable its establishment.
“Our loan from the CFF has been critical to our organization’s early development” said Sherry Flumerfelt, Executive Director, Monterey Bay Fisheries Trust. “With the quota we were able to buy; we can lease to local fishermen, generate lease revenues and build on the success of sustainable fisheries management.”
With its new CFF loan, the Monterey Bay Fisheries Trust will be better equipped to serve a community of local, family-owned fishing businesses; ease the burden on new entrants– making it easier for new fishermen to lease quota with flexible terms; and support a personalized, one-stop-shop leasing system that provides quick and improved services for fishermen.
The Monterey Bay Fisheries Trust acquired more than $1 million in commercial groundfish quota from The Nature Conservancy. This transaction coupled with the CFF loan and The Monterey City Council’s pledge to use $225,000 from the city’s Tidelands Trust Fund to acquire fishing rights to be managed by the Monterey Bay Fisheries Trust–will allow hundreds of thousands of pounds of groundfish to be caught under a sustainable fishery management program.
In 2011, this program, “catch shares,” went into effect for more than 60 species of West Coast groundfish (e.g., sole, rockfish) and has achieved significant conservation goals. The new program has generated impressive conservation results:
The Monterey Bay Fisheries Trust enhances the West Coast program, maintaining historic fishing access in Monterey Bay and supporting the communities that rely on it (Moss Landing, Monterey and Santa Cruz). CFF is fortunate to support the Monterey Bay fishing community and advance the vision of the Monterey Bay Fisheries Trust, securing the profitability and sustainability of Monterey Bay for many generations to come.
To learn more about CFF’s loan to the Monterey Bay Fisheries Trust, listen to my radio interview.
By: Kent Strauss & Erik Lindebo
In partnership with the Prince of Wales’s International Sustainability Unit (ISU), and in collaboration with the 50in10 initiative, EDF recently released a report entitled Towards Investment in Sustainable Fisheries: A Framework for Financing the Transition. It outlines a framework for developing fisheries transition projects which achieve sustainability by attracting and leveraging global finance. Intended to inform and inspire fishermen, project developers and other oceans stakeholders, this report looks to empower fishing communities by meeting the financial needs of transitioning to sustainable fisheries.
This is a very timely contribution considering that the fisheries sector and European Union (EU) Member States are currently in the process of implementing the newly reformed Common Fisheries Policy (CFP). The many management challenges, particularly those related to environmental objectives are evident. However, with the right incentives in place, the transition towards more sustainable resource use in EU waters can offer promising opportunities. Read More
