Impact investors are ready to invest increasing amounts of impact capital in sustainable fisheries; what’s missing are profitable businesses and organizations with the capacity to accept investment. These profitable “investible entities” aren’t emerging apace because the entrepreneurial ecosystem to develop their business capacity is lagging.
The U.S. implementation of the Seafood Import and Monitoring Program (SIMP)[1] on 1 January 2018 establishes reporting and recordkeeping requirements to prevent illegal, unreported and unregulated (IUU) seafood from entering the U.S. The onus of proof is placed on the importer of record to provide and report key data from harvest to U.S. entry. In geographically diffuse supply chains, like blue swimming crab from Southeast Asia, with thousands of “points of entry”, i.e., fishers, tracking landings to the vessel is far less straightforward than short and narrow supply chains, such as skipjack tuna or sardines. This reporting requirement, while worthwhile, will require U.S. seafood importers to incorporate cost-effective traceability initiatives in their often-complex supply chains.
There is a growing appreciation that the needs of fishers and their communities must be addressed in order to improve the underlying causes of fishery exploitation in the developing world, particularly for small-scale fisheries. -California Environmental Associates
The requirement also presents an opportunity to promote resource sustainability through supply chain transparency and catch monitoring. Despite pledges to abide by size limits, U.S. importers of blue swimming crab (BSC) have difficulty ensuring their supply chain partners are buying only crabs larger than the agreed minimum size of 10cm and excluding berried females. The application along with a web-based reporting tool we developed can meet the requirements of the SIMP, as well as the European Catch Documentation (CD) requirements, and elucidate the in-country supply chain. By tracking landings by vessel and by harvester, this tool further provides the opportunity to address key social and environmental outcomes associated with the Sustainable Development Goals[2] (SDGs), which gives seafood importers a mulit-purpose toolkit to both decrease their reporting costs and increase the sustainability of the crab stocks.
The opportunity to spur social and economic impact should not be underestimated. Educating, engaging and rewarding fishers and communities directly for complying with ecological goals like minimum size, berried females, no-take areas, and more offers an opportunity to engage communities directly in resource management and provide key links to SDGs. Aside from nascent work by Fair Trade[3] and SmartFish[4], there are few fishery sustainability efforts that actually benefit the fishers that form the foundation of many supply seafood chains. Indeed, most efforts impose costs on fishing communities—time, foregone income, capital for new equipment—without providing benefits. Our tool allows identification of compliant fishers, so they can be awarded price premiums and other incentives.
Supply chain transparency is beneficial to the U.S. importer not only in terms of identifying good actors and meeting reporting requirements, but also gives them an edge in the marketplace full of otherwise opaque supply chains.
Provision of ice is a key concern
When initially considering how to provide BSC supply chain transparency from the ocean to the end buyer, we researched existing options, hoping to find one that could be customized to the supply chain. We conducted a desk review, scouring the internet and our personal network to identify all available options. In total, we reviewed nearly forty systems that provided varying levels of traceability; of these, we interviewed approximately six potential providers that met or came close to our key considerations:
None of the reviewed systems met the requirements of the lead firm with the exception of the Pelagic Data Systems units for vessel management, i.e., vessel tracking. Due to the cost of acquisition and the relatively high ongoing costs of use, these were installed on a trial basis. This test was not successful, and cheaper, more effective units were identified.
Not finding a suitable existing program, Blue Star Foods decided to develop their own application to gather data tied to their marketing goals and objectives around supply chain integrity. The SIMP and EU CD data requirements were integrated into the data collection system. Wilderness Markets worked closely with an app-development team to develop an Android and iOS application and support the field trials. After the initial field trials, the system was deployed to in-house teams from Blue Star Foods Indonesian partners, consisting of procurement and quality control specialists.
Data was collected at selected mini-plants and landing sites during a six-month period. Both harvesters and data collectors were simply encouraged to log landings during the pilot phase without any indication or reference to IUU or other considerations. They were not penalized or otherwise reprimanded for reporting undersized or berried crabs during this time period. Vessel tracking data was collected for a select number of boats during this period, which could be matched to landings data.
Sumatran Fisherman with Blue Swimming Crabs
The ability to specifically identify vessels not complying with agreed harvest controls will permit a more targeted, focused and cost-effective approach to monitoring and enforcement of infractions. With less than 20% of the vessels are causing 80% of the issues with regards to IUU landings, efforts can be made to reduce IUU in a focused manner.
The data provides:
BSC fisherman with new vessel tracking device
In addition to the business and fishery management implications, the findings are directly linked to at least three SDGs:
Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all
Biological data indicates a quick (less than 1 year) stock recovery when undersized crabs are left in the water, thereby increasing the economic value of the fishery and decoupling growth from environmental degradation (Target 8.4)
Build resilient infrastructure, promote inclusive and sustainable industrialization and foster innovation
Increasing the transparency of the supply chain means that small-scale enterprises, like the mini-plants, can have better access to financial services (Target 9.3).
Conserve and sustainably use the oceans, seas and marine resources for sustainable development
Using the data generated by the app, progress can be made towards sustainably managing fish stocks, combatting IUU, and providing meaningful market access for small-scale artisanal fishers (Targets 14.4, 14.6 and 14.B).
A key recommendation of the initial pilot is the need to establish unique vessel IDs with the support of local government authorities, which will allow more meaningful monitoring and enforcement of landings.
In addition, the need to engage with, and involve, other firms purchasing from the fishery was identified in order to reduce the opportunities for side selling.
A second phase is being planned to address the constraints of the first. The goal of the second phase is to:
The drivers of market access compliance requirements, improved social and financial impact in in artisinal fisheries and greater supply chain integration are powerful drivers for change in any industry. The relatively low cost now associated with data capture tools mean lead firms can utilize almost ubiquitous cell phone availability to cost effectively assess the degree and extent of IUU in their supply chain, while strengthening their impact objectives and improving market recognition.
This approach provides resource managers and NGOs as well as development agencies with a relevant, cost effective tool to engage private sector supply chains in achieving SDGs in a measurable, informed and data driven manner.
[1] “U.S. Seafood Import Monitoring Program”. Retrieved on 7 March 2018 from: https://www.iuufishing.noaa.gov/RecommendationsandActions/RECOMMENDATION1415/FinalRuleTraceability.aspx
[2] “Sustainable Development Goals”. Retrieved on 19 March 2018 from https://sustainabledevelopment.un.org/?menu=1300
[3] “Capture Fisheries Standard (CFS)”. Retrieved on 8 March 2018 from: https://www.fairtradecertified.org/business/producer-certification
[4] “Rescate de Valor”. (English: Value Rescue) Retrieved on 8 March 2018 from: http://rescatedevalor.org/
A previous post outlined our pilot project in California with Changing Tastes; this post provides a peek into a culinary workshop that is part of the planning phase.
As part of our work to reintroduce local fish back into local markets in California, our foremost consideration is how to reintroduce them to our plates and palates. Without delicious dishes and high quality products, winning back a space on the plate will be impossible.
To discover how local fish can create a winning combination of flavor, presentation, and affordability for chefs in corporate dining, our partner Changing Tastes arranged a culinary workshop in California. More than a dozen chefs and several sustainability managers from the same or similar groups joined us in mid-November at a test kitchen in the Bay Area to develop the recipes and messaging needed to successfully bring back Californian West Coast Groundfish.
To explore which fish could please both palates and pocketbooks, the chefs spent the morning preparing a sampling of locally-caught fish, including Dover and petrale sole, boccaccio, chilipepper and black gill rockfish, and sablefish (AKA black cod) provided by Real Good Fish. These fish represent the spectrum of species that are part of the West Coast Groundfish program, one of the most sustainably managed fisheries in the world, and one that has the fish to prove the stocks are healthy. These are fairly common landings that span from very inexpensive Dover to higher-end sablefish. The variety of textures, thicknesses and tastes were highlighted in Latin and Asian-inspired themes, such as black gill fish tacos with mango slaw (Chef Ochoa), petrale-coconut ceviche (Chef Fogata), black and white coconut crusted black cod (Chef Thomas), and steamed Szechuan boccaccio (Chef Hernaez).
Equally important to taste and cost is persuading diners to try these new dishes. In a nearby space, restaurant industry marketing and communications executives as well as sustainability managers and representatives of groups that support sustainable seafood brainstormed marketing ideas for the dining spaces where the fish will be offered to diners next spring.
Common themes included emphasizing that the fish is locally-caught in California. They noted that “local” often implies fresh to diners. Including a map of the different ports where the fish originates from for the pilot, and identifying fishermen and women from each was another popular theme.
Marketing experts, chefs, sustainability managers and others agree on not using the word “groundfish” in marketing materials. This group and others realize that this collective term for these species isn’t one that necessarily appeals to diners, nor does it help them understand the diversity of species and flavors within the broad category.
Among potential evaluation methods and data points, our participants identified these as the most likely:
Our next tasks are confirming which specific dining halls and cafes will participate from each of the corporate dining partners and confirming likely order volume by species or species group, e.g., petrale sole is a species and rockfish is a species group. Almost simultaneously, we will work with the corporate dining partner and their existing distributors to determine the likely sources, feasible start dates, and volumes. We look forward to sharing updates as this work progresses in 2018.
We know all the problems associated with overfishing and we know that research shows:
1) that switching to more sustainable management will lead to increased revenues and food security; and
2) the cost for doing so exceeds what can be provided through traditional development and philanthropic organization.
How do we get past the second to make the first possible? Supported by the World Bank, and with input from dozens of impact investors and fishery experts, we detail the main barriers and potential approaches to overcome them in our latest paper: Developing Impact Investment Opportunities for Return-Seeking Capital in Sustainable Marine Capture Fisheries.
This paper provides an overview for international development organizations, development finance institutions, NGOs, and the governments they work with of (i) the key concerns that impact investors may have when considering the financing of sustainable fisheries, and (ii) potential approaches for public-private partnerships to overcome these obstacles. It is intended as a primer for these actors, to understand the perspective of the commercial impact investor.
This paper explains the central challenges that keep impact investors from participating in sustainable fisheries, and is structured along four main barriers:
It then proposes three models for sequencing and combining different sources of capital to overcome these obstacles:
Each of these sequencing models presents particular challenges and opportunities. Structuring investments to achieve triple bottom line outcomes is still a new idea within the fisheries sector. There is growing evidence from other sectors, however, including agriculture and forestry, that these types of investments are achievable. Examples include the Moringa Fund[1] and Livelihood Funds,[2] which bring together public institutions, private investors, and NGOs, using innovative investment models to simultaneously address environmental degradation, climate change, and rural poverty while helping businesses become more sustainable.
Attracting impact investments is critical for the future of fishery recovery and expansion—these projects cannot rely on short-term loans and grants; they need longer-term finance that is committed to sustainability and responsibility. Development organizations, NGOs, and other noncommercial actors have a critical and catalytic role to play in crowding-in impact investment for sustainable fisheries by sharing risk with the private sector, promoting policy reforms, and funding interventions (through either concessional lending, grants, and/or technical assistance) with the intention of removing the barriers to impact investment.
Read the paper: Developing Impact Investment Opportunities for Return-Seeking Capital in Sustainable Marine Capture Fisheries
[1] The Moringa Fund is a EUR 84 million investment fund that targets profitable large-scale agroforestry projects with high environmental and social impact in Latin America and Sub-Saharan Africa. The fund makes equity investments of EUR 4–10 million per project and adds value through its technical skills, environmental and social expertise, and global network.
[2] The Livelihood Funds are a series of investment funds created by Danone, which brings together investors—including Schneider Electric, Crédit Agricole S. A., Michelin, Hermès, SAP, CDC Climat, La Poste, Firmenich, and Voyageurs du Monde—to invest over EUR 40 million to finance nine on-the-ground programs for mangrove restoration, agroforestry, and rural energy.
A previous post outlined the results of the recent market demand research for West Coast groundfish. This post follows-up with more detail on the proposed West Coast groundfish pilot.
And now what? That was our first question after learning the results from the market demand research. Those results indicated that next efforts to improve demand and pricing for West Coast groundfish should focus on selling minimally processed products to suppliers and buyers in the grocery retail and full service restaurant sectors. The answer is a pilot project; one designed to test the findings which will help U.S. West Coast fishermen expand into regional market.
This project would aim to raise commercial buyers’ and suppliers’ awareness of U.S. West Coast Groundfish as a domestic, sustainable source of whitefish and prove that these fisheries can provide a reliable supply of local fish. As a result, it will establish new markets and demonstrate the benefits and availability of West Coast groundfish to other buyers and suppliers.
A pilot project, with defined sales periods and goals, will provide room to experiment to build relationships and to understand the market dynamics. Without a pilot, it will be difficult, if not impossible, to rally collaborative action or justify further investments in the fishery. Harvesters and buyers envision a pilot as being a first step in creating an ongoing sales effort that expands beyond the West Coast within two to three years, possibly sooner.
A successful pilot is key to having larger, sophisticated customers purchase significant quantities for a substantial part of their operations; the pilot also develops the tools they need to successfully use and continue purchasing the fish. Assuming the pilot results in positive values, harvesters, trusts, buyers, NGO’s, and potential investors will have information necessary to make decisions about infrastructure, marketing and other investments. In addition, they can start sizing-up plans in the local, regional and national markets, all of which are important to increasing quota attainment.
To create organizational capacity that endures beyond the period of the pilot, it needs to be structured carefully. The fishermen and the buyers need to feel comfortable with their roles and build knowledge useful for future efforts. Because of this, the pilot project will endeavor to work within the existing supply chain to build the ability of the harvest groups and processors to provide reliable supply. Memorandums of understanding and contracts for the pilot have to be written so all the parties involved understand their roles and feel comfortable with their responsibilities. Of utmost importance, the pilot design must incorporate a way for the value chain to continue the work after the pilot concludes.
Some specific questions the pilot should be designed to answer revolve around the conditions and requirements for supply and pricing. At the outset, stakeholders will need to address legal restrictions on collaboration. The pilot should also define the incentives or conditions needed to gain cooperation between the processors and the groundfish harvesters. Also, the pilot should delineate the amount of fish, prices, and timing (flow of supply and seasons). Finally, the pilot will try to determine the level of transparency needed to build trust so that value chain actors can work together as a team to create value.
Regardless of who carries out the work, a pilot is the best next step for the West Coast groundfish stakeholders. The ultimate goals are easy – improve profits for those paying for management – but the route has to be carefully plotted. Building trust and knowledge and demonstrating improved values are key. We can get there, but we have to keep the focus on the end goal of a sustainable fishery, which means ensuring profitability for the harvesters.
Our latest project, West Coast Groundfish Regional Market Demand and Opportunities, explored the market demand for U.S. West Coast groundfish in Oregon, Washington, and California. This post is a brief summary of that work. For more, please check out the executive summary of the report.
Faced with plummeting catch levels and fish populations near collapse, many fishing boats left the U.S. West Coast groundfish fishery in the 1990’s and 2000’s. Commercial seafood buyers on the West Coast then turned to other whitefish, including Asian tilapia and Alaskan pollock.
Today, under new management systems, U.S. West Coast groundfish populations have rebounded and are fished sustainably – more than 20 species now rate as a “green, best choice” or “yellow, good alternative” with the Seafood Watch program, and 13 have received Marine Stewardship Council certification. With this conservation success in hand, how does U.S. West Coast groundfish regain a competitive market position and ensure that the recovery story includes economic success for fishermen?
Several studies have looked at the production side of this question, outlining supply chain hurdles and infrastructure issues that keep fishermen from reaping higher prices. This study is the first to look at the demand side of the market: how much whitefish West Coast buyers purchase; what potential there is to sell sustainable, U.S. West Coast groundfish in these regional markets; and how fishermen can increase the price per pound that they receive for their fish.
Through a combination of market analyses, buyer surveys, industry interviews, and expert review, Changing Tastes and Wilderness Markets examined the current demand for West Coast groundfish in Washington, Oregon, and California. We identified categories of commercial buyers (e.g., restaurants, retail grocery stores) and types of seafood products that hold the greatest potential to increase economic gain for fishermen. We also explored the key barriers that fishermen will need to overcome to sell more product in these markets.
Our results shows that focusing on selling minimally processed products to grocery and full service restaurant sectors holds the greatest potential to improve sales and profits for U.S. West Coast groundfish fisheries. Consequently, the next logical step is to test these findings. To do so, and help U.S. West Coast fishermen expand into regional markets, we recommend the development and launch of a pilot project. This project would aim to raise commercial buyers’ and suppliers’ awareness of U.S. West Coast groundfish as a domestic, sustainable source of whitefish and prove that these fisheries can provide a reliable supply of local fish to West Coast markets. If successful, it will establish new markets and demonstrate the benefits and availability of West Coast groundfish to buyers and suppliers.
We welcome your feedback on the market report and pilot concept. We hope that this research will stimulate additional conversations and partnerships that can help the U.S. West Coast groundfish fishery become a model of both ecological and economic success.
Prepared with support from:
The David and Lucile Packard Foundation and The Gordon and Betty Moore Foundation
For more of our work with U.S. West Coast Groundfish, please see our previous report, “West Coast Groundfish in California Value Chain Assessment.”
In 2015, Wilderness Markets completed a value chain summary of the blue swimming crab (BSC) fishery in Indonesia in which we analyzed the current state of fishery data systems, resource management, infrastructure, and enterprise capacity. Based on these findings, we recommend a lead firm strategy to move the fishery toward sustainability. Like many fisheries in emerging markets, the Indonesian BSC fishery lacks reliable data and, despite new national policies, functions largely without effective management. The value chain has strong, established commercial and social relationships, indicative of the power and influence of a small group of 16 processors buying from 400 mini-plants that, in turn, purchase crab from more than 65,000 fishermen.
In this case, the lead firm is a U.S. based company, Blue Star Foods. Blue Star is working to create financial and social incentives to enable fishermen to transition faster to sustainable fishing practices. Through its purchasing power and relationships, Blue Star is therefore in strong position to influence the practices of a range of processors, who have commercial relationships with a network of mini-plants, collectors, and fishermen.
Sumatran vessel with collapsible traps
With Blue Star and local harvesters, we are developing an investment model based on a pilot partnership between the lead firm and a fishing cooperative (in development). The model brings together philanthropic and private capital and provides financial, social, and environmental returns. It includes:
This pilot is designed to attract private, return-seeking impact investment and complement ongoing work by NGOs to improve fishery management. We expect this approach will enable local fishermen to adopt sustainable practices faster than waiting for the government to independently create and enforce management changes, and without the economic hardship for fishermen that often accompanies changes in fishery regulations. It will also bolster business advocacy for more effective fisheries management policies and enforcement through a local cooperative structure.
BSC fisherman with new vessel tracking device
Ultimately, as a result of better data collection and effective management, the fishery will produce higher yields of BSC. It will also provide a traceable, sustainably harvested product with a competitive advantage in key U.S. and E.U. markets. This will then allow Blue Star and supporting investors to recoup their investments in sustainable practices.
By embedding this lead firm work within existing value chain relationships and practices, we aim to:
We are currently seeking additional partners to join us in this lead firm pilot project. Please get in touch with us if you would like more information and/or would like to get involved.
lnvestors, including impact investors, can invest in the fisheries sector through two general approaches (see figure below). The first, more traditional, approach invests in fishing or seafood supply chain businesses. Examples at the level of fishers in supply chain include funding for fishing companies or cooperatives to purchase more sustainable fishing gear (e.g., that excludes bycatch or protects ocean habitats), improve vessels, or buy cold storage equipment. Further up the supply chain are investments in processing and logistics businesses. Return on these investments stems from increased productivity and efficiency of fishing; reduced waste; increased access to markets; ; and/or higher product values.
The second approach for investors is at the resource level. For example, in some fisheries like West Coast Groundfish in the United States, investors can purchase rights to fish with the potential to sell or lease these rights for environmental, social, and/or financial benefit in the future. Similar to purchasing equity or stock in a company, equity in the right to fish in a limited-access fishery can be bought and sold. Examples include tradable fishing licenses, effort quota (such as vessel days), and fishing quota. Return on these investments relies on fish populations maintaining or increasing in abundance in the future.
These resource-level investments in the second approach require legally enforceable rights and robust tenure systems. As such, they currently exist almost exclusively in developed country fisheries that have robust ocean policies and strong legal systems to create, manage, and enforce ownership and transfer of fishing rights. Few of these resource-level investment opportunities exist in developing country fisheries.
Because of the open access nature of fisheries, without fisheries policy and management in place, investments in the supply chain are unlikely, in and of themselves, to improve the health of a fishery. They may reduce the impact of a participating firm or entity, but unless all firms apply the same standard, negative practices will continue to impede the recovery of a fishery.
More impactful are well structured resource level investments intrinsically tied to the biological recovery of a fishery. Improved fishery health will likely benefit these investments and thus drive a virtuous circle of fishery improvements, leading to improved social and economic outcomes, which in turn increases the economic value of the fishery.
Adapted from: Inamdar, Neel, Larry Band, Miguel Jorge, and Jada Tullos Anderson. Developing Impact Investment Opportunities for Return-Seeking Capital in Sustainable Marine Capture Fisheries. Edited by Ashley Simons. Washington, D.C.: World Bank Group, 2016.
Marine fisheries provide an important source of food and livelihoods for millions of people globally, contributing more than US $274 billion to the global economy[1] and some estimates of the potential net gain for improved management at US $600-$1400 billion in present value over fifty years after rebuilding fish stocks[2].
How can governments, development banks, philanthropic grant-makers, and nonprofit organizations create the conditions that will attract and recruit impact investors to participate in the sustainable fisheries sector and contribute to the long-term value of global fisheries? We at Wilderness Markets recently tackled this question as part of our work with World Bank.
The first step is to clearly understand the barriers that keep these investors from engaging with sustainable fisheries and the information they need to evaluate investments. With this knowledge in hand, leaders in government, international development, and philanthropy can align their own funding to create the conditions for more capital to contribute to sustainable fisheries.
The central challenges that keep return-seeking investors from participating in sustainable fisheries fall into four main categories: a lack of fishery data, ineffective fisheries management, unreliable infrastructure systems, and a paucity of investment-ready opportunities.
We propose three potential models for sequencing and combining different sources of capital to overcome these obstacles and achieve sustainable fisheries:
Each of the above sequencing models has pros and cons, and each warrants additional exploration; making return-seeking investments that achieve the triple bottom line outcomes of social, environmental, and economic benefits is early on in it its evolution within the fisheries sector. They hold potential to attract additional funds and encourage private-sector approaches to help speed the transition to sustainable fisheries.
Adapted from: Inamdar, Neel, Larry Band, Miguel Jorge, and Jada Tullos Anderson. Developing Impact Investment Opportunities for Return-Seeking Capital in Sustainable Marine Capture Fisheries. Edited by Ashley Simons. Washington, D.C.: World Bank Group, 2016.
[1] World Bank. 2012. “Hidden Harvest: The Global Contribution of Capture Fisheries.” 66469–GLB. https://openknowledge.worldbank.org/bitstream/handle/10986/11873/664690ESW0P1210120HiddenHarvest0web.pdf?sequence=1
[2] Sumaila, Ussif Rashid, William Cheung, Andrew Dyck, Kamal Gueye, Ling Huang, Vicky Lam, Daniel Pauly, et al. 2012. “Benefits of Rebuilding Global Marine Fisheries Outweigh Costs.” Edited by Julian Clifton. PLoS ONE 7 (7): e40542. doi:10.1371/journal.pone.0040542.
What’s an easy way for an investor to tell if a natural resource-based enterprise is going to be viable in three to five years? Part of that answer lies in evaluating the business and the regulatory environments in which it operates, but for natural resources in particular, the resource base trend needs to be examined; is it predicted that there will be more or less in the future, based on current extraction rates and scientific estimates of the resource level? And for conservation-focused impact investments, how can investors ensure they are not using more than the ecosystem can sustain?
In wild-capture fisheries, this translates to: “Will there be more or less of the fish to harvest in the future? Will my investment exacerbate overfishing?” Less fish to harvest means the effort level, and thus costs, will need to increase to find the remaining fish.
We’ve recently been puzzling through the easiest way for banks and impact investors to gauge the investability of fisheries enterprises, with a focus on Indonesia. Indonesia hosts some of the most biodiverse ocean ecosystems on our planet and is the world’s second largest harvester of wild capture fish. Banks and investors need quick, easily understood data that doesn’t unnecessarily burden their due diligence process but ensures they aren’t contributing to overfishing.
One tool that is already available in many fisheries is the stock assessment status, usually indicated as under- or moderately exploited, fully exploited, or over-exploited. The exploitation levels reflect scientific data on whether the fish in a fishery (the stock) are being sustainably harvested. Fully exploited indicates a stock that is thought to be fished and reproducing at nearly equal rates, i.e., the amount of fish harvested is the same as the fish being hatched and surviving to maturity. Over-exploited means harvest rates are too high, and under-exploited means they could increase rates without having a harmful effect on stocks.
Indonesia’s Ministry of Marine Affairs and Fisheries recently released the results of the National Commission on Stock Assessments (NOMOR 47/KEPMEN-KP/2016 TENTANG). The assessment provides an updated snapshot of ministry data in each fishery management area for the status of nine Indonesian fishery stocks.
In addition to focusing government investments on improving the fishery health, we think the data can be useful for banks and investors. The assessment data can help investors quickly determine the potential health of the resource an enterprise relies on, helping to ensure they are not causing more fish to be used than can be replaced. The key to balancing conservation and investment entails finding new opportunities to do more, without using more.
Disclaimer
The findings and conclusions in this report represent the interpretations of Wilderness Markets and do not necessarily reflect the view of expert stakeholders. This publication has been prepared solely for informational purposes, and has been prepared in good faith on the basis of information available at the date of publication without any independent verification. Wilderness Markets does not guarantee or warrant the accuracy, reliability, adequacy, completeness or currency of the information in this publication nor its usefulness in achieving any purpose. Charts and graphs provided herein are for illustrative purposes only. Nothing contained herein constitutes investment, legal, tax, or other advice nor is it to be relied on in making an investment or other decision. Readers are responsible for assessing the relevance and accuracy of the content of this publication. this publication should not be viewed as a current or past recommendation or a solicitation of an offer to buy or sell securities or to adopt any investment strategy.
