Mars has joined a global coalition of partners to create a new financing model to support the transition to more sustainable fisheries worldwide.
The new initiative aims to reverse the trend of fisheries decline and create healthier marine ecosystems, thriving fishing communities, and a sustainable ‘blue economy’. Investment advisory and fund manager Finance Earth (FE) will establish and manage this new mechanism, called the Fisheries Improvement Fund (FIF), with the aim creating more than $100 million in investment in fisheries improvement by 2030. Currently, over a third of global fish stocks are overexploited, and a further 60% are fished at their maximum limit.
FE has been working together with World Wildlife Fund (WWF) to engage commercial partners in the project, and feed companies Cargill and Skretting have agreed to participate in a pilot project to showcase the new model, using a volume-based fee that enables the FIF to pay back upfront costs for Fisheries Improvement Projects (FIPs) as well as creating a long-term revenue stream. Large-scale seafood buyers and philanthropic foundations including Mars, Costco Wholesale, Sodexo, and Walmart Foundation are also supporting the launch of the Fund.
Johan Bergenas, senior vice president of Oceans at WWF US, said: “Through this blue finance mechanism, sustainable financing will be ensured for projects that are critical to scaling fishery reform over the coming decade for people and nature, through an efficient, equitable, and cost-effective model. Our vision is that this Fund, under the management of Finance Earth, revolutionizes fisheries finance, driving game-changing environmental and social impact.”
For Mars, the initiative is the latest step in the company’s decade-long partnership with WWF, and beyond the launch, Mars is committing $1 million investment over the next five years for fishery improvement projects.
Paul Gardner, chief procurement officer for pet nutrition, commented: “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. Mars and WWF have a long-standing partnership of more than a decade focused on driving improvements in seafood supply chains.
“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 $1m 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.”
Finance Earth is now seeking proposals for fisheries worldwide that may be interested in seeking funding through the new Fisheries Improvement Fund.
