The Peru Mahi Alliance (PMA), a pre-competitive partnership of 13 Peruvian mahi mahi companies, will be launched officially on March 14th at the Seafood Expo North America (SENA) in Boston, with the presence of major U.S. buyer companies. PMA represents almost 80% of Peru’s mahi mahi exports to the US and is committed to advancing the Peru mahi mahi Fishery Improvement Project (FIP) through activity implementation, political advocacy efforts, and funding.
Leadership in the Blue Economy: Financing Fishery Recovery
Towards a Fisheries Improvement Fund
World Wildlife Fund, in collaboration with Finance Earth, has been working to develop the concept for an innovative blue finance mechanism – the Fisheries Improvement Fund – with the aim of reversing the global trend of fisheries decline. Sustainable finance is critical to scaling the transition towards more sustainable fisheries; we need new models that are efficient, equitable, and cost effective for key stakeholders. We believe that proving innovative concepts in the real world, such as this, will lead the way towards the establishment of a sustainable blue economy.
The concept for the Fisheries Improvement Fund is to provide upfront funding for the implementation of Fishery Improvement Projects (FIPs) by experienced partners on the ground and establish a repayment mechanism based on fish purchased by participating companies. This innovative approach is based on the business case for seafood companies to invest in the long-term viability of their seafood supplies, thus reducing supply chain volatility and risk while enhancing business value and protecting reputations. It allows for capital to be channeled at speed and scale towards addressing the most critical ecological and social issues in target fisheries, ensuring that fish stocks and fishing communities can reap the benefits of sustainable fishing into the future.
Stabilize fishery yields and reduce supply chain volatility
Reduce sourcing risk and improve brand image
Establish equitable, transparent, and efficientcost structures for funding FIPs
World Wildlife Fund (WWF), is working with Finance Earth, experts in impact investment and fund management, through a multi-stakeholder initiative with leading industry players to design and pilot this financing concept aimed at delivering global fishery recovery at scale. This collaboration will focus on reversing the trend of fisheries decline and scaling global fisheries improvements for healthier marine ecosystems, thriving fishing communities, and a sustainable blue economy. Once established, this new mechanism will secure much-needed funding for implementing Fishery Improvement Projects (FIPs), attract new capital providers, and establish a return mechanism based on participating companies’ contributing toward a long-term, volume-based fee. Testing this model in the real world will provide a replicable and scalable model that can serve as a blueprint for a potential global Fisheries Improvement Fund in the future.
Offtake Agreement Participants: Offtake companies will be contributing a per MT contribution to fund the FIPs under the pilot.
Retailers and Corporate Philanthropic Support Participants: Leaders in driving more sustainable seafood production globally and supporting fishery improvement projects.