10 26, 2017
We all know how important good fisheries management is in the battle to protect our seas and ensure fish stocks are managed sustainable. But what is not often considered is the impact poorly managed fish stocks has on the global economy. As a recent article on impactalpha.com pointed out, it’s estimated that better fisheries management practices could reverse an $83 billion annual global loss. It also stated by reversing bad practices with more sustainable activities we could see substantial economic growth within the fisheries sector across the world, particularly in developing countries.
The social cost of bad fisheries management practices can have a huge impact on developing countries where millions of people depend on their local fisheries to feed their families and generate their income. A huge road block for developing countries is that they often lack the capital needed to develop the systems and solutions needed to manage their fisheries effectively. For this reason funding from third party investors is crucial in safeguarding these fisheries and providing the means for these developing nations to obtain the full economic benefit from their fishery now and in the future.
Michael Arbuckle, an independent director at FINNZ recently attended and presented at the Sankalp Southeast Asia Summit in Jakarta where he spoke about what he has been recently observing in this space. He stated “What we’re finding around the world is there are lots of interesting examples of cooperatives being formed around fisheries, where there are rights and interests being allocated to local communities,”.
An emerging approach for developing nations to obtain this much needed funding through collaboration methods is ‘Impact Investing’. Impact investments are investments made into companies, organisations, and funds with the intention to generate social and environmental impact alongside a financial return (thegiin.org).
FINNZ has recently been involved in the development of a new Fisheries Management Solution (Elements). Elements is a flexible web-based Fisheries Management Solution designed to support all aspects of Fisheries administration including; the management of fishing registers, licensing, permits, quota, catch entitlement, reporting, trading and financial management activities.
This software was developed in New Zealand and reflects more than 20 years’ of our experience in delivering licensing and catch services to fishers and regulators. The flexibility of the solution enables it to be customised and implemented into other Fisheries Regimes around the world, no matter the size of the fishery or its specific requirements.
FINNZ is keen to work with Impact Investors targeting the fisheries sector either through investment in fishing businesses or fisher cooperatives who are looking to fund systems and solutions needed to support sustainable fishing in developing regions. Please just get in touch if you would like to find out more about Elements or if you have any questions.