Mars discuss the next stage in their journey to support a more sustainable fishing industry – the below is taken from their statement on their website here.
The global seafood sector is vital to food security, nutrition, and income for people around the world. According to OECD, more than three billion people around the world rely on the ocean for their livelihoods. Fish is also an important ingredient in nutritious and high-quality pet food.
However, the world’s fisheries are in decline. Over a third of global fish stocks are overexploited, and a further 60% are fished at their maximum limit. But the industry holds much promise for current and future generations if targeted investments are made towards their recovery.
That’s why we are working in partnership with the World Wildlife Fund (WWF) and Finance Earth to invest in the improvement of fisheries. The launch of the Chile Multi-species Fisheries Improvement Project (FIP) is the first of this partnership, following our commitment in 2023 to invest $1 million over 5 years into the Fishery Improvement Fund.
This collaboration is the next stage in a long-term partnership of more than 10 years between Mars and WWF, working together to drive improvement in environmental and social practices in the fishing industry, while also helping to promote biodiversity and protect endangered species.
A pioneering model to reverse fisheries decline
In 2023, we worked with WWF and Finance Earth to launch the Fisheries Improvement Fund (FIF), which is an innovative financing model that focuses on reversing the trend of fisheries decline and scaling global fisheries improvements toward nature-positive outcomes for healthier marine ecosystems, thriving fishing communities, and a sustainable “blue” economy. Finance Earth, a leading impact investment advisory and fund manager with a track record in breakthrough models that finance social and environmental priorities, is managing the FIF, and working closely with WWF Chile to implement this first project.
This first FIF project will focus on financing the transition to sustainable marine ingredients in one of the world’s most ecologically essential seascapes in Chile – the anchoveta and araucanian herring (common sardine) fishery in the Central-Southern Region of Chile. Piloting the financing mechanism in Chile will allow us to move one of the world’s most productive and critical fisheries towards a more sustainable footing, while delivering a replicable and scalable model for further investments.
What happens next?
As the project continues, we look forward to supporting more Fishery Improvement Projects around the world, with Finance Earth now seeking proposals for fisheries that are interested in funding to become more sustainable.
This project represents the first of many projects to create and scale impact, improving our oceans and livelihoods for coastal communities.
