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3. Executive Summary
The WWF-US Fisheries Improvement Project (FIP) Financial Toolkit is a comprehensive tool
providing financial guidance to those interested in starting a FIP. The toolkit is an companion
guide to the WWF-US FIP Handbook.
As the demand for FIPs increases, due to growing environmental pressures and consumer
demand, identifying long-terms scalable FIP funding is essential. This toolkit is designed to help
stakeholders identify mechanisms with which to finance FIPs regardless of the fishery location,
size, or structure.
“The ultimate goal of a FIP is to create measurable
change… and to ensure the long-term sustainability of a
fishery .” – WWF-US FIP Handbook
This toolkit was developed considering a primarily audience of: the WWF and other FIP-supporting
Non-Governmental Organizations (NGOs), FIP stakeholders in existing or seeking to develop a new
project, and those interested in supporting FIPs or further developing funding structures.
For the purposes of this toolkit, FIP stakeholders are understood as the fishermen, the local
community of the fishery, the national and local government, FIP-supporting NGOs, and anyone
involved in the supply chain of that fishery.
While fisheries vary greatly given their location, size, fish product, and structure, understanding
the supply chain is key to leveraging models contained within this toolkit.
*From&Manta&Consul/ng&Fish&2.0&Report&&
3"
4. Supply Chain Structure
Market
Pressure
Export to
US &
Europe
Transpare
nt Supply
Chain
Management System Structure
Financial
Account-
ability
Trade
Asso-
ciation
Mgmt.
System
Defined
Owner
Product
Environ-
mental
Threat
Niche
Location
Govt.
Support
Open
Developed
Capital Mkt
Scale of Fishery
LargeSmall
Decision
Matrix
Table One
NGO/
Foundation
Corporation
Donation
NGO/Public-
Private
Industry
Elected
Premium
Quota
Ownership
Supply
Chain
Efficiencies
Selling Fish
Futures
Export
Duties
4"
5. Supply Chain Structure
Market
Pressure
Export to
US &
Europe
Transpare
nt Supply
Chain
Management System Structure
Financial
Account-
ability
Trade
Asso-
ciation
Mgmt.
System
Defined
Owner
Product
Environ-
mental
Threat
Niche
Location
Govt.
Support
Open
Developed
Capital Mkt
Scale of Fishery
LargeSmall
Decision
Matrix
Table Two
Smart Gear
Premiums
Fair Trade
Community
Supported
Fisheries
Crowd-funding
Public-Private
Partnership
Lender
Engagement
FIP Impact
Bonds
Tax-oriented
Investment
5"
6. In this model, a FIP receives its primary funding through nonprofit donations. Fisheries and their
stakeholders work with the nonprofit to obtain funding and to initiate a pre-assessment, develop
an action plan, and institute a FIP. Most commonly, nonprofits receive the funding from
foundations, which in turn is used to fund FIP activities (as well as the nonprofit’s operations). As
a direct stakeholder in the FIP, nonprofits often play an important role in managing or overseeing
the enactment of the action plan and financing decisions, and in leveraging outside fundraising.
! Works most effectively with
strong government buy-in
Non-Profit/Foundation Support
Financing Methodology
Best Practices
! Most commonly used and currently
applicable form of FIP financing;
stakeholders understand process
! Widely available compared to other forms
of FIP funding
! Partnering financially with nonprofits and
foundations can increase a FIPs credibility
with other stakeholders
! Nonprofits and foundations have large
networks and more resources to draw from
in order to help enact a successful FIP and
elicit further funds
Benefits Drawbacks
! Funding is often on an annual basis, and
must be reapplied for each year
! Short-term funding may inhibit full
commitment of resources by stakeholders,
as they could be fearful that the process will
not continue if funding is stopped
! Not a sustainable source of funding
! If all or most funding is from one source, FIP
runs risk of being overly focused on the that
funder’s goals
" Prevailing Model
6"
7. ! Works best in fisheries with more
developed information (e.g. stock
assessments)
! Must have a corporation that sees
value/benefit in investing in a fishery
without expecting any return
! Trustworthy fishery-level partners
with mechanisms for responsibly
utilizing donations
! Works best with strong government
buy-in
In this model, a FIP derives its funding directly from corporate donations. Fisheries and their
stakeholders traditionally work with a nonprofit and/or a foundation to initiate a pre-assessment
and develop an action plan. Fishery stakeholders then identify private sector entities that have
vested interests in some aspect of the fishery value chain, have tangential interests (e.g. located
close to fishery), or are otherwise identified as targets for fishery funding. FIP stakeholders
approach these companies with a clear and persuasive action plan and, if persuaded, the
companies contribute funding in the form of donations directly supporting the FIP.
Corporate Donations
Financing Methodology
Best Practices
! Corporations have high levels of
resources and greater flexibility to give
multi-year donations, and to lobby for
needed government involvement
! Large corporations may have greater
ability to lobby for influence on
government involvement/regulations
Benefits of financing option Drawbacks of financing option
! Presence of one company may cause
competitors to cease involvement or
purchasing from a fishery
! Funding from one company runs the risk of the
FIP becoming focused on retaining company
contributions and lose focus on FIP goals
! Not a sustainable source of funding , and often
donated on an annual basis
" Prevailing Model
7"
8. In this model, a FIP derives its funding through a mix of private (corporate), public (government),
and nonprofit sources. Fisheries and their stakeholders work with a nonprofit and/or a foundation
to initiate a pre-assessment, develop an action plan, and institute a FIP. The nonprofit allocates
money toward funding the FIP, and then works with stakeholders to identify and pursue
companies, governments, and/or foundations that will match their initial funding. These
matching funds may include in-kind and pro bono services that are required FIP action items
(e.g. government enforcement of IUU or donation of consulting services). This method uses the
nonprofit’s commitment of funding and endorsement of the FIP to multiply its initial investment
and create financial buy-in from additional stakeholders.
! Committed nonprofit organization driving FIP creation and fundraising efforts
! Considerable fundraising effort required in order to secure additional partnership funders up
front
! FIP must have mechanisms in place to manage funds (e.g. accountants, bank accounts), if not
managed directly by the nonprofit
! Initial partners sign on prior to FIP establishment, but further fundraising to leverage initial
partnership will continue throughout the life of the FIP
Non-Profit and Public/Private Partnerships
Financing Methodology
Best Practices
! Increasingly common funding mechanism
! Financial commitment of multiple
stakeholders from the beginning adds
momentum for FIP activities and creates
larger network of involved/interested
parties
! Broad network of invested stakeholders
can lend a more powerful voice when
addressing additional stakeholders or
outside interests (e.g. lobbying for
required government legislation or action)
Benefits Drawbacks
! Requires existing solid partnerships/
networks to identify and leverage funding
! May require more reporting to meet specific
requirements of multiple funders
" Prevailing Model
8"
9. Case Study: Morro Bay Buy-Out
The Central Coast area of California traditionally has had a thriving fishing community with the
Pacific Groundfish as its backbone. The area had been fished by bottom trawlers, which are large
weighted nets that scoop the ocean floor for seafood. These have damaging side effects such as
seafloor destruction and high volumes of by-catch. In addition to this destruction, decades of
overfishing caught up to the fishery. In 2000, the West Coast Groundfish fishery collapsed and
the Secretary of Commerce deemed it a federal disaster area. The National Oceanic and
Atmospheric Administration declared that 6 separate Groundfish species to be “depleted”.
Economically, the damage reduced landings revenues from $110 million in 1987 to a mere $35
million in 2003.
In 2003, The Nature Conservancy (TNC) stepped in
with efforts to save the habitat and rebuild the
fishery. TNC and its partners struck a deal with
federal and state officials declared 3.8 million acres
of ocean habitat as off-limits to bottom trawling and
TNC purchased all existing fishing quotas and
trawling boats from struggling fisherman in the area.
This allowed to settle outstanding debt obligations
that had forced them to continue fishing.
Quota and vessel buybacks were financed with private
grant funding as traditional financing would not work
due to high uncertainty of the projects outcome. Also,
the buyouts were conditional on the legal
establishment of no trawl zones, which made grants
from interested environmental philanthropies a most
realistic option.
With ownership of the fishing quotas, TNC hopes to eventually sell or transfer quotas back out to
fisherman with stricter gear and area restrictions and an environmentally focused management
system. Fifty percent of permits are being leased back out to fisherman with information
gathering requirements and gear restrictions. This income stream used to cover some of the
costs of sustainability efforts such as data gathering while TNC determines the best method to
divest ownership while also guaranteeing permanent sustainability.
" Quota Ownership
" Non-Profit Public/Private Partnership
Another impediment to traditional financing was the lack of a time frame of the project, as
well the obvious environmental goals that are incompatible with financial returns.
Government funds were not an option due to both transparency issues around the purchases
and the wish to keep buyout between private parties.
"
9"
10. Industry stakeholders, usually on the same level of the value chain, pay a self-imposed premium
per unit of raw material passing through that level (ex. buyer, processor, seller). Typically, those
invested in beginning FIPs are incentivized by a threat to the success of their business, such as
drop in raw material stocks and/or decrease in unit stock; the reversal of which, would increase
the profitability of their business. Once the need to support FIPs is identified, industry peers
form a trade association as a third party to neutralize competition as it relates to the FIP and
designate a payee for the premium. The association then funds FIPs based on needs outlined in
project plans and budget reports.
! Form NGO backed trade association that receives self-imposed premium
! Members pay premium to trade association annually
! FIPs present work plans and budget proposals to association to secure funding.
! Engage organizations to provide scientific data to support the FIP; business models do not
consider sustainability, so having data to support activities helps bridge that gap. Science
must also be balanced so it doesn’t go overboard (suggest closing fisheries entirely) or be
underwhelming and quell motivation.
! FIPs should have project plan and trackable progress with performance indicators
! Provide economic incentive to secure fisher engagement
Industry-elected Premium
Financing Methodology
Best Practices
! Sustainable source of funding
! Association members have a clear
economic incentive to see the FIP succeed
and, thus, continue to contribute funds
! Trade association is the industry lead for all
FIPs, which means they leverage their
industry presence to affect change with
local governments, etc.
Benefits Drawbacks
! Limited traceability in the premium
payments; each member is responsible for
paying what it owes per unit. There is no
way to confirm each member pays the
correct amount
! Incentive to engage in the FIP can weaken
at the fisher level where the economic
incentives may not be similar to the trade
association, so it may be challenging to gain
their compliance
" Prevailing Model
10"
11. Case Study: Blue Swimming Crab
US buyers of Blue Swimming Crab noted a decrease in unit size they were importing as well
as an over decrease in the amount of raw material stocks. For the buyers, the decrease in unit
size meant smaller profits and the decrease in blue swimming crabs threatened the existence
of their business overall. Motivated to save their business as well as their profit margins, the
US buyers founded a trade association under the umbrella of the National Fisheries Institute,
the NFI Crab Council so they could address the problem together and work outside of industry
competition.
To solve these problems, the Crab Council
supports all blue swimming crab fishery
improvement projects. They fund the
project with a self-imposed tax of $0.015
per pound of raw material imported to the
US. The money is paid annually to the Crab
Council, who then provides funding to the
FIPs based on the needs of their work plan
or budget proposal.
In addition to providing funding, the
Crab Council can use its industry
leverage as a majority buyer of blue
swimming crab, to affect change with
other stakeholders, such as government,
as necessary.
The Crab Council model provides a sustainable source of funding for blue swimming crab FIPs.
However, there are drawbacks. The economic incentive to improve the fisheries lies with the
buyers, not the fishers whose immediate livelihood is dependent on selling crabs. Therefore the
fishers see no incentive to invest in the long-term recovery of the fishery while they can still see
smaller crabs. Additionally, the fractured nature of the seafood industry tracing the funding from
each buyer is almost impossible.
" Industry-elected Premium
11"
12. In this model, a fund is setup to hold fishing quota rights within an individual fishery. The
governing body setting up and overseeing the fund can be a local fishing association, a NGO, or
any organization interested in environmental and/or economic sustainability of a fishery. The
fund is used to purchase outstanding quota rights as they come up for sale from fishers retiring
or moving out of the fishing industry. Once acquired, the trust will hold the quotas and may
either lease them out to new fishers that abide by strict environmental standards (as well as other
goals the fund may have such as social or community) or keep them unused to allow for habitat
recovery. It is important that the fund build strong relationships with the stakeholders within the
fishery community to ensure trust among all parties.
The initial funds to capitalize the trust are raised through either grants or lines of credit.
Grant funding from foundations and philanthropies with an interest in the fishery or the
community should be considered the foremost source of funding. This type of capital is
important within the structure as it does not require a financial rate of return, allowing the fund
flexibility to achieve its goals. Quotas can be leased out to new fishers at below market rates with
this type of funding. In exchange for a better price on quota, the fund can put in place
environmental protections on potential lessees. In addition to grant funding, acquiring a line of
credit from a traditional bank can be very useful in situations where cash needs to be raised
quickly to take advantage of a potential quota purchase. Over time as leases are acquired, lease
payment cash flows from fishers should be able to help acquire additional leases and cover the
administrative costs of running the fund such as collecting and managing lease payments,
negotiating with sellers and communicating with any private or public sector partners .
! Cooperation of all fishery stakeholders
! Quota system must be in place
! Strong local fishery association
Quota Ownership
Financing Methodology
Best Practices
! Centralized ownership of fishing rights
by an environmentally conscious
organization can ensure environmental
goals are reached
! Strong economic and social benefits for
the fishery community
Benefits of financing option Drawbacks of financing option
! Only possible in fisheries that have effectively
regulated quota systems
! Asset ownership and trading of fishing rights is
outside the skill scope of institutions interested
in sustainability
! Very long term commitment
! High upfront costs
" Prevailing Model
12"
13. Case Study: Cape Cod Fisheries Trust
Due to overfishing and the failure 1990’s
regulation, a new quota share system was designed to be
put in place in Cape Cod, Massachusetts for Scallop and
Groundfish species. In order to support Cape Cod’s small
scale fishing community, the Cape Cod Fisheries Trust
was established in 2005 by the Cape Cod Commercial
Hook Fisherman’s Association to ensure community
ownership and management of quotas. The foremost
role of the Trust is to buy out fishing quotas from retiring
fishers and then lease out these quotas to other small
fishers in the community. The goal is to ensure that
quotas remain local with no quotas sold by the local fleet
to off-Cape Cod fishing companies in 2012. Local
ownership also keeps fishing profits local, which is an
economic boon to the rest of the Cape community.
The trust is uniquely financed from multiple different sources of capital. Due to the
nature of quota trading, the trust needs to have cash available to make purchases when quotas
are up for sale. After establishment, it first attracted grant capital from local philanthropists and
foundations interested in the Cape Cod community. With cash available as collateral from the
philanthropic grants, the trust was able to secure lines of credit from local banks. The lines of
credit have allowed the trust to better manage their incoming cash flows and purchases of new
quotas.
"
In addition to quota management, the Trust provides revolving loans for fishers to obtain
quota in the Scallop and Groundfish spaces, as traditional financial institutions will not provide
financing as they do not accept quota as collateral. Trust representatives also assist local fishers in
putting together viable business plans to ensure these fisherman are granted access to both the
quota leasing and lending programs.
"
The Trust was able to make a few speculative permit purchases early on the cheap , when
the specifics around the new quota system were still very much in question. With the quota
system fully in place, fishing permit prices have risen and Cape Cod would likely be overtaken
by commercial fishing operations without the help of the Trust. The Trust stabilizes the cost of
access to quota amounts for fishing rights for local fishers by leasing at below market-value
levels. To obtain access to quota for below market prices, the fisherman must follow strict set of
guidelines related to business plans, local residencies, crew compensation, and sustainability
practices. The Trust attempts to diversify its portfolio of lessees as much as possible as long as
they fulfill all criteria to ensure confidence within the fishing community.
"
" Quota Ownership
13"
14. Fisheries are often plagued by inefficiencies in production, particularly in small-scale, artisanal
fisheries. Outdated fishing gear, gas-guzzling boats, traditional fishing practices – these
inefficiencies offer improvement opportunities that increase margins at the fishery level and
have positive environmental impacts. NGOs and/or government agencies can educate fisheries
on how to change practices and update gear at low cost. At times, the NGO or governmental body
may also provide the access to capital, providing either a low-interest loan or grant to facilitate
purchases of more new, and ultimately more profitable and sustainable, equipment.
! Any size fishery
! The fishery must have production inefficiencies that can be improved with the purchase of
newer, more sustainable equipment
! The fishery must have cooperation amongst the fishers in order to maximize the impact of
this method, both economically and environmentally
Supply Chain Efficiencies
Financing Methodology
Best Practices
! Ties sustainability to financial benefits,
aligns production efficiencies with
environmental objectives
! Short-term benefits that encourage further
improvement and incentivize cooperation
with fishery improvement
! Improvements can result in a higher
quality product that commands better
pricing
! Increased market access
! Increased the producer power and
increasing bargaining power
! Fishermen retain and strengthen their
control of the fishery
Benefits Drawbacks
! Not all improvements in supply chain
efficiency are directly tied to sustainability
! For more capital-intensive improvements,
NGOs, governmental agencies or industry
interests will have to fund the
improvements or facilitate the access to
capital necessary
! Longer-term improvements may take longer
to yield benefits both economic and
environmental, which may affect
participation and cooperation amongst the
fishery stakeholders
" Prevailing Model
14"
16. When selling fish futures, the stakeholder agrees to purchase a pre-determined amount of raw
material at a negotiated price. The price includes a premium that the fishery will use to fund FIP
activities. In most cases, a portion of the money should be transferred before receipt of the raw
material so the fishery can initiate the improvements.
This tool has been a fairly common industry practice, with examples from ANOVA, Fishin’ Co and
Orca Bay. Some are merely use this tool to ensure the fishery is outfitted at the beginning of a
season whilst others are specifically for fishery improvement project activities.
! The contracted amount should be either a preset amount or a percentage of total catch, which
ever is the lower amount, in order not to incentivize overfishing and to prevent large
penalties if the FIP project itself drops production
! The fishers are incentivized through guaranteed purchases at a locked in rate
! The spending of the premium must be transparent; actual spend on projects should be
communicated and tracked
! Works best in a developed fishery with good reporting mechanism
Selling Fish Futures
Financing Methodology
Best Practices
! Provides upfront funding for the fishery to
improve sustainability
! Sustainable source of funding
! Can reduce variation in the business from
exchange rate and catch market values.
! Can help reduce overfishing/pushback
against fishery improvements
Benefits Drawbacks
! Without clear tracking of landed catch, the
needed trust in the system fails
! Buy-in needed from all stakeholders
! Needs strong relationships between buyers
and sellers
" Prevailing Model
16"
17. In this model, a FIP derives its funding through direct government contributions. This funding is
generally a portion of the amount received from a tax on produced products or a duty levied on
exported products. Because of the funding source, fisheries and their stakeholders necessarily
work with the government closely throughout the FIP management process.
! Strong local and national government interest
and involvement
! Works best with industry buy-in (e.g. purchasers,
exporters)
! Fishery must be located where there is a
functioning, stable government capable of
creating and enforcing the necessary laws/
regulations
! A non-commoditized catch
Export Duty
Financing Methodology
Best Practices
! Government partners help enact necessary
governmental and regulatory changes
required in FIPs
! A portion of the proceeds from the tax/
tariff may fund government activities vital
for FIP success (e.g. enforcement of IUU)
! Tax/duty provides regular, dependable
income to fund FIP activities, as long as
fishing stocks are sustained
Benefits Drawbacks
! If premium on final product is passed on to
the consumer, it may reduce demand
! If consumers are unwilling to absorb
premium on pricing, others within the value
chain (e.g. retailers, buyers) will have to
bear the burden and this may reduce their
demand for the product
! Process is highly dependent on government
staff involved in the FIP, which may be
affected if those staff move to another
position
" Prevailing Model
17"
18. When selling fish futures, the stakeholder agrees to purchase a pre-determined amount of raw
material at a negotiated price. There are several cases where repurposed non-traditional/newly
designed, or smart gear, types can lead to increased sustainability as well as reduced fishing
costs, higher quality/live catches, and reduced by-catch. This is particularly popular with
groundfish. There are two primary methods to fund fishery gear switches. The first is extending a
loan to purchase the new gear. There are several funds that offer competitive rates over a short to
medium term duration for these methods. The second is working with the stakeholders to have
small premiums for smart gear sourced fish .
! There must be a proven smart gear available for the intended species
! Fisherman should be incentivized to switch to gear economically through potential outcomes
like cheaper operation, better catches, or through market premiums
! Fisherman are provided access to capital at highly competitive rates
! Fishers must be able to implement new gear in existing fishery
Smart Gear Premiums
Financing Methodology
Best Practices
! Investors have a clear economic incentive
to fund appropriate gear in order to
achieve repayment
! Stakeholders can work towards a stable
input
! Reduced costs for catch
! Less environmental harm
Benefits Drawbacks
! Some smart gear does not provide
economic incentive, for example it may
yield less raw material
! Capital markets / inventory supply chain
must be developed enough to accurately
identify loan risk and ability to supply the
fisherman with their new equipment
! Fisherman must be open to change
! All stakeholders must participate
! Typically new gear costs are not large overall
cost drivers
Possible"Image"
" Prevailing Model
18"
19. Case Study: California Fisheries Fund
The California Fisheries Fund (CFF) is a revolving loan fund that lends across the seafood
supply chain in California, Washington, and Oregon to make sustainability improvements to
recipients who do not have sufficient access to commercial banking. The fund makes term loans
and extend lines of credit to fishers, processors, distributors, ports, communities, and non-profits
that have an interest in fishery sustainability initiatives. These include gear purchase, vessel
investments, and permit/quota purchases. For example, a fisher could use the loan to fund a
transition from trawls to selective trap gear that provides higher quality catch and less by-catch.
The CFF believes one of its competitive advantage is in its knowledge of the seafood space and
especially its ability to value seafood assets that commercial banks do not possess and thus elects
to make loans to underserved businesses within the seafood supply chain. The loan approval
process has two steps to approval: the fund advisory and the fund credit committee. The fund
advisory committee is made up of scientists and other local seafood stakeholders that evaluate
the social and environmental merits of the loan. Once passed, the Fund Credit Committee
evaluates potential borrowers, much as a financial institution would evaluate a commercial loan
candidate.
The Environmental Defense Fund (EDF) developed the idea and the fund. In 2006, the
CFF received $5 million in donations $3 million from the state of California and $2 million from
private foundations., with a goal to raise approximately $15 million. The fund was conceived
around the idea that quota-based fisheries management is the best way to align economic and
environmental goals, and the CFF would fund new management systems and businesses in
California once rights-based systems were instituted. This has proven problematic for the CFF as
typically new businesses and startups are funded with equity instead of loans due to the high
uncertainty of repayment and lack of identifiable cash flow and collateral . The CFF has since
shifted towards their current model of funding loans to support sustainability initiatives .
To date, the fund has loaned $3
million across 25 transactions (~80%
term, 20% lines of credit). The terms
of loans made are very comparable to
commercial market loans, with similar
interest rates; however, the difference
lies in CFFs ability to loan to
customers with no access to credit .
There has not been a single default
within the CFF portfolio, and the
biggest issue remains a dearth of
investable deals for the fund to make.
"
" Debt Financing
" Smart Gear Premiums
19"
20. Case Study: Hold for addit’l case study " Smart Gear Premiums
20"
21. Fair Trade certification, which is awarded based on social and environmental criteria with
benchmarks for moving towards better stewardship practices, improved business capacity,
community development programs and market access, benefitting both ecosystems and people.
The certification yields a price premium that is paid directly to the producers. Fair Trade requires
that 30% of that premium be used for environmental improvement, or certification will be
revoked. If applied to fisheries, fishers could apply the funds from this premium to FIPs.
Once a fishery receives certification, the Fair Trade organization links fisheries with buyers,
guaranteeing that the products were produced in an environmentally and socially responsible
way while also imposing a price premium that pays directly to the fishers.
The standard uses a stepwise fisheries improvement approach requiring that certified Fair
Trade products improve social, economic and environmental conditions over time.
! Fishery must have a supply chain into the Northern global markets, where there is a demand
for Fair Trade products
! Must be a small-scale artisanal fishery
! Fish product must be a non-commodity seafood product
Fair Trade
Financing Methodology
Best Practices
! Long-term, self-sustaining source of
funding
! Increased access to global markets
! Injects funding directly back into
communities at the base of the pyramid
! Incentivizes implementation of
sustainability practices required by Fair
Trade to retain certification
! Fair Trade organization guides and
manages the fishery improvement, while
developing fishery infrastructure and
community management
Benefits Drawbacks
! Fisheries program does not yet exist
" Prevailing Model
21"
22. Similar to the community supported agriculture model, consumers pre-pay local producers for
regular deliveries of product during a particular season. Local fishers interested in more
sustainable fishing that bring higher-quality, higher-priced product to the market, attract
consumers looking for the same product with an interest in supporting their local fishing
community. The pre-payments of the CSF cover working capital costs and guarantee the sales
volume. Since fishers sell directly to the consumer and cut out other members of the value
chain, such as the processors, they maintain a larger profit for themselves and can use this profit
to invest in fishery improvement activities.
! A non-profit fisherman’s association should include all fishers in the community interested in
engaging in fishery improvement activities.
! Economic incentive at the fisher level such as depleted stocks
! Small scale fishers
! Interest from the local community to support their fishers
! Interest from the local community in purchasing higher quality products
Community Supported Fishery (CSF)
Financing Methodology
Best Practices
! Fishers earn the entire profit from the sale
of all fish by selling directly to the
consumers
! Fisheries can use advance payments and
increased profits to fund fishery
improvement activities
! Fishers know their exact sales volume in
advance
Benefits Drawbacks
! As interest increases over a larger area,
transportation and storage issues come into
play
! Fishers need to learn about pricing in order
to command a profit while still attracting
consumers
! Fishers may need to learn fish handling,
processing and packaging techniques as
well as invest in equipment
! A CSF can grow into its own business,
requiring fishers to also learn to run a for-
profit business
" Prevailing Model
22"
23. Case Study: Midcoast Fisherman’s Association " Community Supported Fisheries
Overfishing had led to declining stocks in coastal Maine that had lead to a limited fishing season
and increasing regulations as well as fishery on the brink of collapse. This limited profits not only
due to depleting stocks, primarily of cod and flounder, but also because the fishers sold the fish
at auction and couldn’t set their own prices to reflect decreased amount of raw material and
additional time required to meet demand.
To address the environmental and economic problems, a group of fishers formed the Midcoast
Fisherman’s Association in Port Clyde, Maine. After speaking with a university researcher
interested in the application of the Community Supported Agriculture (CSA) method to fisheries,
the MFA decided to apply the concept to their fishery. CSAs sell shares of crops directly the
consumer before the season begins. Shares come at regular intervals during the growing season
and the consumer as little choice in the produce received. The model allows consumers direct
access to fresh, and usually environmentally cultivated, produce and the farmers have secured
sales for a certain percentage of their crop. For fisheries, the application was similar, during open
fishing season; local Port Clyde consumers would receive a portion of whatever fish were caught
that week.
This model allowed the fishers to know
exactly how much fish to catch as well as fish
more plentiful species like redfish and skate
since the consumer signed up for a share of
any fish, not just the favorites that had led to
overfishing. Since they were selling directly
to the consumer, they could set the price
based on the cost of production and received
almost twice the dock price paid at auction.
The additional profit allowed the fishers to
invest in more sustainable gear such as
redesigned nets that trapped only larger fish
and let younger, smaller fish swim free.
The CSF model was so successful interest from local fishers continued to grow which increased
both the direct sales and participation in sustainability efforts.
23"
24. ! Any size fishery
! Using a reputable non-profit crowdfunding platform such as Global Giving or Fundly signals
the legitimacy of your project.
! Supplemental source of funds for any organization undertaking a FIP
Crowdfunding uses online platforms such as standalone websites, mainstream crowdfunding
websites, or social media to reach a large group of people (the crowd) willing to donate small
amounts of funding. Crowdfunding has been successfully used to finance many different
activities and products including political campaigns, films, business start-ups, and non-profit
causes. Models in the crowdfunding space include donation-, reward-, debt-, and equity-based.
Debt and equity based models are geared towards start-ups and businesses where the funders
are contracted creditors or owners receiving an equity stake in the project. Donation and reward-
based crowdfunding does not have financial incentives attached to the project, but may include
non-financial rewards to funders above certain contribution thresholds.
The key to reaching a large crowd is having a compelling story or business plan and the avenues
to promote the project and engage the appropriate target audience. Utilizing social media
(Facebook, Twitter, Instagram, etc) offers low cost and high visibility, reaching a large and active
group of potential crowdfunders. Building an engaged community committed to the success of
the FIP is imperative before significant funds can be realized.
Crowdfunding
Financing Methodology
Best Practices
! Low cost source of funding if marketed
properly
! Increases the profile of the organization
through the campaigns social media
presence and providing a sense of
ownership to funders
! Applicable to any type of FIP, species, or
geographic area
Benefits of financing option Drawbacks of financing option
! Amount of funds able to be raised is extremely
uncertain
! Reputational risk stemming from a poorly
devised campaign
" Experimental Model
24"
25. Public/Private Partnerships (PPP) are ventures formed between governments, private contractors,
and lenders. This model is used quite often in infrastructure projects where government agencies
partner with building contractors to construct a public sector asset such as a hospital, road, or
other infrastructure asset, and lenders are paid back through revenue generated by the asset (i.e.
tolls on a road). In this model for a fishery, governments are able to raise upfront funds from
lenders to engage private consultants in fishery improvement initiatives such as data collection,
stock assessments, quota buybacks, or quota system implementations. Governments repay the
lenders over a longer time span with a mechanism related to the improvements made such as a
commission on pounds of seafood sold or revenues from a new quota system, but may not be on
the hook for repayment should the wanted improvements are not realized. This model is
attractive to impact investing lenders because it provides potentially less risky financial returns
than investments in private fishers or businesses due to government involvement. Governments
may find this model attractive due to ability to undertake fishery improvement activities without
the need for shouldering the upfront costs. After the completion of the PPP, government
agencies and consultants can enter into service contracts to ensure the long term sustainability of
the improvements put in place.
! Large scale fisheries
! Government involvement
Public/Private Partnerships
Financing Methodology
Best Practices
! Government involvement in deal ensures
laws and regulations are being properly
enforced
! Funds raised at onset of project instead of
periodically
! Impact investment capital may be more
attracted to this structure than other
impact investing models due to lower risk
of repayment from government than
smaller fishery stakeholders
Benefits Drawbacks
! Complex financial transactions involving
governments and financial institutions
! Not appropriate for many small scale
fisheries
! Uncertain how appealing structure is to
developing world governments
! Revenue streams are unclear aside from
government backing
" Experimental Model
25"
26. Lender Engagement
Financing Methodology
Best Practices
Benefits Drawbacks
Built from of a collaborative effort between the financial services sector, NGOs, and the seafood
industry, the Sustainable Seafood Finance (SSF) Tool is “a resource for banks, in particular credit
lenders, and seafood companies to jointly identify and address the sustainability risks associated
with the sector.”
The tool allows for proactive risk management for banks and the international seafood sector,
while simultaneously improving the CSR performance of financial institutions.
“The tool is structured around two fundamental parameters for sustainable seafood that form the
cornerstones of the tool:
• Elimination of any illegal, unreported and unregulated (IUU) fishing practices.
• Encouragement of sustainable fishing practices in accordance with the Marine
Stewardship Council’s (MSC) environmental standard for sustainable fishing.”"
! Most practical in large scale, industrial, vertically integrated seafood companies
! Significant change requires adoption from a substantial portion of banks
! Financial institutions implement policies for seafood corporate sustainability to drive market
interest rates, giving the seafood industry clear incentives for improvements
• Harnesses the immense influence of
the financial sector for sustainability
while simultaneously mitigating risks
of both parties
• Empowers seafood companies to
effectively identify and track necessary
sustainability changes
"
• Fails to address unsustainable small
scale artisanal fisheries
• Adjustment to seafood industry
operations are time-consuming and
costly
"
**From SSF tool guidelines June 2013 PDF
"
" Experimental Model
26"
27. ! Detailed economic data quantifying the
economic gains to beneficiaries
! Early investors will be interested in investing
for sustainability in addition to financial gain
(double-bottom line, risk tolerant investors)
! Economic incentives to fishery and fisherman
to secure local support
! Investors experienced in sustainability and
FIPs
! Unbiased FIP coordinator to manage
agreement
! Government buy-in
Impact Bonds
Financing Methodology
Best Practices
! Beneficiaries only pay when desired
results are achieved, thus eliminating
project outcome risk
! Investors are given competitive financial
returns and have the flexibility in how to
achieve improvements
! Market based solutions insures efficiency
and innovation for sustainability
improvements
Benefits
Drawbacks
! Economic gains from certification are variable,
spread across multiple parties, and difficult to
quantify
Outcome<based"payment"
Financier"(Beneficiary)"
Fishery"
Improvement"
Project"
Upfront"Cash"
Fishery"
Outcome""
Achieved?"
Service"Provider"
Investors"
In this form of innovative financing, payments made from those financing the FIP are results-
based and only occur after sustainability improvements are verified. The fishery conducts a pre-
assessment to quantify financing needed for certification and then identifies a financier (NGO,
Government, Fishery, Industry Buyers, etc.) who will secure environmentally motivated investors
to provide up-front cash for the FIP. The fishery and the financier develop a contract specifying
specific outcomes, which lead to economic gain, indicating a effective project and the level of
financial return paid to the investors is tied to the completion and success of these outcomes.
Upfront"Cash"
" Experimental Model
27"
28. The precursor to this financing tool is government regulation that generates tax credits for
investors in FIPs. Although tax incentives are not yet established in fishery conservation
investments, this model has been widely proven and monetized in green energy and affordable
housing markets. If established, financial institutions will be financially incentivized to lend
money to support many of the FIP activities.
For tax credits to be economically beneficial the recipient must have substantial tax obligations;
therefore, the lender will claim the majority of the tax credits while other smaller scale investors
will receive the economic benefits from FIP programs. Monetization of FIP investments can come
from many of the economic benefits of FIPs including sales proceeds due to increased stock, fish
size increases, sale into new markets, cost savings from new equipment, decreased IUU fishing,
premiums generated for certified product, etc.
! Detailed economic data surrounding the monetization of FIPs
! Large scale and credit worthy borrower with collateral
! Standardization of FIP process and timeline
Tax Oriented Investing
Financing Methodology
Best Practices
! Attracts substantial investment and market
based solutions to the space
! Improves the CSR of financial institutions
while allowing an attractive financial
return
! Ensures government buy-in in fishery
improvements
Benefits Drawbacks
! Tax reform is not guaranteed and changes
slowly
! Tax credits are far more common in
developed countries where capital is also
more readily available
" Experimental Model
28"
29. Resources: Organizations
! Marine Stewardship Council - www.msc.org
! NFI Crab Council - www.aboutseafood.com
! International Sustainability Unit: Marine Programme - http://www.pcfisu.org/marine
! 50in10 - www.50in10.org
29"
30. Resources: Further Reading
! Marine Stewardship Council -
Get Certified! Fisheries: A Practical Guide to the Marine Stewardship Council’s Fishery
Certification Process
! New York Times - For Local Fisheries, A Line of Hope
! The World Bank & Food and Agriculture Organization of the United Nations -
The Sunken Billions
! ANOVA Sustainability Review - www.anovaseafood.com
! EKO Asset Management - http://ekoamp.com/our-publications/
! Fair Trade Organization - http://fairtradeusa.org/products-partners/seafood
! California Fisheries Fund – http://www.californiafisheriesfund.org/
! Sustainable Seafood Finance - http://www.sustainableseafoodfinance.org/
! Blue You Consulting - http://www.blueyou.ch/
! Manta Consulting – Financing Fisheries Change
http://www.mantaconsultinginc.com/wp-content/uploads/2011/01/Manta-Consulting-
Financing-Fisheries-Change.pdf
! Fish 2.0 - http://www.fish20.org/about
30"