A third of commercial fish stocks are being harvested at biologically unsustainable levels and 90% are fully exploited, according to the UN Food and Agriculture Organization. This has been encouraged in many nations through favourable policies, loans, and substantial subsidies.
Rights-based Fishery Management (RBM) incentivises fishers to be good stewards and consider the long-term effects of fishing by allocating a secure right to a certain volume of catch, or access to certain fishing grounds. RBM has delivered results in fisheries as diverse as industrial multi-species trawl fisheries in British Columbia, Canada and artisanal lagoon fisheries in Ecuador. Designed and implemented correctly, RBM can restore fishing volumes while also increasing the overall economic performance of fisheries and security for fishing businesses.
Seafood Business for Ocean Stewardship (SeaBOS) is an initiative by some of the largest seafood companies in the world, and in collaboration with the UN, that aims to make seafood production more sustainable. One of the group's aims is to get major retailers to a adopt a more sustainable business model (in which the environmental problem is identified and a policy solution is provided which also accounts for business initiative).
Another important initiative is the Ocean Risk and Resilience Action Alliance. The Ocean Risk and Resilience Action Alliance is a multi-sector collaboration between governments, financial institutions, the insurance industry, environmental organisations and stakeholders from the Global South.
Its purpose is to unlock and incentivise greater private investments and blended finance into coastal natural capital by pioneering ground-breaking products that both address ocean risk and build resilience in the regions that need it most.
Clyde & Co is running a virtual legal hackathon between 1 July and 4 August 2020 in partnership with The Chancery Lane Project. This post is part of a series of updates posted during the hackathon on business-relevant climate initiatives and innovative solutions to some of the challenges arising from climate change.