Meaningful impact: launch of Fisheries Improvement Project in Chile

Pelagic sardines

At Skretting, protecting the ocean is a priority. It's also important to ensure that fish stocks intended for direct or indirect human consumption are caught within clearly defined sustainable limits.

That's why we have joined forced with Finance Earth and WWF, alongside other leading industry partners, in the launch of a Fishery Improvement Project (FIP) in Chile.

With support through the Fisheries Improvement Fund (FIF), the ambition is to catalyse more than $100 million into fisheries improvement by 2030. This first FIP will help to move one of the world’s most productive and critical fisheries in a more sustainable direction, focusing on supporting the transition to sustainable marine ingredients in the anchoveta and araucanian herring (common sardine) fishery in the Central-Southern Region of Chile. 

Fisheries and aquaculture are essential to the economy and livelihoods of more than 300,000 people in Chile’s coastal communities, a large percentage of whom work directly in the anchoveta fishing industry and salmon farming.

The only way we are going to have a meaningful impact across our seas and coastal communities is by working together across industry and supply chains.
Jorge Díaz, Sustainability Manager, Skretting

The innovative financing model aims to reverse the trend of fisheries decline and scale global fisheries improvements toward nature-positive outcomes for healthier marine ecosystems, thriving fishing communities, and a sustainable blue economy.

WWF and Finance Earth have worked with industry, with Skretting and Cargill as cornerstone partners, to conceptualise and design a model that is impactful, scalable across fisheries, and supported by companies working to transition fisheries in their supply chains to more sustainable resources. 

“The only way we are going to have a meaningful impact across our seas and coastal communities is by working together across industry and supply chains. The financing model that we are deploying for the first time in Chile is both equitable and scalable and includes the support from local actors all the way up through our customers – a true sea to plate model – that we are eager to see applied in other important sourcing geographies for Skretting,” says Jorge Diaz Salinas, Sustainability Manager for Skretting.

“At Finance Earth, we believe in advancing the improvement of global fisheries by providing innovative solutions. We are thrilled to be launching this first project with WWF Chile and prominent feed and buyer companies to provide finance for fisheries improvements in this critical region. This approach has the capacity to attract a range of investors from the public and private sectors to support fishery improvement worldwide and we are eager to demonstrate the viability of this model through this first project. This is a unique opportunity for all of us to protect our oceans and invest in a sustainable blue economy,” explains Elizabeth Beall, Managing Director at Finance Earth.

Read the original article from finance earth here