Why invest in coastal fisheries?
Small scale fisheries are in crisis. 90% of global fish stocks are considered fully fished or overfished, and this is especially ominous in the developing tropics, where near-shore fish catch represent half of the yield but over 90% of fishing sector jobs, and provide a key source of food and livelihoods for the world’s poorest. Coastal fisheries also contain the most critical ecosystems for conservation, such as coral reefs and mangroves, all of which help protect the most climate vulnerable communities on the planet.
The Meloy Fund for Sustainable Community Fisheries* has been created to invest in fishing and seafood-related enterprises that will lead to better management and protection of these formerly underappreciated and undervalued natural assets, while offering an opportunity for local fishers to secure more sustainable livelihoods. The Meloy Fund is focused on Indonesia and Philippines which together represent:
The Meloy Fund is managed by Meloy Fund GP, which is a wholly owned subsidiary of Rare, a global conservation organization dedicated to inspiring communities to adopt behaviors that protect the natural resources that sustain them. The Meloy Fund partners with Rare’s global fisheries recovery program, Fish Forever, to break apart the tragedy of the commons which, under open-access regimes, has led to rampant overfishing and destructive fishing for decades. As a result of placing local ownership of fisheries in fishers' hands for the first time, financial incentives can be directed to safely motivate the adoption of sustainable behaviors.
*The Meloy Fund is named after Meloy, a Panther Grouper who was the mascot in one of Rare's Pride campaigns in Inabanga, Philippines. The campaign, which started in 2011, is focused on community ownership and participation in protecting Inabanga's marine resources.