With a growing list of adopters and endorsers, Environmental Defense Fund (EDF), Meloy Fund, and Encourage Capital today launched new guidelines for investing in global fisheries to drive needed capital into scaling sustainably managed fisheries and restoring our oceans to abundance. The announcement was made at the World Ocean Summit 2018.
The Meloy Fund I, LP (the “Fund”), an impact investment fund dedicated to promoting sustainable coastal fisheries in Indonesia and the Philippines, today announced closing an additional $7 million of funding and finalizing a partial guarantee with the U.S. Agency for International Developmentthrough its Development Credit Authority (DCA). This brings the total amount of capital raised to $17.1 million.
The close included the Global Environment Facility (GEF), the Fund’s anchor investor, as well as Ceniarth, LLC, a single-family office which funds market-based solutions that benefit underserved communities.
A US non-profit is taking a new approach for encouraging sustainable fishing in the Philippines and Indonesia: Make investments that deliver an impact and "decent" returns.
The Meloy Fund, an "impact" investment fund created by the Arlington, Virginia-based non-profit Rare, has raised $10 million in capital that it plans to deploy in support of coastal fisheries in those countries. It plans to raise another $10m by the fall, invest its funds by lending to companies or buying stakes in them and begin winding down those positions after six years in order to be fully exited by 2027.
Impact investors have poured more than $8 billion into projects that support sustainable land management, and now more money is also finding its way into sustainable fishing. This month, a new partnership providing equity to sustainable small-scale fishing-related enterprises in Philippines and Indonesia, has made its first investment in a Filipino fishing processing and exporting group. Read More
The Meloy Fund I, LP (the “Fund”), a first-of-its-kind impact investment fund dedicated to helping coastal fishers transition to more sustainable practices, today announced its launch with a first close of US $10 million.
Today Rare’s Sustainable Markets Group announced a US$1 million-dollar investment in Philippines-based seafood company, Meliomar Inc. This marks the first investment by the Meloy Fund for Sustainable Small-Scale Fisheries in Southeast Asia, the first impact fund focused solely on near-shore fishing-related enterprises in the developing tropics.
"Within the [Vibrant Oceans Initiative], Rare’s work centers around coastal (or near-shore) fisheries which, in the case of the Philippines, provide more than 50% of the national fish catch and more than 90% of the jobs in the sector, while also comprising the vast majority of critical oceanic biodiversity (such as coral reefs and mangroves). Worldwide, over a billion people depend on these coastal fisheries for the majority of their protein.
In our work in the Philippines, we leverage our behavior change expertise to help dozens of coastal communities transition from a largely open-access fishing regime to one of solid management regulations, governance, and enforcement. However, the question of financial incentives needed to afford the transition still loomed large.
Our response to that challenge, at least in part, led to the creation of the Meloy Fund, which was announced at the Our Ocean conference this week. The Meloy Fund is the first impact investment vehicle wholly focused on supporting sustainable coastal fisheries in the developing tropics."
At the Our Ocean Conference, hosted by U.S. Secretary of State John Kerry in Washington, D.C. today, Rare CEO Brett Jenks and the Global Environment Facility (GEF) CEO Naoko Ishii will be jointly announcing the development of the Meloy Fund for Sustainable Small-Scale Fisheries in Southeast Asia. The GEF, one of the largest funders of conservation worldwide, will be investing $6 million into the fund.
News traveled fast in Antique, Philippines, when some fishermen and women started earning up to 25 percent more than current market prices.
“Word got out and fishermen from neighboring municipalities were coming around asking how they can get in the game,” says Dale Galvin, one of the architects of Fish Forever, a new initiative aimed at simultaneously securing the seafood supply chain, increasing local livelihoods and restoring the health of the depleted fish stocks in the province in the central Philippines.
Fish Forever seeks to overcome one of the biggest challenges in the seafood industry: how to support local livelihoods through the transition to more sustainable practices
Filipino tuna processing plant Meliomar, and the handline fishery improvement project (FIP) run under BlueYou's Artesmar program, are working to sell more Filipino tuna to domestic chefs.
While the Philippines maintains a reputation as a global seafood producer, local seafood consumption remains significant and is beginning to get hooked on more responsibly caught seafood, said consultancy BlueYou in a press release