"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."