We cannot secure our oceans’ future without the active involvement of the private sector
Arlington, VA (PRWEB) September 15, 2016
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.
Naoko Ishii, GEF CEO and Chairperson said, “We cannot secure our oceans’ future without the active involvement of the private sector. Investment in coastal fisheries is both an environmental necessity and a largely untapped economic opportunity. Today, we are here to announce the creation of the $20 million Meloy Fund, a first-of-its-kind attempt to attract private impact investments in community small-scale fisheries in Indonesia and the Philippines. The GEF investment in this fund is part of our commitment to both promote sustainable fisheries worldwide, protect marine ecosystems and foster partnerships with the private sector.”
The Jeremy and Hannelore Grantham Environmental Trust is also participating in the creation of this initiative through a $2.5 million dollar investment in the fund, which will uniquely focus on driving investments in small-scale fisheries in Indonesia and the Philippines.
“Coastal fisheries are historically undervalued and underappreciated,” says Rare CEO Brett Jenks. “Despite providing half the world’s fish, the vast majority of fishing-sector employment and encompassing our most critical marine habitat, there is a yawning gap in investment in the sector, says Jenks. “The Meloy Fund aims to bridge that gap and further incentivize sustainable small-scale fishing practices.”
To support this model, Rare is also helping catalyze demand from the private sector by encouraging seafood businesses to source their products from sites involved in Rare’s programs. Earlier this year, Rare helped organize the first “Sustainable Seafood Week” in Manila, Philippines, engaging chefs, managers and guests at high-end hotels and restaurants in seeking a more sustainable approach to their seafood sourcing.
Conservation International, the GEF Implementing Agency, will manage GEF funding. In turn, GEF, as a Limited Partner and anchor fund investor, will support Rare in developing the $20 million-dollar fund.
"Local fisheries play a critical role in sustaining livelihoods and biodiversity in Indonesia and the Philippines," said Peter Seligmann, Chairman and CEO of Conservation International. "CI is pleased to join Rare and GEF as Implementing Agency for the Meloy Fund. We share with Rare a commitment to securing healthy coastal fisheries through thoughtful and sustainable enterprises.”
While Rare’s flagship coastal fisheries program offers rights-based management strategies that give fishers the legal pathway to reduce fishing pressure, the Meloy Fund will provide financial incentive to alleviate the short-term economic implications of such actions. By helping to overcome these transition costs, fishermen are provided a more financially viable path to sustainable community management with increased incomes, improved climate resilience and the critical protection of biodiversity and oceanic habitats.
Ranked in the top 25 NGOs in the world by NGO ADVISORS, Rare is an innovative conservation organization that implements proven conservation solutions and trains local leaders in communities worldwide. Through its signature social marketing campaigns (called Pride campaigns), Rare inspires people to take pride in the species and habitats that make their community unique, while also introducing practical alternatives to environmentally destructive practices. Employees of local governments or non-profit organizations receive extensive training on fisheries management, campaign planning and social marketing to communities. They are equipped to deliver community-based solutions based on natural and social science, while leveraging policy and market forces to accelerate positive environmental change through programs in clean water, sustainable agriculture, and coastal fisheries. To learn more about Rare, please visit http://www.rare.org.
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