WWF advocates with governments to eliminate harmful subsidies and works with financial institutions and other partners to help fund long term fisheries recovery.
WWF engages with private and public financial institutions (eg. development and ethical banks) to design and promote financial mechanisms to make the transition to sustainable fisheries.
Recently published in the journal Marine Policy
, WWF's innovative paper "Raising the Sunken billions: Financing the transition to sustainable fisheries
" proposes the establishment of a Financial Institution for the Recovery of Marine Ecosystems (the FIRME) offering a full-scale investment solution to recover depleted stocks and marine ecosystems without adversely impacting livelihoods. This system would work through loans, based on a credible sustainable management plan, secured against the value of future fish stocks. WWF is currently partnering with stakeholders interested in helping to create a global financial model. The most likely first candidate for a groundbreaking pilot would be Canada´s Grand Banks of Newfoundland, with the global FIRME eventually allowing similar recovery projects in fisheries the world-over.
Development of the FIRME directly followed the WWF paper "Banking on Cod"
, also published in Marine Policy, which explored economic incentives for recovering Grand Banks and North Sea cod fisheries after the collapse of the Canadian northern cod fishery 20 years ago.
Find out more
about our work on financing the transition to sustainable fisheries.