December 4, 2019 — Can finance contribute to seafood sustainability? This is an increasingly relevant question given the projected growth of seafood demand and the magnitude of social and environmental issues associated with its production.
Since the 1960s, aquaculture has been the world’s fastest-growing food sector. Rates of fish consumption have been increasing twice as rapidly as population growth, and fish has become one of the most traded food commodities.
Today, more than 90 percent of the world’s fisheries are either overexploited or fully exploited, and the sector is plagued with unsustainable practices, ranging from illegal fishing and habitat destruction to overuse of antibiotics and forced labour.
Making sure that seafood is both socially and environmentally sustainable has therefore become a key concern for governments, academics and civil society organisations.
In a recent article published in the journal Science Advances, my colleagues and I explored what role finance could play in promoting a sustainable seafood industry and where leverage points may lie to redirect capital towards better practices.