Collaborating to finance the transition to more sustainable fisheries worldwide
The global seafood sector is vital to food security, nutrition, and income for people around the world. According to OECD, more than three billion people around the world rely on the ocean for their livelihoods. Fish is also an important ingredient for pet food and is used in some of our pet nutrition brands such as SHEBA® and PEDIGREE®.
Despite this, the world’s fisheries are in decline. The World Wildlife Fund (WWF) highlights that over a third of global fish stocks are overexploited, and a further 60% are fished at their maximum limit.
That’s why we are working in partnership with the WWF and Finance Earth, alongside other global organizations including Cargill, Skretting-Nuterco, Costco Wholesale, Sodexo and Walmart Foundation, to design the concept and implement a Fisheries Improvement Fund (FIF) with the aim of reversing the trend of fisheries decline. This fund is part of a long-term partnership of more than 10 years between Mars and WWF, working together to drive improvement in environmental and social practices in the fishing industry, whilst also helping to promote biodiversity and protect endangered species.
We’re making a $1 million investment into Fishery Improvement Projects
In a panel session at the Global Seafood Expo in Barcelona, we announced that Mars has committed to $1 million in funding for Fishery improvement Projects (FIPs), to be invested over the next five years.
FIPs are a proven global model for transitioning fisheries towards improved fishing practices and management for the benefit of people and nature. There are currently over 150 active FIPs across more than 40 countries. We will be supporting the scaling up of credible and robust FIPs to create improvements on the water. “Through this blue finance mechanism, sustainable financing will be ensured for projects that are critical to scaling fishery reform over the coming decade for people and nature, through an efficient, equitable, and cost-effective model. Our vision is that this Fund, under the management of Finance Earth, revolutionizes fisheries finance, driving game-changing environmental and social impact,” said Johan Bergenas, Senior Vice President of Oceans at WWF US.
“At Mars, we are continually working to drive positive change for people, pets, and our planet. As part of this, we are always looking for more sustainable ways to source our raw materials to help protect vulnerable ecosystems and drive responsible practices. Mars and WWF have a long-standing partnership of more than a decade focused on driving improvements in seafood supply chains. Through this innovative blue finance mechanism, Mars is supporting the development of new models that can provide a consistent source of funding for global fisheries improvements, with a clear aim to positively impact our oceans,” says Paul Gardner, Chief Procurement Officer, Pet Nutrition.
Protecting our oceans together
At the heart of our vision is a future where the planet is healthy and where people and their pets are thriving. While the proportion of fish we use accounts for a small share of the global fish market, as a purpose driven business we believe we can make an important contribution to improving environmental and social impacts in fish supply chains.
We know that it will take effort from many stakeholders, and we look forward to partnering with others to continue to find innovative ways to support healthy marine ecosystems and the livelihoods of millions of people who depend on them.
