Sales of MSC certified sustainable seafood to contribute to US$100 million ocean fund to end overfishing

PR Newswire
11 Apr 2023, 11:04 GMT+10

US$100 million ocean fund to end overfishing

SYDNEY, April 11, 2023 /PRNewswire/ -- The Marine Stewardship Council (MSC), an international non-profit on a mission to end overfishing by setting standards for sustainable fishing and supply chain assurance, has today announced an ambitious goal to mobilise US$100 million (AUD$150 million) to help safeguard the ocean and sustainable seafood supplies over the next decade.

The announcement marks a significant expansion of the MSC's Ocean Stewardship Fund which aims to end overfishing.

Since 2018, the MSC has committed to allocate 5% of the income it generates from licensing the use of the MSC blue fish tick label on sales of MSC certified sustainable seafood to the Ocean Stewardship Fund.

Philanthropic organisations, businesses and governments are encouraged to contribute to the fund, which has already delivered more than 100 grants, including almost 40 in emerging economies. These funds assist a wide range of fisheries and invest in research and innovation to improve fishing practices on the water.

Sales of MSC certified sustainable seafood to contribute to US$100 million ocean fund to end overfishing

Ocean Stewardship Fund research by Maria Teresa Tavera Ortiz of Autonomous University of Baja California

Beneficiaries have included Indonesian fishers adapting to the impacts of climate change on blue swimming crabs, South African fisheries reducing bird bycatch, and artisanal fishers in the Mediterranean trialling new technology to protect stingrays. A new project to assess the risks of climate change for wild-capture fisheries and help them to adapt in the future has also received funding.

The challenge facing the ocean is enormous. Consumption of seafood is rising rapidly whilst over a third of global fish stocks are being exploited at unsustainable levels. The pressures of feeding a burgeoning global population, combined with the detrimental effects of climate change demands stronger, urgent action.

Rupert Howes, Chief Executive of the Marine Stewardship Council, said: "The Ocean Stewardship Fund has supported an impressive range of projects, including many innovative collaborations between fisheries and scientists. We are extremely grateful to our funders, partners and supporters who share our vision of a healthy thriving ocean. By mobilising US$100 million over ten years, we can support many more communities and businesses around the world which are reliant on the ocean for food, security, and livelihoods."

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Singapore Star.

More Information

25 ℃

Fair in Seletar

International

Section

Pence, former VP, to announce candidacy for president

WASHINGTON D.C.: Reuters has reported that on 7th June, former Vice President Mike Pence will enter the race for the ...

Panic, confusion in Seoul after failed North Korea rocket launch

PYONGYANG, North Korea: North Korea attempt failed to launch a satellite on May 31, which prompted raid sirens and a ...

UN notes few women in top China government positions

HONG KONG, China: Describing the lack of women in China's top leadership as concerning, the United Nations has recommended the ...

China: we will send men to moon by 2030

BEIJING, China: Amid its rivalry with the US for reaching new milestones in space, reflecting their competition for global influence, ...

US sees largest post-Covid holiday weekend with 10 million at airports

WASHINGTON D.C.: A Transportation Security Administration (TSA) report released this week revealed that over the Memorial Day weekend, the start ...

Chinese ship held in Malaysia after removing arms from sunk WWII ship

KUALA LUMPUR, Malaysia: Malaysia's maritime agency has said that it found a cannon shell believed to be from World War ...

Business

Section