Complementarity between public and private actors, as well as local communities

At next year’s United Nations Ocean Conference, the health of oceans and their ecosystem services will be emphasized alongside their economic role in supporting a sustainable ocean-based economy and eradicating poverty. The industry has numerous opportunities to contribute meaningfully and drive positive change.

It’s no surprise that the United Nations relies on the private sector, in addition to governments and civil society, to advance meaningful action plans and secure bold commitments. This approach was a turning point of the Paris COP21 on climate change, which highlighted the ingenuity and creativity entrepreneurs bring to driving the low-carbon industrial revolution and fostering a blue economy that safeguards biodiversity and ecosystems.

This trend is already evident in fishery management, which is primarily a government responsibility. However, fisheries are a common good, impacting a wide range of stakeholders, from small-scale fishing communities to fishmongers, women involved in fish processing in some countries, scientists, NGOs, and the industry.

Effective fishery management demands significant resources, including monitoring biomass (which requires specialised and costly equipment), data collection and interpretation, data sharing, decision-making, and enforcement.

“Fishery Improvement Projects (FIPs) are capital-intensive. FIP financing isn’t standardised, and philanthropic support often plays a crucial role,” Elizabeth Beall from Finance Earth noted during a workshop on the sidelines of the IFFO Conference in Lisbon in October 2024. With public finances under pressure globally, transitioning to more sustainable practices requires substantial resources. Recognising the private sector's role is essential for this transition. Research is not the sole purview of public institutions; on the contrary, it is heavily funded by industry. For instance, in 2024 alone, IFFO contributed three peer-reviewed papers on nutrition and impact assessment.

Stakeholder management is another resource-intensive but vital task for driving change. Once again, the private sector leads in innovation and initiatives. Collaboration and complementarity between public and private actors, as well as local communities are the way forward.