The World Bank has launched an initiative to boost the sustainability of Indonesia’s fisheries sector, with $1 million in financing from the Global Environment Facility, as the country struggles to curb overfishing
In a statement, the World Bank said the Coastal Fisheries Initiative Challenge Fund will support sustainable investments into Indonesia's coastal fisheries sector. The World Bank launched the initiative in partnership with the Government of Indonesia.
“The goal of the Challenge Fund is to increase the economic and social value of the sector and support the well-being and livelihoods of people reliant on coastal fisheries,” said Ann Jeannette Glauber, Practice Manager for Environment, Natural Resources and the Blue Economy at the World Bank, in the statement.
Under the initiative, part of World Bank’s Indonesia Sustainable Oceans Program, it will work with potential investors on developing business plans for sustainable fisheries, promote private-sector investment opportunities in sustainable fisheries, share lessons learned from past investment successes, and build partnerships between fishing communities and sustainability-minded businesses.
Indonesia is the world’s second largest fisheries producer. The sector generates approximately $4.1 billion in annual export earnings, supports more than seven million jobs, and provides over 50% of Indonesia's animal-based dietary protein. The industry is facing uncertainty, however, with some coastal fisheries stocks at risk from overfishing and management challenges, including limitations to effective management plans, insufficient data and research, and limited opportunities for investment in socially and environmentally responsible fishing.
Socially and environmentally responsible seafood not only supports healthy fish populations and marine habitats, but is also considered higher–value on the international market—thus increasing revenue for coastal communities involved in the industry and supporting profitable businesses over the long term.
The primary focus of the initiative will be on snapper and tuna fisheries in the Arafura and Savu Seas and surrounding archipelagic waters, according to the statement.
This article was first published by the World Bank on 30 October 2020.
