The Sustainable Seafood Finance (SSF) Toolkit is a resource for financial institutions and seafood companies to jointly identify and address the sustainability risks associated with the sector. It is a toolkit for proactive risk identification and management, and it aims to stimulate improved sustainability performance in the international seafood sector as well as the CSR performance of financial institutions.
The SSF Toolkit is composed of:
- SSF “Transparency Tool” providing financial institutions with insight on the extent to which a seafood companies can identify and classify whether their vessels and seafood supplies comply with laws and regulations and with claimed aspirations of sustainable performance.
- SSF “Improvement Tool” supporting financial institutions in engaging seafood companies to measure and qualify the risks that are classified by the transparency tool. It then provides terms for reducing the risks to recognised sustainability performance of corporate fishery management.
The SSF Toolkit is supportive of the international norms and conventions that govern the Law of the Sea and the International Finance Corporation’s Performance Standards. Specifically, the SSF Toolkit is structured around two fundamental parameters for sustainable seafood that form the cornerstones of the toolkit: (1) Elimination of any illegal, unreported and unregulated (IUU) fishing practices, (2) Encouragement of sustainable fishing practices in accordance with the Marine Stewardship Council’s (MSC) environmental standard for sustainable fishing.
The SSF Toolkit increases the transparency between seafood companies and their investors/creditors and supports financial institutions in detecting risks and mitigating their risk exposure. The SSF Toolkit helps financial institutions to make a credible contribution to the global sustainability of seafood production and to work in parallel with governments and market efforts in this much- needed task.
The SSF Toolkit can facilitate the development of ‘green’ financial products and services by assessing the sustainability performance of seafood companies, or rewarding seafood companies working with the SSF Toolkit. The SSF Toolkit also provides a platform for financial institutions to jointly engage with seafood companies.
Piloting the SSF Toolkit
SSF is now inviting financial institutions to pilot the SSF Toolkit alongside their portfolio seafood companies, with technical support from our experts.
By getting involved in the SSF, financial institutions can reduce their risk exposure, as well as demonstrate a leadership role, and help shape the development and use of the SSF Toolkit. After its first application to the wild capture sector, the SSF Toolkit will expand its scope to cover aquaculture as well.