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• 21. [Article] Data and Information Needs for Effective Coastal and Marine Spatial Planning: A Washington State Case Study

  Washington state is currently developing a marine spatial plan for its outer coast under a mandate from its Legislature.  One key mandate for the plan involves mapping areas that have “high potential for ...

  Citation × Citation Citation Abstract Copy Title: Data and Information Needs for Effective Coastal and Marine Spatial Planning: A Washington State Case Study Author: Niles, Corey Washington state is currently developing a marine spatial plan for its outer coast under a mandate from its Legislature.  One key mandate for the plan involves mapping areas that have “high potential for renewable energy production with minimal potential for conflicts with existing uses and sensitive environments.”  Fisheries are a major focus with the Legislature mandating that the plan “minimize the negative impacts” on commercial and recreational fishing.  The plan will apply directly to state waters and also seek to influence the siting of projects in federal waters through the Coastal Zone Management Act and linkages to federal marine spatial planning efforts. The prospect of renewable energy projects in the ocean has been controversial. Washington’s coast is not heavily populated but no area of the ocean clearly shows “minimal potential for conflict.”  The northern coast is home to Native American tribes who hold treaty rights to fish in the ocean, a national marine sanctuary, a national park, and hundreds of offshore rocks and reefs managed as national wildlife refuges.  The southern coast is the center of the Dungeness Crab fishery, the most important commercial fishery for the coast's fishing communities. Planning has been ongoing for a number of years with the plan now scheduled for completion in 2017.  This talk will reflect on the Washington Department of Fish and Wildlife’s experience with the process and will discuss how the innovations sought by marine spatial planning and ecosystem-based management have played out so far.  Title: Data and Information Needs for Effective Coastal and Marine Spatial Planning: A Washington State Case Study Author: Niles, Corey Washington state is currently developing a marine spatial plan for its outer coast under a mandate from its Legislature.  One key mandate for the plan involves mapping areas that have “high potential for renewable energy production with minimal potential for conflicts with existing uses and sensitive environments.”  Fisheries are a major focus with the Legislature mandating that the plan “minimize the negative impacts” on commercial and recreational fishing.  The plan will apply directly to state waters and also seek to influence the siting of projects in federal waters through the Coastal Zone Management Act and linkages to federal marine spatial planning efforts. The prospect of renewable energy projects in the ocean has been controversial. Washington’s coast is not heavily populated but no area of the ocean clearly shows “minimal potential for conflict.”  The northern coast is home to Native American tribes who hold treaty rights to fish in the ocean, a national marine sanctuary, a national park, and hundreds of offshore rocks and reefs managed as national wildlife refuges.  The southern coast is the center of the Dungeness Crab fishery, the most important commercial fishery for the coast's fishing communities. Planning has been ongoing for a number of years with the plan now scheduled for completion in 2017.  This talk will reflect on the Washington Department of Fish and Wildlife’s experience with the process and will discuss how the innovations sought by marine spatial planning and ecosystem-based management have played out so far.  Close

• 22. [Article] Commercial Fishing Behavior under Changing Ocean Conditions: Spatial Analysis of the US West Coast Salmon Fishery

  Suggested Bibliographic Reference: NAAFE Forum 2017 Proceedings, March 22-24, 2017. Compiled by Ann L. Shriver with assistance from Stefani Evers. North American Association of Fisheries Economists (NAAFE), ...

  Citation × Citation Citation Abstract Copy Title: Commercial Fishing Behavior under Changing Ocean Conditions: Spatial Analysis of the US West Coast Salmon Fishery Author: Thomas-Smyth, Alice, Speir, Cameron Suggested Bibliographic Reference: NAAFE Forum 2017 Proceedings, March 22-24, 2017. Compiled by Ann L. Shriver with assistance from Stefani Evers. North American Association of Fisheries Economists (NAAFE), Corvallis, 2017. Title: Commercial Fishing Behavior under Changing Ocean Conditions: Spatial Analysis of the US West Coast Salmon Fishery Author: Thomas-Smyth, Alice, Speir, Cameron Suggested Bibliographic Reference: NAAFE Forum 2017 Proceedings, March 22-24, 2017. Compiled by Ann L. Shriver with assistance from Stefani Evers. North American Association of Fisheries Economists (NAAFE), Corvallis, 2017. Close

• 23. [Article] A Qualitative Risk Assessment of Hookah Diving as Fishing Technology in Small-Scale Fisheries

  In many small-scale fisheries around the world, hookah diving is the main fishing method and gear to catch high-value species like sea urchin, sea cucumber, queen conch and spiny lobster. Decompression ...

  Citation × Citation Citation Abstract Copy Title: A Qualitative Risk Assessment of Hookah Diving as Fishing Technology in Small-Scale Fisheries Author: Seijo, Juan Carlos, Huchim, Oswaldo In many small-scale fisheries around the world, hookah diving is the main fishing method and gear to catch high-value species like sea urchin, sea cucumber, queen conch and spiny lobster. Decompression sickness (DCS) and carbon monoxide poisoning (COP) are diseases related to hookah diving and are the cause of non-fatal and fatal injuries in small-scale fishers with the social and economic effects over households and coastal communities. A misunderstanding about diving risks still prevails among small-scale fishers. This study reports on a qualitative risk analysis method developed to obtain fishers perception, the likelihood of undesired health threatening events occurring as a result of hookah diving, and the corresponding perceptions of impacts or consequences of such accidents. These risk perceptions are contrasted with hyperbaric physicians’ perceptions and the actual diving accidents occurring in the spiny lobster (P. argus) and sea cucumber (I. badionotus) small-scale fisheries in a Yucatan northeastern coastal community. Fishers identified the DCS as a major problem in the diving activity; however, their impact value perceived was lower than the one perceived by the physicians. Fishers diving behavior exceeded the recommended standards for a safety diving practice. The method allows for identification of priority decisions relevant to the need for appropriate fishing technologies, for fishers capacity building associated with health-related precautionary measures, and increased community awareness of possible consequences of current fishing technology.  Title: A Qualitative Risk Assessment of Hookah Diving as Fishing Technology in Small-Scale Fisheries Author: Seijo, Juan Carlos, Huchim, Oswaldo In many small-scale fisheries around the world, hookah diving is the main fishing method and gear to catch high-value species like sea urchin, sea cucumber, queen conch and spiny lobster. Decompression sickness (DCS) and carbon monoxide poisoning (COP) are diseases related to hookah diving and are the cause of non-fatal and fatal injuries in small-scale fishers with the social and economic effects over households and coastal communities. A misunderstanding about diving risks still prevails among small-scale fishers. This study reports on a qualitative risk analysis method developed to obtain fishers perception, the likelihood of undesired health threatening events occurring as a result of hookah diving, and the corresponding perceptions of impacts or consequences of such accidents. These risk perceptions are contrasted with hyperbaric physicians’ perceptions and the actual diving accidents occurring in the spiny lobster (P. argus) and sea cucumber (I. badionotus) small-scale fisheries in a Yucatan northeastern coastal community. Fishers identified the DCS as a major problem in the diving activity; however, their impact value perceived was lower than the one perceived by the physicians. Fishers diving behavior exceeded the recommended standards for a safety diving practice. The method allows for identification of priority decisions relevant to the need for appropriate fishing technologies, for fishers capacity building associated with health-related precautionary measures, and increased community awareness of possible consequences of current fishing technology.  Close

• 24. [Article] Fishermen's Location Choice under Spatio-Temporal Update of Expectations

  Information acquired by fishermen while fishing play a crucial role in their decision-making process. Those are used to form the basis for update of beliefs on productivity of a range of available fishing ...

  Citation × Citation Citation Abstract Copy Title: Fishermen's Location Choice under Spatio-Temporal Update of Expectations Author: Munch, Angela, Hutniczak, Barbara Information acquired by fishermen while fishing play a crucial role in their decision-making process. Those are used to form the basis for update of beliefs on productivity of a range of available fishing grounds while acting in an uncertain environment. In this paper, we focus on the formation of fishermen's beliefs about the productivity of fishing grounds based on signals obtained through harvest activity. We task ourselves with better understanding of the impact of prior experience on the at-sea day-to-day decision with respect to location choice. We investigate how obtained signals are propagated over time and space considering knowledge decay with increasing spatial and temporal separation, hence, incorporating intertemporal and spatial correlation between gained experience and future expectations. The parameters of the updating process are derived by fitting a dynamic Bayesian model to available data of location choices. The signal propagation parameters are derived by fitting the multinomial logit model to simulated expectations data paired with observed discrete location choices. Our motivation is that successful fisheries management must be able to accurately predict the response of fishermen to fishery regulations with particular attention paid to flexible technologies where individuals can adjust effort and alter fishing behavior. Good understanding of fishermen location choice and location adjustment flexibility can contribute substantially to a design of management practices with spatial components. We apply our model to the Polish bottom trawler fleet in the Baltic Sea. Title: Fishermen's Location Choice under Spatio-Temporal Update of Expectations Author: Munch, Angela, Hutniczak, Barbara Information acquired by fishermen while fishing play a crucial role in their decision-making process. Those are used to form the basis for update of beliefs on productivity of a range of available fishing grounds while acting in an uncertain environment. In this paper, we focus on the formation of fishermen's beliefs about the productivity of fishing grounds based on signals obtained through harvest activity. We task ourselves with better understanding of the impact of prior experience on the at-sea day-to-day decision with respect to location choice. We investigate how obtained signals are propagated over time and space considering knowledge decay with increasing spatial and temporal separation, hence, incorporating intertemporal and spatial correlation between gained experience and future expectations. The parameters of the updating process are derived by fitting a dynamic Bayesian model to available data of location choices. The signal propagation parameters are derived by fitting the multinomial logit model to simulated expectations data paired with observed discrete location choices. Our motivation is that successful fisheries management must be able to accurately predict the response of fishermen to fishery regulations with particular attention paid to flexible technologies where individuals can adjust effort and alter fishing behavior. Good understanding of fishermen location choice and location adjustment flexibility can contribute substantially to a design of management practices with spatial components. We apply our model to the Polish bottom trawler fleet in the Baltic Sea. Close

• 25. [Article] Measuring the Value of Forage Fish to Recreational Fishermen

  Fisheries management has been traditionally single-species oriented. Only recently more pressure has been put on developing a holistic, science-based approach that considers the ecosystem as a whole. This ...

  Citation × Citation Citation Abstract Copy Title: Measuring the Value of Forage Fish to Recreational Fishermen Author: Lipton, Doug, Hutniczak, Barbara, Townsend, Howard Fisheries management has been traditionally single-species oriented. Only recently more pressure has been put on developing a holistic, science-based approach that considers the ecosystem as a whole. This approach is widely known as ecosystem-based fisheries management (EBFM). One of the most often highlighted aspects of EBFM is the relevance of predator-prey interactions in the aquatic ecosystems. The motivation is that there are considerable trade-offs between the supporting role of forage species as energy conveyors in food webs and provisioning service as target species to fisheries. We study this aspect by looking at the Chesapeake Bay. The motivation is a recent debate on the potential impact of excessive forage base fishing. In particular, we are interested in the propagation of forage overfishing through the food web and its influence on more valuable, higher trophic species fisheries. We develop a Bayesian model of recreational harvest of striped bass where benefits are derived from stock size as well as age structure. The age structure drives the probability of catching a fish of a particular size what is of considerable importance to the fishery highly constrained by minimum catch size regulations. Then, using a dynamic multispecies framework (Ecosim) and modified random utility model, we analyze multiple scenarios varying by menhaden regulations and derive benefits changes imposed on the striped bass recreational fishery. We focus on the recreational sector as recent research indicates that the recreational fishing is becoming increasingly important and new management strategies may be necessary to address this shifting trend. Title: Measuring the Value of Forage Fish to Recreational Fishermen Author: Lipton, Doug, Hutniczak, Barbara, Townsend, Howard Fisheries management has been traditionally single-species oriented. Only recently more pressure has been put on developing a holistic, science-based approach that considers the ecosystem as a whole. This approach is widely known as ecosystem-based fisheries management (EBFM). One of the most often highlighted aspects of EBFM is the relevance of predator-prey interactions in the aquatic ecosystems. The motivation is that there are considerable trade-offs between the supporting role of forage species as energy conveyors in food webs and provisioning service as target species to fisheries. We study this aspect by looking at the Chesapeake Bay. The motivation is a recent debate on the potential impact of excessive forage base fishing. In particular, we are interested in the propagation of forage overfishing through the food web and its influence on more valuable, higher trophic species fisheries. We develop a Bayesian model of recreational harvest of striped bass where benefits are derived from stock size as well as age structure. The age structure drives the probability of catching a fish of a particular size what is of considerable importance to the fishery highly constrained by minimum catch size regulations. Then, using a dynamic multispecies framework (Ecosim) and modified random utility model, we analyze multiple scenarios varying by menhaden regulations and derive benefits changes imposed on the striped bass recreational fishery. We focus on the recreational sector as recent research indicates that the recreational fishing is becoming increasingly important and new management strategies may be necessary to address this shifting trend. Close

• 26. [Article] Evaluating the Economic Benefits of Catch Share Management in the Gulf of Mexico Reef Fish Fishery: Preliminary Results

  It has long been argued that the Gulf of Mexico commercial reef fish fishery would benefit economically by being managed by “a system of tradable harvest permits” (Weninger and Waters 2003; Waters 2001). ...

  Citation × Citation Citation Abstract Copy Title: Evaluating the Economic Benefits of Catch Share Management in the Gulf of Mexico Reef Fish Fishery: Preliminary Results Author: Overstreet, Liz, Liese, Christopher It has long been argued that the Gulf of Mexico commercial reef fish fishery would benefit economically by being managed by “a system of tradable harvest permits” (Weninger and Waters 2003; Waters 2001). Between 2007 and 2010, all the major species in this fishery were transitioned into catch share management, effectively creating tradable permits.  We now have enough economic data to explicitly calculate the economic benefits created by moving to catch share management. This study uses cleaned trip- and vessel-level revenue and cost data---from before and after the introduction of catch share management for the various species---to estimate the increased profitability due to catch share management.  Conceptually, the increased profitability should correspond to “resource rent.” Title: Evaluating the Economic Benefits of Catch Share Management in the Gulf of Mexico Reef Fish Fishery: Preliminary Results Author: Overstreet, Liz, Liese, Christopher It has long been argued that the Gulf of Mexico commercial reef fish fishery would benefit economically by being managed by “a system of tradable harvest permits” (Weninger and Waters 2003; Waters 2001). Between 2007 and 2010, all the major species in this fishery were transitioned into catch share management, effectively creating tradable permits.  We now have enough economic data to explicitly calculate the economic benefits created by moving to catch share management. This study uses cleaned trip- and vessel-level revenue and cost data---from before and after the introduction of catch share management for the various species---to estimate the increased profitability due to catch share management.  Conceptually, the increased profitability should correspond to “resource rent.” Close

• 27. [Article] The Bigger, the Better? Spacial Externalities, Economies of Scale, and Consolidation in the Norwegian Fish Farming Industry

  Early studies of economies of scale show that ownership limitations imposed large costs on salmon farming firms prior to the deregulation of the industry in 1991. Since then a number of mergers and acquisitions ...

  Citation × Citation Citation Abstract Copy Title: The Bigger, the Better? Spacial Externalities, Economies of Scale, and Consolidation in the Norwegian Fish Farming Industry Author: Nøstbakken, Linda Early studies of economies of scale show that ownership limitations imposed large costs on salmon farming firms prior to the deregulation of the industry in 1991. Since then a number of mergers and acquisitions have taken place and the industry has become far more concentrated. Despite this, a number of smaller firms remain in the industry, and in recent years, industry concentration has stagnated. From 1996 to 2012, the ten largest companies increased their production share from 18.9% to 69.1%. Since then, it has remained stable at this level (68.9% in 2015). According to survey data from the Norwegian Directorate of Fisheries, medium-sized firms currently have lower variable costs per kilo fish produced than larger firms. We use firm-level data for the period 2001-2014 to investigate what has been driving mergers and acquisitions in the Norwegian fish farming industry. Can the presence of economies of scale justify the mergers and acquisitions that have taken place since 2001? Could it be the case that some firms have grown too large? Combining data on mergers and acquisition and inter-firm collaboration (joint production) with annual survey data on firm-level production, costs and revenues, we empirically investigate drivers of mergers and acquisitions in the industry. Our analysis confirms that some firms have become too large relative to what minimizes production costs. In recent years, we find evidence of increasing collaboration between firms, particularly between small and medium sized firms operating in the same regions. Meanwhile, mergers and acquisitions came to a near halt.  Title: The Bigger, the Better? Spacial Externalities, Economies of Scale, and Consolidation in the Norwegian Fish Farming Industry Author: Nøstbakken, Linda Early studies of economies of scale show that ownership limitations imposed large costs on salmon farming firms prior to the deregulation of the industry in 1991. Since then a number of mergers and acquisitions have taken place and the industry has become far more concentrated. Despite this, a number of smaller firms remain in the industry, and in recent years, industry concentration has stagnated. From 1996 to 2012, the ten largest companies increased their production share from 18.9% to 69.1%. Since then, it has remained stable at this level (68.9% in 2015). According to survey data from the Norwegian Directorate of Fisheries, medium-sized firms currently have lower variable costs per kilo fish produced than larger firms. We use firm-level data for the period 2001-2014 to investigate what has been driving mergers and acquisitions in the Norwegian fish farming industry. Can the presence of economies of scale justify the mergers and acquisitions that have taken place since 2001? Could it be the case that some firms have grown too large? Combining data on mergers and acquisition and inter-firm collaboration (joint production) with annual survey data on firm-level production, costs and revenues, we empirically investigate drivers of mergers and acquisitions in the industry. Our analysis confirms that some firms have become too large relative to what minimizes production costs. In recent years, we find evidence of increasing collaboration between firms, particularly between small and medium sized firms operating in the same regions. Meanwhile, mergers and acquisitions came to a near halt.  Close

• 28. [Article] Introduction to the Fishery Performance Indicators

  The sustainability of fish stocks, fishery-derived income and well-being of dependent communities are interrelated and sustainable socio-ecological systems require an understanding of all three.  A newly ...

  Citation × Citation Citation Abstract Copy Title: Introduction to the Fishery Performance Indicators Author: Garlock, Taryn, Anderson, Chris, Anderson, James, Meredith, Jennifer, Chu, Jingjie The sustainability of fish stocks, fishery-derived income and well-being of dependent communities are interrelated and sustainable socio-ecological systems require an understanding of all three.  A newly developed evaluation tool addressing these three important facets of fishery systems is the Fishery Performance Indicators (FPIs). The FPIs were designed to associate fishery outcomes relating to sustainability, economics and the fishing community to enabling conditions and management approaches. This tool provides helpful insight to policy reform while also being applicable to data poor situations including data-poor fisheries such as those in developing countries and data-poor sectors such as the post-harvest sector. One hundred twelve fishery systems from around the globe have been assessed. Preliminary results suggest ecologically successful fishery systems tend to be correlated with economic success, indicating that conservation and economic objectives reinforce one another and suggests the potential for healthy fish stocks to support high levels of economic performance if appropriately managed. Access rights and harvest rights contributed positively to ecological and economic success, and to a weaker extent, community success. Analysis on the strength of the rights including measures of transferability, durability, flexibility and exclusivity indicates a positive correlation with ecological and economic success. The exclusivity of harvest rights was incrementally more important than other measures of strength in achieving ecological success. These results provide valuable insight for effective design and reform of rights-based programs.  Title: Introduction to the Fishery Performance Indicators Author: Garlock, Taryn, Anderson, Chris, Anderson, James, Meredith, Jennifer, Chu, Jingjie The sustainability of fish stocks, fishery-derived income and well-being of dependent communities are interrelated and sustainable socio-ecological systems require an understanding of all three.  A newly developed evaluation tool addressing these three important facets of fishery systems is the Fishery Performance Indicators (FPIs). The FPIs were designed to associate fishery outcomes relating to sustainability, economics and the fishing community to enabling conditions and management approaches. This tool provides helpful insight to policy reform while also being applicable to data poor situations including data-poor fisheries such as those in developing countries and data-poor sectors such as the post-harvest sector. One hundred twelve fishery systems from around the globe have been assessed. Preliminary results suggest ecologically successful fishery systems tend to be correlated with economic success, indicating that conservation and economic objectives reinforce one another and suggests the potential for healthy fish stocks to support high levels of economic performance if appropriately managed. Access rights and harvest rights contributed positively to ecological and economic success, and to a weaker extent, community success. Analysis on the strength of the rights including measures of transferability, durability, flexibility and exclusivity indicates a positive correlation with ecological and economic success. The exclusivity of harvest rights was incrementally more important than other measures of strength in achieving ecological success. These results provide valuable insight for effective design and reform of rights-based programs.  Close

• 29. [Article] Fisher Responses to Variability in the Bering Sea Pollock Fishery

  Pollock recruitment and biomass in the Bering Sea has fluctuated in concert with environmental changes since the early 2000s. As pollock spatial distributions, densities, and abundances varied, fishers ...

  Citation × Citation Citation Abstract Copy Title: Fisher Responses to Variability in the Bering Sea Pollock Fishery Author: Haynie, Alan, Watson, Jordan Pollock recruitment and biomass in the Bering Sea has fluctuated in concert with environmental changes since the early 2000s. As pollock spatial distributions, densities, and abundances varied, fishers have adjusted their fishing behavior. Utilizing ~30,000 trips made by Bering Sea pollock catcher vessels from 2003 – 2014, we found strong correlations between the distances that vessels traveled and both pollock survey abundance and bottom temperatures. During colder years when waters drove pollock populations north (during the summer B season) and closer to the edge of the Bering Sea shelf, many vessels traveled farther, following fish and maintaining high catch per unit effort (CPUE), despite low pollock abundance. The temperature and abundance relationships remain difficult to disentangle, however, as recent warm years have all occurred in concert with abundant pollock. Without low abundance warm years for comparison, it is difficult to project the impacts of warming. However, if warm waters yield predicted poor recruitment, then pollock may require more effort, even when closer to port. This increased effort (decreased CPUE) represents an additional cost to fishers because vessels use significantly more fuel while fishing than while transiting. Longer trips offer complicated trade-offs for fishers. The far-ranging trips overall had statistically similar net earnings as the shorter trips, suggesting that the higher CPUEs offset the costs, but many vessels are unable to profitably make these longer trips. As climate changes further and variability of pollock populations is predicted to increase, understanding the ability of different vessels to adapt is critical for efficient management.  Title: Fisher Responses to Variability in the Bering Sea Pollock Fishery Author: Haynie, Alan, Watson, Jordan Pollock recruitment and biomass in the Bering Sea has fluctuated in concert with environmental changes since the early 2000s. As pollock spatial distributions, densities, and abundances varied, fishers have adjusted their fishing behavior. Utilizing ~30,000 trips made by Bering Sea pollock catcher vessels from 2003 – 2014, we found strong correlations between the distances that vessels traveled and both pollock survey abundance and bottom temperatures. During colder years when waters drove pollock populations north (during the summer B season) and closer to the edge of the Bering Sea shelf, many vessels traveled farther, following fish and maintaining high catch per unit effort (CPUE), despite low pollock abundance. The temperature and abundance relationships remain difficult to disentangle, however, as recent warm years have all occurred in concert with abundant pollock. Without low abundance warm years for comparison, it is difficult to project the impacts of warming. However, if warm waters yield predicted poor recruitment, then pollock may require more effort, even when closer to port. This increased effort (decreased CPUE) represents an additional cost to fishers because vessels use significantly more fuel while fishing than while transiting. Longer trips offer complicated trade-offs for fishers. The far-ranging trips overall had statistically similar net earnings as the shorter trips, suggesting that the higher CPUEs offset the costs, but many vessels are unable to profitably make these longer trips. As climate changes further and variability of pollock populations is predicted to increase, understanding the ability of different vessels to adapt is critical for efficient management.  Close

• 30. [Article] Case Study: California Fisheries Fund

  The California Fisheries Fund (CFF) launched in 2008 as a public-private initiative aimed at demonstrating how to make financial investments in a growing, sustainable commercial ­fishing industry. Since ...

  Citation × Citation Citation Abstract Copy Title: Case Study: California Fisheries Fund Author: Higgins, Phoebe The California Fisheries Fund (CFF) launched in 2008 as a public-private initiative aimed at demonstrating how to make financial investments in a growing, sustainable commercial ­fishing industry. Since then, CFF has operated as a nonprofit revolving loan fund, extending 34 loans totaling more than $4.2 million. CFF’s initial business model proposed that loans would be made to associations of fishermen who would conduct research and planning to develop better fisheries management structures. However, such associations did not develop as quickly as anticipated, and CFF sought out alternate borrowers. CFF was the first lender to accept Pacific groundfish quota as collateral. For fishermen, using quota as collateral presents a powerful new opportunity to access capital. CFF has demonstrated that the fishing industry can be financially viable and bankable but has also uncovered challenges regarding the size of the investment opportunity and financial viability of such a fund. During this session we will address some key questions regarding how and when to deploy financial return-seeking capital to accelerate the transition to sustainable fisheries: What are the critical enabling conditions that facilitate financial investment? How do you identify or develop viable investible entities with a track record of success? How can different forms of capital be paired or blended to achieve the desired outcome? Given the lack of profitable fisheries investment fund models, what are the right models for achieving impact? Title: Case Study: California Fisheries Fund Author: Higgins, Phoebe The California Fisheries Fund (CFF) launched in 2008 as a public-private initiative aimed at demonstrating how to make financial investments in a growing, sustainable commercial ­fishing industry. Since then, CFF has operated as a nonprofit revolving loan fund, extending 34 loans totaling more than $4.2 million. CFF’s initial business model proposed that loans would be made to associations of fishermen who would conduct research and planning to develop better fisheries management structures. However, such associations did not develop as quickly as anticipated, and CFF sought out alternate borrowers. CFF was the first lender to accept Pacific groundfish quota as collateral. For fishermen, using quota as collateral presents a powerful new opportunity to access capital. CFF has demonstrated that the fishing industry can be financially viable and bankable but has also uncovered challenges regarding the size of the investment opportunity and financial viability of such a fund. During this session we will address some key questions regarding how and when to deploy financial return-seeking capital to accelerate the transition to sustainable fisheries: What are the critical enabling conditions that facilitate financial investment? How do you identify or develop viable investible entities with a track record of success? How can different forms of capital be paired or blended to achieve the desired outcome? Given the lack of profitable fisheries investment fund models, what are the right models for achieving impact? Close