Fishing for Catastrophe

The document argues that the aquaculture industry's dependence on wild-caught fish for feed is ecologically and financially unsustainable, exposing investors and retailers to systemic resource risks, price volatility, and reputational damage. It highlights links between major European aquafeed producers and destructive fishing practices in India, Vietnam, and The Gambia, while asserting that current certification schemes, specifically those from the Marine Ingredients Organisation (IFFO), are ineffective 'smokescreens'.

• The aquaculture industry faces a systemic resource risk as the demand for fishmeal and fish oil (FMFO) is projected to outstrip supply due to rapid industry growth. The FAO projects fishmeal production will be 19% higher in 2030 than in 2016, but much of this growth relies on the continued extraction of finite marine resources.
• FMFO prices are characterized by a sustained upward trend and high volatility, driven by the concentration of supply in a few countries like Peru and the vulnerability of target fisheries to El Niño. The FAO and OECD predict that by 2028, prices will increase by 58% for fishmeal and 83% for fish oil compared to 2005 levels.
• Investigations in India, Vietnam, and The Gambia linked unsustainable FMFO sourcing—including the use of juvenile fish, reef species, and illegal, unregulated and unreported (IUU) fishing—to major aquafeed corporations such as Skretting, Cargill (EWOS), BioMar, and CP Foods.
• Numerous European retailers in the UK, France, Germany, the Netherlands, and Spain are indirectly linked to unsustainable FMFO supply chains through their seafood processors and aquafeed suppliers, despite a general lack of transparency and traceability in the sector.
• The Marine Ingredients Organisation (IFFO) and its certification programme, IFFO RS, are described as a 'sustainability smokescreen' that fails to mitigate risk, as companies with proven links to destructive fishing practices remain certified or members.

APA

Changing Markets Foundation (n.d.). Fishing for Catastrophe. https://changingmarkets.org/wp-content/uploads/2023/10/Fishing_for_Catastrophe_Investor_Briefing.pdf

Chicago

Changing Markets Foundation. Fishing for Catastrophe. n.d. https://changingmarkets.org/wp-content/uploads/2023/10/Fishing_for_Catastrophe_Investor_Briefing.pdf.

Wikipedia

{{cite report |author=Changing Markets Foundation |title=Fishing for Catastrophe |url=https://changingmarkets.org/wp-content/uploads/2023/10/Fishing_for_Catastrophe_Investor_Briefing.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{changingmarketsfoundationndfishing, author = {{Changing Markets Foundation}}, title = {{Fishing for Catastrophe}}, institution = {Changing Markets Foundation}, url = {https://changingmarkets.org/wp-content/uploads/2023/10/Fishing_for_Catastrophe_Investor_Briefing.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }