Blast fishing, overharvesting and other unsustainable fishing practices pose a threat to coral reefs and marine ecosystems in and around the South Asian island nation of Sri Lanka.
Oceanpick created the country’s first offshore fish farm 12 years ago and today manages 28 farming cages that raise barramundi, also known as Asian sea bass. Its buyers include Hilton, Park Hyatt, Marriott and other hotel and resort chains.
The company is certified by Best Aquaculture Practices and the Aquaculture Stewardship Council, two internationally-recognized certifications for responsibly farmed fish and seafood.
The Green Climate Fund-backed Global Fund for Coral Reefs invested to help the company boost its sustainable aquaculture practices and bring more jobs and revenue to the region. “This partnership is about more than fish farming,” said Oceanpick’s Irfan Thassim. “It’s about envisioning and realizing a future where healthy oceans and empowered communities go hand in hand.”
Good jobs
The Global Fund for Coral Reefs’ invested in part because Oceanpick is providing well-paying jobs to former local fishermen. “Coastal areas, teeming with coral reefs and a rich diversity of marine life, are crucial for supporting the livelihoods of climate-vulnerable communities, particularly in the Global South,” Dale Gavin, who manages the fund at Pegasus Capital Advisors, told ImpactAlpha earlier this year (read the full Q&A).
In August, the Global Fund for Coral Reefs backed Brazil’s Agrion to develop eco-friendly fertilizers to reduce chemical runoff in coastal waterways.
