$53-Million Bloomberg Grant Aims to Scale Back Overfishing

Bloomberg Philanthropies, former New York Mayor Michael Bloomberg’s foundation, is pumping $53-million into efforts to combat chronic overfishing that the World Bank says threatens global fish stocks and food supplies, according to the Financial Times.

The grant will promote reforms aimed at boosting fish populations in Brazil, Chile, and the Philippines, which collectively account for about 7 percent of the world’s wild fish catch. The plan mixes nonprofit advocacy and private incentives to reduce overfishing and tackle objections from developing countries whose fishers could lose income if catches are restricted so stocks can replenish.

Conservation groups Oceana and Rare will push for catch quotas, protection of coastal areas, and other measures to fish numbers, while a New York financial firm, EKO Asset Management Partners, designs ways for investors to fund efforts to reward fishers who wait for populations to recover and reap returns as stocks recover.