There was a lot of news related to the fishing industry in 2024. Among them, the Seafood Legacy Times editorial team will bring you the sustainable seafood news that is attracting attention in 2024.
Please use this to reflect on the past year and to create business plans for next year.
Following on from 2023, 2024 saw a series of corporate seafood sourcing policies and human rights policies being announced.
In particular, the email newsletter published by Seafood Legacy attracted attention.Marubeni's Seafood Procurement PolicyFormulation ofMarubeni has formulated its seafood procurement policy. The policy states that it will ensure traceability and eliminate IUU (illegal, unreported and unregulated) fishing, increase the proportion of certified seafood it handles, and participate in closed-recirculation land-based aquaculture as part of its consideration for the ecosystem. In addition, Marubeni is one of seven Japanese companies selected for collective engagement by FAIRR, which evaluates companies related to livestock and aquaculture, and has signed a sales agency contract with Proximar Seafood (headquartered in Norway), which will be the first in Japan to produce domestically farmed Atlantic salmon in Shizuoka in 7. It will be interesting to see how the policy will be implemented in the future.
Then in September 2024,Maruha Nichiro also has a seafood procurement policyThe report not only discusses the establishment of traceability and IUU fishing, but also the elimination of human rights violations such as forced labor and child labor.
In addition, FOOD & LIFE COMPANIES, a major restaurant chain that operates the conveyor belt sushi chain Sushiro, will merge in January 2024.Human rights policyThe company has made it clear that it will implement human rights due diligence across the entire group.
In March 2024, the Conservation Alliance for seafood solutions awarded theGuidance for Businesses on Environmentally and Socially Responsible Seafood" has been published. The guidance outlines eight principles that companies should keep in mind when working on their procurement policies, and provides examples with specific explanations of what should be done in each process along the PDCA cycle. This is likely to serve as essential guidance for putting procurement policies into practice.
While 2024 will see progress in corporate human rights due diligence efforts, such as FOOD & LIFE COMPANIES announcing its human rights policy (mentioned above),Shrimp production and processing site in India,Human rights violations against workers on Chinese fishing boatsIt was also a year in which we were made painfully aware of how deep-rooted the problem is, with the revelation that
World Benchmarking Alliance (WBA)According to a survey of the 2000 most influential companies in the world, 9% of them scored less than half the maximum of 3 in the three categories of "human rights," "provision of decent work," and "ethical behavior," including major seafood companies.
Given this situation,The Ministry of Agriculture, Forestry and Fisheries has published a "Guide to Food Companies' Initiatives to Respect Human Rights"was announced at the end of 2023 and became a hot topic in 2024. In addition, in September 2022, the Ministry of Economy, Trade and Industry"Guidelines for Respecting Human Rights in Responsible Supply Chains"The guidelines are characterized by their industry-specific explanation of steps for human rights due diligence, including examples from the food industry.A collection of case studies summarizing how European and American retailers are implementing human rights due diligence in seafood supply chainsPlease also use it.
After the Task Force on Nature-related Financial Disclosures (TNFD) releases Framework v2023 in 1.0,In March 2024, the United Nations Principles for Responsible Investment (PRI) will also publish a guide for institutional investors on developing biodiversity investment policies.There is a rapidly growing momentum for the disclosure of information related to biodiversity, such as the above.
In January 2024, the "Early Adopters" were announced, who will disclose information based on the TNFD by 1. Of the 2025 companies and organizations,Japanese companies account for 4 companies, which is one in four., and astonished the world.
Nissui, listed as an early adopter, will be the first Japanese seafood company to adopt the system in December 2023.TNFD ReportIn August of the same year,Price-to-book ratio (PBR) exceeds 1By disclosing information about biodiversity and engaging in dialogue with investors, the company has succeeded in increasing its corporate value.
The Act on the Proper Domestic Distribution of Specified Aquatic Animals and Plants, etc. (hereinafter referred to as the "Aquatic Products Distribution Proper Distribution Act"), which came into effect in 2022, is due for its biennial review, and IUU Forum Japan, which aims to eradicate IUU (illegal, unreported and unregulated) fishing, has lobbied the Fisheries Agency.
In March 2024, Nobel Peace Prize nominee Patima Thumpchayakul, together with 3 companies, will represent IUU Forum Japan in a petition to the Minister of the Fisheries Agency to strengthen import regulations and eliminate IUU fishing, which is a breeding ground for modern slavery.Submitted a petition calling for Japan to join an international platform to eradicate IUU fishing
Furthermore, in October, together with 10 major domestic companies involved in seafood distribution,Joint Declaration Calling for Strengthened Prevention of IUU (Illegal, Unreported and Unregulated) Fisheries Products Entering the Domestic Marketwas submitted (Text here).
We plan to provide further details on the specific amendments to the Fisheries Distribution Rationalization Act in a Seafood Legacy Times column next year in 2025.
Financial institutions have also announced investment and lending policies for the fishing industry for 2024.
Mizuho Financial Group will beWe recognize that IUU fishing, overfishing, and bycatch pose risks to biodiversity and human rights, and will not provide investment or financing if they have a significant impact.The company announced its policy toText hereIn May, Toho Bank in Fukushima became the first regional bank to exclude businesses involved in IUU fishing from its investment and lending programs, calling for consideration of ecosystem conservation and the human rights of indigenous peoples and workers.Investment and Loan Policywas issued.
Furthermore, in October, WWF awarded 10 banks across Asia, Europe and North America, including nine from Japan, their fisheries-related sustainability efforts.Above Board: An Assessment of Banks' Fisheries Sector Policies 2023" was published. According to the report, only 3% (12 banks) have policies specific to fisheries, and of these, only 10 banks have made their policies public, highlighting the current situation in which basic issues remain unresolved.
Finally, in 2024, Seafood Legacy Times, which operates Seafood Legacy, and Nikkei ESG will hostTokyo Sustainable Seafood SummitIt was also the year that marked the 10th anniversary of the event.
Looking back over the past decade, while there are still challenges to overcome, there has been astonishing progress compared to 10, when the concept of "sustainability" had yet to take hold.
The year 2024 was another year in which we made steady progress towards making sustainable seafood mainstream. We will continue to work with our readers to provide information so that we can continue to take on the challenge in 2025.
All of us at the editorial team sincerely hope that the new year will be a year of great progress for you all.
Here are the top 2023 news stories for 5
share
Key terms and concepts to understand seafood sustainability.
