About Planet Tracker
Planet Tracker is a London-based not-for-profit think tank founded in 2018. The organisation drives the transformation of financial markets by aligning capital allocation with planetary boundaries. Its mission is to create a transformation of global financial activities by 2030 that delivers real-world change in production systems, aligned with a resilient, just, net-zero and nature-positive economy.
Planet Tracker focuses on key value chains in food systems, oceans, plastics and petrochemicals, identifying nature-related financial risks and opportunities. Through targeted research and engagement with investors, lenders and corporates, it exposes the mispricing of natural capital, holds stakeholders accountable, and uses finance as a lever to promote sustainability.
Within the seafood and ocean sector, financing and ocean health are currently misaligned. Planet Tracker aims to expose this misalignment, giving investors, companies and other industry players the evidence to act and turn the financial system into a lever for tackling unsustainable practices and driving forward change. This work is increasingly used by financial institutions to inform stewardship and engagement with corporate executives and boards.
Planet Tracker’s Theory of Change is to use the financial system as a lever to address sustainability risks embedded in global supply chains.
Oceans Programme
Planet Tracker’s ocean programme aims to end the overexploitation of marine resources, change destructive industrial practices, and find solutions to prevent ocean ecosystem degradation. Its reports and databases span the global fishing and deep-sea mining industries, alongside in-depth analyses of national seafood sectors and supply chains.
Against the Tide
n Against the Tide (2021), Planet Tracker analysed 70 listed Japanese seafood-related companies to assess whether declining natural capital has affected financial performance. Japan is highly represented among the world’s largest seafood corporations, whose global sourcing gives them significant influence over ocean health.
The research found that, despite declining seafood consumption, wild-catch volumes and aquaculture output in Japan, profits and share prices between 2010 and 2019 rose. Management teams used foreign expansion, acquisitions, vertical integration, cost-cutting and deleveraging to offset natural capital constraints.
Deeper analysis showed that companies most exposed to seafood – retailers, wholesalers, producers and restaurants – are increasingly affected by resource degradation, with valuations declining relative to peers. Investors continue to prioritise revenue growth, EBIT margins, operating cash flow, return on capital employed and valuation multiples, none of which adequately capture natural capital risk. The report demonstrated that rebuilding sustainable fish stocks could improve financial resilience while reducing systemic risk.
Fishful Thinking
Fishful Thinking (2024) examines China’s distant-water fishing fleet, which caught 2.33 million tonnes of seafood in 2022 and forms a critical link in global supply chains. Planet Tracker’s analysis of 1,446 vessels found average estimated gross margins of 14%, with at least 45% of profits derived from subsidies. Financial strain, combined with climate and regulatory pressures, raises risks of environmental harm, labour abuse and illegal fishing.
The report outlines how governments and financial institutions could support a transition towards transparency, monitoring and sustainable practices. As subsidy regimes evolve under the WTO Agreement on Fisheries Subsidies and climate change shifts tuna biomass, financial exposure will increase. Planet Tracker proposes an ambitious transition plan, potentially financed by a RMB 5.5 billion sustainability-linked sovereign “Hai Feng” bond to fund 100% monitoring and traceability across the fleet.
Tuna Turner
Tuna Turner (2025) addresses transparency gaps in the global tuna industry. Tuna biomass has declined significantly, with several species threatened. Yet investors cannot assess which companies are most exposed to overfishing or unsustainable practices due to limited disclosure.
Using satellite data from Global Fishing Watch and vessel ownership mapping, Planet Tracker reconstructed catch volumes by species and region. It estimates that 30 companies account for 46% of global tuna catch, yet only four disclose any catch volumes, and just one reports across species, location, gear and certification levels.
The report introduces four core disclosure metrics – what is caught, where, how and how much – alongside improved vessel tracking and ownership transparency. Eliminating “dark” tuna (catch not publicly traceable to vessels or owners) could materially reduce investor risk and modestly improve valuations over time. Greater transparency would strengthen due diligence, restore investor confidence and enable traceable supply chains.
Seafood Traceability Engagement
In addition to its research, Planet Tracker plays an active role in investor engagement. It is a partner in FAIRR Initiative’s Seafood Traceability Engagement, which focuses on seven of the largest global seafood companies to address material risks and unlock opportunities across global seafood supply chains. Supported by 45 investors representing US$9.6 trillion in combined assets, the engagement is delivered in partnership with World Wide Fund for Nature, World Benchmarking Alliance and the United Nations Environment Programme Finance Initiative’s Sustainable Blue Economy Finance Initiative. Together, this coalition underscores a shared objective: to strengthen traceability, improve transparency and align capital with a more resilient and sustainable global seafood system.
Official website:https://planet-tracker.org/
