Western banks have provided billions of pounds of financing to companies involved in the overfishing of threatened tuna species, according to an investigation by Unearthed, Greenpeace UK’s investigative journalism unit.
The investigation suggests Western banks are supporting the hauling of unsustainable volumes of tuna from the world’s oceans, in a practice Greenpeace described as “underwriting industrial fishing”.
Tuna is one of the world’s most threatened fish, with species such as bluefin tuna now classed as critically endangered.
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Fishing companies have faced pressure for years to operate more sustainably, but the sector’s financial backers must also justify their role in tuna’s exploitation, Greenpeace said.
“We can no longer let these banks off the hook – they are as responsible for the dire situation facing so many tuna species as the fishing companies themselves,” said Philip Evans, oceans campaigner at Greenpeace UK. “By underwriting industrial overfishing, they are threatening the health of our oceans and helping to push many species of tuna towards extinction.”
Funding overfishing
Greenpeace analysed the financial support provided by Western banks to five firms over the last decade: Mitsubishi Corporation, Marubeni Corporation, Dongwon Industries, Nutreco and Thai Union Group. These firms are all involved in the fishing, farming, or trading of threatened tuna species.
Greenpeace analysis suggests around $4.1bn (£3.31bn) in loans and bond underwriting has flowed from Western banks to the fishing divisions of these five firms. To reach that figure, Greenpeace divided the total financial support provided by a given bank to a company by the share of its earnings that the firm received from its relevant division.
According to this methodology, US bank Citi was the most generous of the Western banks, providing $2bn (£1.58bn) of financial support to the fish divisions of the five firms over the last decade. Citi declined to comment.
The analysis suggests HSBC may have provided $485m of financial backing to seafood producer Thai Union in the last 10 years. The Thai firm sources yellowfin tuna from the Indian Ocean, where stocks are perilously low.
A spokesperson for HSBC told i the bank “actively engages with clients to understand and improve their environmental and sustainability strategies”.
“As a bank, we have governance in place to ensure the businesses that we work with fulfill their legal, regulatory and financial obligations,” they added.
Thai Union said “maintaining healthy oceans and healthy fish stocks is of paramount importance” to its business.
Meanwhile Natwest was among the banks to provide financing to SHV, the parent company of Nutreco, a Dutch firm which produces feed for farmed Bluefin tuna.
Bluefin tuna farming is based on wild fish being caught then fattened up for slaughter in enclosures. The practice that has been described “ranching” by some conservationists. Because the fish is caught from the wild, it does little to address the issue of overfishing, they say.
Nutreco’s spokesperson said the company “supports governmental regulation and responsible fishery management for the sustainable protection of wild tuna stocks”. A spokesperson for Natwest said the bank’s lending policies “reflect adherence to national and international laws and regulations, wherever they apply”. “We have robust lending policies in place covering companies and projects related to the fisheries, agriculture and farming sectors,” they added.
Sustainability policies
In response to Greenpeace’s investigations experts called on banks to implement strict sustainability policies that guard against providing support for overfishing.
Rashid Sumaila, professor of ocean and fisheries economics at the University of British Columbia, said: “Banks need to have principles. Norgesbank, the Norwegian central bank, has developed principles for lending that they go by, taking care of ocean sustainability. These kinds of examples are slowly coming forward but we need to speed that up.”
A spokesperson for Marubeni confirmed that it provides fishmeal for Bluefin but declined to comment further.
Mitsubishi Corporation said: “Mitsubishi Corporation is committed to sourcing all of its tuna products in a sustainable manner and to supporting marine biodiversity conservation based on sound science and responsible fishery management.
“While we are unable to disclose our trade volumes for commercial reasons, we will continue to engage with our Group companies and other relevant parties to ensure sustainable stocks for future generations.”
Dongwon said: “Dongwon shares your concerns on the stock status of tuna around the globe, especially those with poor stock status such as Indian Ocean yellowfin tuna. As a socially and environmentally responsible fishing company that is a member of SeaBOS (Seafood Business for Ocean Stewardship) and a multiple MSC certificate holder, we are deeply engaged in making sustainable future for our ocean.”
Thai Union said: “Maintaining healthy oceans and healthy fish stocks is of paramount importance for Thai Union’s business and is a key priority for us around the world. We are committed to engagement with scientific advice and key organisations and governments in every area that we source fish from to ensure that fisheries are protected and can remain healthy for generations to come. Thai Union requires its suppliers to adhere to all catch quotas and best practices, including EU, Seychelles and RMFO requirements, and is aware of the dangers of overfishing and the need to prevent stock collapse.”
The Link LonkSeptember 27, 2020 at 08:50PM
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Western banks have provided billions of pounds to companies involved in overfishing tuna - iNews
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