Tracing Risk and Opportunity: The Critical Need for Traceability in Today’s Seafood Supply Chains
This report discusses learnings and insights from the first year (Phase 1, 2023/24) of FAIRR’s Seafood Traceability engagement, a collaborative investor engagement supported by 35 investors with US $6.5 trillion in combined assets. This engagement is delivered in partnership with the World Benchmarking Alliance (WBA), World Wildlife Fund (WWF-US), Planet Tracker, and UNEP Fl’s Sustainable Blue Economy Finance Initiative.
Despite a general recognition that traceability is critical, only two out of seven companies assessed have a group-level traceability commitment covering all seafood products and aquaculture operations. The implementation of these commitments and reporting on progress also remain limited.
The findings of this report can help investors:
- Understand the multiple environmental and social risks companies may be exposed to due to a lack of supply chain transparency.
- Provide an update on the policy and regulation landscape surrounding seafood traceability.
- Encourage their portfolio companies to adopt leading practices standards regarding traceability, such as these created by the Global Dialogue on Seafood Traceability (GDST).
- Deepen their understanding of the nuances between sustainability certifications and full-chain, digital and interoperable traceability.