A deep dive into Fishtek Marine’s pioneering ocean protection solutions
News by Triodos Bank
Destructive fishing practices are considered to be the single greatest threat posed to marine mammals – but sustainable technology advances could be the way to reverse this damage and boost biodiversity within our oceans.
We have been supporting leading marine conservation engineering company, Fishtek Marine, for the past five years in its mission to reduce the impacts of fishing on wildlife.
Based in Totnes, Devon, this conservation company was set up by brothers Pete and Ben Kibel in 2016 to create products that offer viable alternatives to destructive fishing practices, with the ultimate aim of reducing bycatch.
How does the fishing industry affect marine wildlife?
The ocean is the largest ecosystem on earth and provides the main source of food for almost half of the world’s population and holds an estimated 80% of the planet’s biodiversity. Sadly, over 300,000 dolphins, porpoises and whales are killed or injured each year in fishing nets and lines making this the single largest cause of mortality for small cetaceans. Hundreds of thousands of turtles drown annually in longlines, making this the greatest threat to the survival of most populations. An estimated 100 million sharks are caught as bycatch each year and as a result over a third of the worlds species are currently threatened with extinction.
How does the fishing industry affect marine wildlife?
The ocean is the largest ecosystem on earth and provides the main source of food for almost half of the world’s population and holds an estimated 80% of the planet’s biodiversity. Sadly, over 300,000 dolphins, porpoises and whales are killed or injured each year in fishing nets and lines making this the single largest cause of mortality for small cetaceans. Hundreds of thousands of turtles drown annually in longlines, making this the greatest threat to the survival of most populations. An estimated 100 million sharks are caught as bycatch each year and as a result over a third of the worlds species are currently threatened with extinction.
“Fishing when undertaken unsustainably is responsible for many environmental harms including habitat destruction, greenhouse gas emissions, plastic pollution and bycatch. Our ambition is to reduce global bycatch of cetaceans, sharks and sea turtles by at least 30%.”
Pete Kibel, Fishtek Marine co-founder.
The innovations that are making waves
Overexploitation of fish and other resources, destructive fishing, unregulated development, pollution and climate change are altering the oceans in numerous ways.
Pete and Ben felt passionate about taking action against this, and used their background as a fisheries biologist and engineer to create Fishtek Marine, which is now a global leader in smart fishing technologies with six successfully developed products that reduce bycatch.
Recent innovations include SharkGuard, a device attached to fishing hooks that uses an electric field to cause sharks to flee from the baited hooks, putting them out of danger.
ScallopLight is an underwater LED light to attract scallops into fishing pots. This works as an alternative to the destructive and carbon-intensive dredging techniques that can cause damage to the seabed.
Rules and regulations
There have also been a number of developments in regulation and legislation which are key to Fishtek’s growth.
The EU introduced new rules last year which require large companies and listed companies to publish regular reports on the environmental, social and governance (ESG) risks they face, and how their activities impact people and the environment, including marine species.
In the USA, the Marine Mammal Protection Act 1972 enforces the use of pingers on gillnets to protect harbour porpoise and beaked whales and the USA is now extending this legislation to insist that all countries exporting fish to the USA must demonstrate that they are reducing interactions with cetaceans or risk a ban on exporting fish to the US market, worth billions of US dollars.
This new legislation is a gamechanger and will fuel Fishtek's growth because corporations who don't reduce bycatch in their sea food supply chains will suffer investment and financial penalties.
Financing sustainable fishing practices
Fishtek’s products are sold to fishing companies and distributors in more than 40 countries – having a positive impact for a wide variety of marine wildlife around the world.
In 2018, our crowdfunding customers raised £900,000 for Fishtek Marine which enabled the development of new products and expansion of its production facilities.
“We know people are passionate about protecting the natural environment and, as a bank that prioritises positive environmental impact, we’re very supportive of Fishtek Marine’s ambitions,” said Whitni Thomas, head of corporate finance at Triodos Bank UK.
Invest in Fishtek Marine with our new crowdfunding offer
We’ve launched our second crowdfunding offer with Fishtek Marine to further our support of marine conservation. The offer is looking to raise £1M through the issues of new shares in the company to expand Fishtek’s pioneering products.
Invest in Fishtek Marine with our new crowdfunding offer
We’ve launched our second crowdfunding offer with Fishtek Marine to further our support of marine conservation. The offer is looking to raise £1M through the issues of new shares in the company to expand Fishtek’s pioneering products.
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Aura, Aura and 1 other have commented
Helen BanksWhy is a scallop less worthy of life than a shark? All fishing is murder. Technologies to reduce 'bycatch' do not alter that fact.
More than a year ago
Triodos Bank UKHi Helen, we can understand your strong feelings about the fishing industry and at Triodos Bank we are particularly concerned about the scale and methods used in the industry. However, we also recognise that the most basic and fundamental challenge the food system must address is to ensure the supply of adequate nutrition for the world’s population, particularly in poorer countries. The fishing industry is not a focus point for Triodos Bank finance, however, we decided to work with Fishtek Marine because we were inspired by their dedication and desire to tackle global threats to marine conservation, and their focus on reducing the tragic levels of bycatch by the industry. Thanks, Alice.
More than a year ago
AuraThank you Helen, and you’re absolutely right. Every life contains the essence that is the same in all of us. So many people need to lift the veil that society has kept them locked in for too long. It takes humility and courage and a compassionate heart to begin to look into the realities of these horrific problems in our world, but I pray more people will find a way to lifting their own veil and begin a life that is kind to all on this planet. Because we need each other on the deepest level.
More than a year ago
AuraThe article quotes Fishtech saying they will reduce bycatch by 30% however if any decent, compassionate and feeling human being really cared about statistics here, they could reduce it by 100% by not consuming marine animals at all. Going on from a statistical perspective as well which all companies seem to love to quote (purely from a money making point in my experience) if the world went plant-based it would solve world hunger 4 times over, so the case of saying it’s about sustainably feeding the hungry does not stand up. However, it’s interesting that the statistics companies are only interested in are the ones that attempt to justify their greed and encourage cash flow in their direction. It’s not possible to serve God and money, so trying to get rich by doing some small act isn’t a moral thing to do. You either want to fed the hungry in the most compassionate and selfless way possible or you don’t. It’s up to us to choose, if the absolute best in tech is 30% reduction (just for bycatch, not to mention the trillion fish per year who are given no thought) and the best one compassionate heart can do is 100% (plus all the fish lives saved) then I’ll go with this heart made of flesh over the tech every, single, time! 🙂✌️🐟🐢🐬🐋
More than a year ago
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Helen BanksWhy is a scallop less worthy of life than a shark? All fishing is murder. Technologies to reduce 'bycatch' do not alter that fact.
Triodos Bank UKHi Helen, we can understand your strong feelings about the fishing industry and at Triodos Bank we are particularly concerned about the scale and methods used in the industry. However, we also recognise that the most basic and fundamental challenge the food system must address is to ensure the supply of adequate nutrition for the world’s population, particularly in poorer countries. The fishing industry is not a focus point for Triodos Bank finance, however, we decided to work with Fishtek Marine because we were inspired by their dedication and desire to tackle global threats to marine conservation, and their focus on reducing the tragic levels of bycatch by the industry. Thanks, Alice.
AuraThank you Helen, and you’re absolutely right. Every life contains the essence that is the same in all of us. So many people need to lift the veil that society has kept them locked in for too long. It takes humility and courage and a compassionate heart to begin to look into the realities of these horrific problems in our world, but I pray more people will find a way to lifting their own veil and begin a life that is kind to all on this planet. Because we need each other on the deepest level.
AuraThe article quotes Fishtech saying they will reduce bycatch by 30% however if any decent, compassionate and feeling human being really cared about statistics here, they could reduce it by 100% by not consuming marine animals at all. Going on from a statistical perspective as well which all companies seem to love to quote (purely from a money making point in my experience) if the world went plant-based it would solve world hunger 4 times over, so the case of saying it’s about sustainably feeding the hungry does not stand up. However, it’s interesting that the statistics companies are only interested in are the ones that attempt to justify their greed and encourage cash flow in their direction. It’s not possible to serve God and money, so trying to get rich by doing some small act isn’t a moral thing to do. You either want to fed the hungry in the most compassionate and selfless way possible or you don’t. It’s up to us to choose, if the absolute best in tech is 30% reduction (just for bycatch, not to mention the trillion fish per year who are given no thought) and the best one compassionate heart can do is 100% (plus all the fish lives saved) then I’ll go with this heart made of flesh over the tech every, single, time! 🙂✌️🐟🐢🐬🐋