It was key to have a financing partner that understands the complexities and underlying challenges of working with local small-scale fisheries towards improvement and management reform. In addition to financial returns, the investment aims to deliver environmental and social impacts, projected to include more than $2.5 million in additional annual income to 16,000 local fishers and at least 12,000 hectares of critically important marine ecosystems under improved management by 2021. Launching in 2017, the Meloy Fund is a first-of-its-kind impact investment fund focused on coastal fisheries in Indonesia and the Philippines. Investors include the Global Environment Facility (GEF) and the Jeremy and Hannelore Grantham Environmental Trust, and has been further supported by partners including Bloomberg Philanthropies and JPMorgan Chase & Co., among others. Matt Arnold, Global Head of Sustainable Finance for JPMorgan Chase said, Rare has moved quickly to build a compelling approach for investment in conservation and JPMorgan Chase is proud to support its innovative efforts. Ramsay Ravenel, Executive Director of the Jeremy and Hannelore Grantham Environmental Trust said, The Grantham Environmental Trust is excited to support Rare’s first investment from the Meloy Fund. This transaction perfectly exemplifies the fund’s strategy to make pioneering private investments that benefit local fishing communities while protecting critical ocean habitat. The Meloy Fund, an initiative of Rare’s Sustainable Markets Group, is part of a larger push by Rare to create financial incentives and innovative public-private collaborations in order to scale conservation solutions across its work that site areas. This includes Rare’s participation in the Vibrant Oceans Initiative (VOI), funded by Bloomberg Philanthropies.
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