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Ocean Endangered: How to Promote the Conservation of The Marine Environment Whilst Creating Value?
Table of Contents Foreword 3 Literature review 3 A. Sustainable Fishing 5 Executive Summary 6 A. Introduction 6 B. Background 6 C. Research problem 7 C.1. Commercial fishing 7 C.2. Bycatch 8 C.3. Overcapacity 9 C.4. Control 9 C.5. Fish Farm / Aquaculture 9 C.6. Economic factor 10 D. Research Objectives 10 E. Research Hypothesis 11 Methodology 11 A. Sample Size 12 A.1. Survey Questions 13 B. Data analysis 13 C. Results 16 D. Discussion 19 Solutions 22 A. EAFM – Ecosystem Approach to Fishery Management 22 B. aquaculture. 24 IMTA - Integrated Multi-Trophic Aquaculture 24 C.1. Business Description 25 C.2. Market and Competitive Analysis 26 C.3. Operational Structure 26 C.4. Product Description and Benefits 27 C.5. Raise Capital 27 C.6. Financial Analysis and Projections 28 Conclusion 28 Recommendation 29 References 31 Appendix 36
Literature review
As far as pollution issues continue to occur globally, oceans and seas will progress in experiencing the most significant pressure and effects of pollution impacts. The long-lasting conflict between human beings and wildlife has enhanced pollution surge affecting marine life. It became essential for the current generation to create sustainable measures to control and mitigate marine life from increased pollution. Sustainability has remained a global focus on curbing the pressure of global warming effects due to greenhouse gases with less effort. Sustainable fishing needs to be enhanced to provide the safety of fisheries and other aquatic life. Developing models or methods to ensure control of all fisheries activities can promote enough fish for long periods in the ocean without endangering some species that have already led to distinct of them. Due to this, analyzing and developing a sustainable fishing model that fisheries can observe is vital in reducing the increased endangering conflict of humans and wildlife.
Today, marine life is more threatened as compared to few decades ago. For instance, a study conducted by the World Wildlife Fund revealed that more than 100 million marine animals are killed by plastic wastes every year. In addition, around 100,000 marine animals die from being entangled in plastic wastes yearly. Similarly, almost 8 million tons of plastic is released into oceans in different parts of the world every year (Yanik and Aslan, 2018). According to the projects by the United Nations Educational, Scientific and Cultural Organization (UNESCO), almost 50% of marine species in the world may become extinct if there aren’t any effective and necessary measures put in place to make sure that the threats facing marine life are eradicated (Bermudez and Lindemann-Matthies, 2020). Marine life endangers is being one of the major aspects to consider by the fishing industry. Hence several studies have been conducted in order to find the possible solutions that can help to reduce marine uncertainties. Along with this, ensuring the profitability and growth of the industry is also important. The main objective to conduct the study is to focus on the role of big fishing practices on marine life. The study has been conducted with the help of qualitative research methodology. According to the research, it has been identified that the United Nation’s stability department goals play a significant role to ensure stability and eco-friendly business implications to ensure the protection of marine sources. Along with this, the results of the study mentioned that how the fishing industry can utilize the potential opportunities to harvest fishing to protect marine life. It has been stated that fishing industries must eliminate the implementation of some particular fishing practices that are being the cause of marine life danger (Haas, Fleming, Haward, & McGee, 2019).
The understanding of sustainability is very important for the fishing industry. The study has been conducted to analyze the impact of the fishing industry and factors of sustainability. The study has been conducted with the help of primary research methodology through which the factors have been identified that how the fishing industry can ensure sustainability. The final outcomes of the study argued that with the implementation of environmentally sustainable practices in the fishing business, the fishing industry will be able to ensure the protection of marine life and higher profitability (Veenstra, Stoop, & Hopman, 2018).
As solution, an Integrated Multi-Trophic Aquaculture will be proposed: multiple species from different trophic levels are farmed in an integrated way. It reduces the water, improves the efficiency and helps the bioremediation. In other words, each organism helps each other on a given area. For instance, the feed from the higher trophic level (generally the fish) will furnish waste such as feces or uneaten food to the feed at the lowest level (plants or even invertebrates). The fish farmer can then harvest the lowest trophic species and use it as it sees fit: it can be used as nutrient for fish or it can be turned it into an additional revenue.
A. Sustainable Fishing
Sustainable fishing is a method that can guarantee the safety and the longevity of the oceans and freshwaters while extracting seafood. It is considered that fishes and invertebrates are used as food resources because of their healthy nature for many cultures. Demand is exponentially increasing for seafood: they are in fact highly popular. They contain healthy fats and protein sources. However, with the advancement in technology, fishing practices have been increased which has led to the depletion of the fish population in the whole world. Even though technological advancement generates increasing profit for this industry, it is negatively affecting the safety of the marine ecosystem, which led to the depletion of seafood. This technique is commonly called overfishing (National Geographic, 2021).
Thus, the right way of fishing can protect ocean wildlife. Scientific research has shown that fisheries techniques are significant because they can essentially protect marine life.; additionally, a right fishing can save other wildlife in the ocean. Sustainable fishing practices are meant to make people enjoy food while it also ensures the safety of seafood stocks. This is meant to create profit for any organization implementing this model while also maintaining the fish populations and their environment simultaneously (NOAA, 2020).
The major reason to propose a unique and sustainable business model is to ensure marine safety. The main argument of the study was to implement eco-friendly innovative business practices in the fishing industry to ensure higher sustainability. To conduct the research, a single case study methodology has been used for empirical analysis. Along with this, semi-structured interviews supported the results of the study. Besides, the outcomes of the study supported the fact that innovative initiatives in terms of eco-friendly business practices can help to reduce marine endanger and provide great feasibility to generate higher profit. The study highly focused on the concerns of business aspects such as innovation towards ecosystem friendly model.
Executive Summary
A. Introduction
The marine life is significantly becoming endangered as the global population continues to increase, human activities also continue to increase, as well as industrialization. Therefore, it affects climate changes. Climate change is one of the leading factors endangering marine life. In fact, human activities, especially industrialization is among the leading contributor of ocean pollution: Pesticides, discharge of nutrients, agricultural run-off, and untreated sewage are among land-based sources that make up approximately 18% of marine pollution in the world.
Another leading factor endangering the marine ecosystem is the current fishing practices: overfishing. Being the most devastating industry for the oceans, the fishing industry will be used to demonstrate how a business can be developed to live along with the marine life whilst being valuable. And, assuming that new sustainable fishing techniques can be elaborated, what are they? And at what cost?
B. Background
Human civilization and wildlife have a long-lasting conflict. This conflict is already affecting us and will affect even more the future generations. Thus, there is a need to change the current systems to more sustainable ones. I believe that the generations representing the next workforce will have to figure out ways to stop all kinds of pollution, or even, reverse it. But the system in which we live is so well built that we have created dependencies that force us to push the consumption forward instead of stopping it, leading to an overconsumption. This overconsumption is causing most of the pollution generated globally. There must be a focus on stopping highly polluting activities through innovative techniques and sustainable methods.
Big-scale fishing started in the early 1800s, when the human civilization was decimating the whale population for the use of lamp oil. By the mid-1900s, international attempts to increase the availability as well as the affordability of protein-rich food led to government’s efforts to increase the fishing capacity. Consequently, they established favorable policies, subsidies, and loans for the big fishing industries to achieve their goals. From then, local boatmen were supplanted as the world’s source of seafood. These large commercial fleets were exceedingly aggressive: the developed technologies and sophisticated methods in order to find, extract, and process their target species. This led to consumers growing their habits to widen selections of fish species at a very affordable price. At that time, some edible fish such as the Atlantic cod were already to the brink of extinction due to overfishing using unsustainable practices. The collapse of large fishes, the fishing companies are going deeper and deeper in the oceans for viable catches. By doing so, the father down the food chain. This technique called “fishing down” is leading to a chain reaction that negatively affects the ocean’s biological systems (National Geographic, 2021).
A sustainable development is a development that meet the present’s needs without compromising the ability of future generations to meet their own needs. For this, the benefits of the ecosystem should be maximized but without degrading it more than it is produced.
C. Research problem
C.1. Commercial fishing
Commercial fishing generally focuses on extracting as much seafood as possible. When too many fish are taken out, it leads to an imbalance of species affecting the whole food web, resulting in the loss of other marine life too, and so on. This waterfall effect also acts on vulnerable species such as sea turtles and coral and leads to species extinction: more than 30% of all rays, sharks, and chimeras are currently more threatened than ever. The current fishing practices is one of the most significant drivers of the decline of ocean biodiversity. In fact, the industrialization of fish is destroying pretty much everything at rapid speed. According to the food and agriculture organization of the United States, one third of the world’s fisheries are pushed beyond their biological limits (World Wildlife Fund, 2021).
Mass fishing is a sustainable issue, with many fisheries lacking physical, environmental, and other small-scale fisheries skills. However, through the enhancement of fisheries management, sustainable fishing can be achieved. Managing fisheries requires the development of some policies which will regulate the rate of fishing in a given region and how fishers can modify their catchment techniques. Managing fisheries has high chances of enhancing fisheries recovery from the previous centuries where fishing has incurred great dangers from a human being. This means that through fishing management strategies at both government and regional levels, sustainable fishing can be achieved in a recovery process (Pinkerton, 2017).
C.1.1. Trawling Technique
Trawling method involves pulling fishing net through water by one or more boats. Trawling fishing method is aimed at different species of fish simultaneously, which mainly increases marine pollution. When fishers catch unwanted fish species, they leave them offshore, leading to the death of many small and other unwanted species. However, a progressive prohibition of trawling can enhance fishing sustainability (Farella et al. 2021). Government and other marine environmental conservation institutes should discourage and make trawling fishing methods illegal and set some laws that will reduce fisher's behavior until it disappears. Also, to achieve sustainability in fishing, purse seining techniques should be abandoned and remain illegal in the fishing industry. Purse seining technique involves catching everything within a given fishing area, increasing the threat to other sea creatures that are not beneficial to the economy but are crucial in the Sea World.
C.2. Bycatch
Bycatch is a huge threat within those large fishing-scale operations. The capture of unwanted sea life while fishing for a different specie. “Bottom trawling” is the most devastating fishing method: a boat deploys and drags a huge net from the sea floors to the surface of the oceans across enormous distances. This technique destroys the entire habitat of the given zone including sponge ecosystems, rare deep corals, among others. Moreover, they catch a large amount of bycatch. They are often unintentionally caught, but rare are the survivors. In fact, up to nine pounds of non-target marine life can be caught for every pound of shrimp. Most of those unwanted species will be dumbed back in the oceans dying or even dead.
It is estimated that every year, 250,000+ turtles, 100 Million + sharks, and 300,000 small whales and dolphins are killed bycatch every year. Those numbers are probably much higher (appendix A).
C.3. Overcapacity
The oceans are facing a serious overcapacity: it refers to the ability of a fleet to fish at levels that exceed the sustainable level. In fact, over four million fishing boats of all sizes are sailing. Some are equipped with technological advancements, increased efficiencies and capacities to catch more fish. The fishing industry is facing a highly competitive environment. We often say that concurrence can be healthy, but it is not the case in this industry. This overcapacity puts sticks in the wheels of governments because it makes it harder for them to control and regulate the catches brought back by the fishing boats. It makes it easier for them to bring illegal seafood back at the fishing port.
C.4. Control
Illegal fishing is as hard to control as it can sound: illegal fishing can refer to the use of prohibited fishing techniques, any activity conducted without permission (in waters under the jurisdiction of another state, or even protected areas for instance), the catch of protected species, or the catch of some species at a given period of the year. But how can a legal fishing boat sell some illegal catches? How can you prove where and how it was caught? It is really difficult to determine whether a fish was caught legally or not. And those catches can still easily move through the supply chains thanks to a lack of system-tracking fishes from catch to consumers – called traceability -. Illegal fishing is a global issue that is taken care of locally. Those threats are not easy to control and highly expensive.
C.5. Fish Farm / Aquaculture
Fishing farms can have the reputation of being an eco-friendly way of feeding the world, but it is not always the case. Despite having no bycatch, no sea-floor damage, no killing of endangered species, no dangerous working conditions, and no illegal fishing, fish farms are profitable organizations seeking to make profit at first. To maximize their profit and minimize their risks, fish farms can be crowded but therefore unhealthy: there are too many living creatures in a small space which leads to a higher chance to get diseases, parasites, and bacteria. To fight this problem, they are treated with tons of antibiotics and hormones.
Moreover, it is essential to take a closer look at what the fish are being fed in those farms: their food is heavily processed. It is stunning to know that their food contains dried fish, mixed with extracted fish oil (which requires a massive amount of fish to produce). So, in reality, many fishes are needed for the production of single one. And those fishes are coming from wild fishing... so somehow, a fish farming is just wild fishing in disguise.
Aquaculture's unplanned and unregulated growth has resulted in significant environmental and societal damage, particularly in shrimp culture in Taiwan, China, Thailand, and Indonesia, but also in freshwater fish culture (for example, in Laguna de Bay in the Philippines).
C.6. Economic factor
Overfishing is more than just about the environment: billions of people rely on fish as protein-based food. More importantly, fishing is the principal livelihood for millions of people around the globe: catching, selling, and buying fish is their only source of income. In the case people would decrease their seafood consumption, those people will lose their job, which would dramatically impact a given economy. Communities relying on fish as a source of revenue. They cannot stop fishing unless they find an alternative. Therefore, there is a need to maintain seafood while making it the proper source of food. Some fishing communities oppose to marine reserves because they fear the short-term income losses associated with closure. (National Geographic, 2021).
D. Research Objectives
Seas and oceans are essentials for any life on earth but they are more affected than ever. Therefore, this paper will focus more specifically on the marine ecosystem and what are the best ways to create a sustainable model for the extraction of seafood. In other words, an approach where a business activity and the marine life work with the dependency to force each other to generate the best will be developed. There can be various methods that can help in extracting the best ocean resources while maintaining and protecting ocean life as well. Techniques, material selection, costing structure, funding strategies, profit generations are other factors that will be taken into account in order to come up with a business model that could potentially reverse the human civilization and wildlife conflict.
The main objective of this document will be to analyze the current fishing trends, point out the unsustainable practices, to then propose alternatives by developing a sustainable business model for a fishery. This model will guarantee an Eco and ethically friendly way of producing seafood while beneficial from an economic growth (being a profitable organization that promotes jobs). In other words. This study will discuss and elaborates strategies to be included in a business model that generates a desired profit while rescuing the marine life. The model should expand and provide ecosystem services and other services that provide a general framework that can estimate the benefits and costs of the fishery.
E. Research Hypothesis
The dependent variable is the safety of marine life and the independent variable is the maximization of profit generation. There are various business models in the fishing industry that can generate profit for the fishing business, however, it is necessary that the selection should focus on the maximization of marine life safety. The main reason is that if fishery management fails in protecting marine areas, it will end in harming the marine environment.
Methodology
This study will use a mixed-method research design. It is important to note that choosing a research design is a significant process in research since it helps in formulating the path followed by the researcher in an entire research process such as designing questionnaires, analyzing data, interpreting as well as reporting the findings.
The study will use both primary and secondary approaches in data collection and analysis. In other words, it will collect both qualitative and quantitative data. As far as the primary research is concerned, the researcher will conduct telephonic and online surveys to examine and understand the role of businesses in the protection and conservation of endangered marine species. A standardized questionnaire will be administered to a maximum of respondents which will include researchers, professors, policy-makers, and business leaders for the purpose of collecting primary data which will be quantitative in nature. Every respondent will be asked to completely fill a structured questionnaire to demonstrate the way and magnitude in which businesses can contribute in the protection of marine life. A standardized questionnaire involves asking precisely the same questions to all participants in an identical format, and recording the responses in a uniform manner (Sharpe & Berggren, 2019). It will capture the role played by businesses in protecting and conserving marine animals and ocean species. Before the main study, I will conduct a pilot study including 4 respondents from the study area. However, the respondents that will take part in the pilot study will not be included in the main study. A pilot study gives the researcher an opportunity to ascertain the feasibility of the project and also whether the proposed instruments and methods of the study are appropriate and if they will yield needed information (Manzello et al., 2019)
Primary data will be complemented with secondary data which will result from a systematic literature review. I will identify, select, and appraise literature for the purpose of answering the research question. The main research question of the proposed study is whether businesses can promote the conservation of endangered marine species while also creating value for the business at the same time.
A. Sample Size
To conduct the study for primary data collection, an online survey has been designed. The online survey has been provided to around 50 participants through online sources to understand the role of business and conservation of marine protection. The online survey included 6 questions to gather the related data from targeted respondents. On the other hand, for the collection of data, the target respondents were researchers, policymakers, business leaders, and professors. Each respondent was provided with designed survey questions separately and asked to fill in accordingly. The outcomes of the primary research methodology have been interconnected and analyzed with the systemic review analyzed through secondary sources. Based on the analysis of data obtained from both the secondary and primary sources, results have been interpreted as follows:
A.1. Survey Questions
1. Can ecosystem-friendly business model in the fishing industry save and promote the marine environment while generating profit?
2. Can fisheries management business model in the fishing industry help to save marine life and make a profit?
3. Can sustainable fishing practices result in saving marine life and generating profit?
4. By implementing the Integrated Multi-Trophic Aquaculture business model, can the fishing industry save marine life and make a profit?
5. Would implementing innovative business practices help in protecting marine life and generate higher profit?
6. Can eliminating bottom trawling and longline fishing and practicing alternative techniques help in generating more profit and saving marine life?
B. Data analysis
For the primary data collection, the data interpretation is mentioned below for respective survey questions. For the implementation of ecosystem-friendly business model into the fishing industry to save marine life and make a profit; Fifty-eight percent of researchers supported this fact. Ten percent support for implementing ecosystem friendly model came from business leaders’ side while 23% of policymakers agreed that this model can help in protecting marine life from uncertainties. On the other hand, 9% of professors agreed on the fact that this business model can be the best fit to eliminate the negative impact of the fishing industry on marine life. By implementing this model, not only the profit ratio can be exceeded but also the sustainability of marine life can be ensured.
Solutions
A. EAFM – Ecosystem Approach to Fishery Management
The Ecosystem Approach to Fisheries Management (EAFM) is a major approach that offers effective and practical means for the holistic management of fisheries. It is based on the management of target species, stock assessment, relevant processes, systems, and decisions making. This technique works to maintain multiple objectives that can be impacted and managed by how the system is being controlled. Their main objective is to allow enough resources to harvest and sustain the fishing industry. It leads to the sustainability of the marine ecosystem. This system takes into account environmental aspects, but also the social and well-being within a given framework.
Some decentralization policies have left many local sections with the challenging task of developing management plans that not only works on a higher level of strategic decision-making, but also fit for local fisheries. Every country has its own jurisdictional local, regional, and national boundaries. Within and across those jurisdictions, different laws are applicable. In fact, some countries emit policies favoring the increase of fishing productions, some are promoting exports for the national income, or even providing feeds for developing the local aquaculture. The Ecosystem Approach to Fishery Management provides all kinds of information about restriction and zones on both notional and regional policies to its users (appendix C).
Why the Ecosystem Approach? This tool is offering an adaptive management that leads to a more effective planning for fisheries specifically. It provides a way to consider large-scale issues and allows trade-off while balancing the human and ecological well-being through a good governance. Moreover, it increases the stakeholder positions since they have access to the system and can interact in it In addition, many important factors are to be taken into account for any fisher: recreational uses, tourists, shipping and pleasure boats, but also land-based activities that may impact the fisheries as well as the marine ecosystem - Industries for instance - (EAFM, 2021).
There are different models and tools that are designed to operationalize ecosystem on the behalf of fisheries management. EAFM can solve the trade-off issues and represent the marine management scope as well. The major focus of this model is meant to be based on ecological and social factors linked to strategic and tactical decision-making. The evaluation model under the EAFM requires knowledge about marine life and human derives. Therefore, it links the environmental and human pressure on both ends (Fay, DePiper, Steinback, Gamble, & Jason, 2019).
However, despite being applicable worldwide, EAF Management tools are only available on the Asia-Pacific region, Latin America, and the Caribbean region. Some improvement in the system would enable European fisheries to benefit from an effective management of the target species, used methods, and therefore, the decision-making. Once done, it can be made available to all, offering a two and a half hour training course in English, Spanish, and French. The tool is made up of nine components can simply be downloaded on any devices
B. aquaculture.
Today, aquaculture plays a very important part in the production of fish-based products to meet the increasing global demand for the products. Aquaculture is one of the fastest growing trends in the fish industry as it is recognized to play a critical role in the global food production. Aquaculture supplies about 50 percent of all the fish as well as seafood consumed around the world, with the production of these products increasing steadily every year. And as the population is growing, governments are giving more and more subsidies to this type of area. Money that can help achieve key innovations for the improvement of techniques.
As stated earlier, aquaculture can be the center of criticism due to those huge fish nets covering a large area, with all this waste and uneaten food that pollute all around. This is why an Integrated Multi-Trophic Aquaculture plan will be proposed in the following section. IMTA focuses on selecting the right organisms that leave together and provide nutrients to each other. Kelp, for instance, is grown nearby salmon net pens and benefits from the nitrogen that they release.
C. IMTA - Integrated Multi-Trophic Aquaculture
An Integrated Multi-Trophic Aquaculture is a sustainable concept created to fight the intensive aquaculture using an ecosystem-based approach. It also guarantees businesses to be profitable at sea. This method as quite new. On March 2020, it was still at laboratory state, “to promote environmental sustainability awareness and value aquaculture products”.
IMTA is an aquatic version of polyculture: multiple species from different trophic levels are farmed in an integrated way. It reduces the water, improves the efficiency and helps the bioremediation. In other words, each organism helps each other on a given area. For instance, the feed from the higher trophic level (generally the fish) will furnish waste such as feces or uneaten food to the feed at the lowest level (plants or even invertebrates). The fish farmer can then harvest the lowest trophic species and use it as it sees fit: it can be used as nutrient for fish or it can be turned it into an additional revenue. If used as food for fish, cultivating seaweed and urchins will allow the company to drastically decrease the costs for the food supplier. In the case this secondary production is enough for the well-being of the fish, the company could even cut those costs as it is auto sufficient. The demand for algae is exponentially increasing. It is used to produce cosmetics, fertilizers, chemicals, plastics, and food. Adding such a product to a business model is such a great competitive advantage: it creates a whole new line to a simple aquacultural organization, and it will generate a much higher profit.
The application of the Integrated Multi-Trophic Aquaculture (IMTA) has proved to be an effective way to increase the production of fish and seafood, especially in the UK as it is environmentally friendly. The IMTA is also promoting productivity and sustainable cultivation because it embraces the philosophies of circular economy through the use f nutrients presented that would otherwise be wasted resources. IMTA generally provides a new model of aquaculture in the UK as it brings it from single species farming to multi-species and integrated farming. The fish waste in the IMTA usually acts as food for other framed species and this helps to reduce the waste through reusing the nutrients on other commercial products. The IMTA usually offers a way to reduce the waste productions in the system such as cleaning the water for reuse. Generally, IMTA reduces the environmental impacts of aquaculture operations while offering additional benefits and this increases the perception of the society in aquaculture.
C.1. Business Description
Integrated Multi-Trophic Aquaculture in the UK means that the fish and seafood products in the UK markets are more environmentally friendly. The IMTA business in the UK will involve the use of multiple aquatic species from diverse trophic levels, integrated to improve farming efficiency, reduce waste as well as provide other economic services such as bioremediation. The plants and invertebrates which are mostly in the lower level will make use of the waste products from the feces as well as the uneaten feed produced by the higher trophic species such as finfish as nutrients. All the species in the IMTA can then be harvested, providing the UK farmers with additional revenue which can be used to increase production.
C.2. Market and Competitive Analysis
As outlined above, the IMTA products have a unique advantage in the marketplace as they are friendlier to the environment and thus make the practice of aquaculture more acceptable among the public as well as the political class in the UK. IMTA will also help decouple the economic growth through the reduction of the volume of waste products and resources. IMTA also brings about the economic utilization of space available among farmers in the UK for fish and seafood farming. The model allows farmers to produce numerous products in the same space leading to the efficient and effective utilization of the space (Granada et al., 2016). There is also another commercial benefit for the farmers by growing other products on the same site and this is the provision of alternative incomes as well as cash flows for the farmer. This is important as it increases the resilience of the business. The IMTA product also offers a new marketplace for more sustainable as well as environmentally friendly products in the UK this could lead to it commanding a premium price in the country, content, and around the globe.
Nevertheless, although this farming practice provides increased benefits to the farmers, it has not been widely adopted in the country or around Europe. Thus, it provides a new emerging market for the farmers in the UK. There are also various challenges to this type of farming such as the imbalance of income that exists between the different trophic level species in the IMTA. The plants, invertebrates, and shellfish are normally lower in the market place and these act as a barrier for many farmers to adapt the farming concept (Granada et al., 2016). Also, the complexity of setting up the IMTA farm which increases the costs as well as the efforts on the side of the farmers acts as a big hindrance to many joining these businesses. Many farmers in the UK are used to the other familiar systems of farming and changing to these new systems can be a risk. Also, new skills are needed for the new system. However, as more farmers continue to join the IMTA, the practices and expertise is improving through technology and this reduces the current barriers.
C.3. Operational Structure
The IMTA model is aimed at reducing the impacts of the environment, providing more societal as well as regulatory benefits in the UK. Thus, its operational structure should be aimed at achieving these benefits which emphasize the business cooperate responsibility. The operation structure would include the addition of seaweed among the various species farmed in the IMTA. The seaweed will be crucial in the removal of the nutrients which include nitrogen, phosphorous, and carbon from the water. This means that the seaweed can be successfully farmed without the use of fertilizer in the IMTA model. Farming the seaweed in the same fond as the fish reduced the demand for additional land and water that could be used to grow the seaweed. The seaweed will then provide the needed oxygen through photosynthesis in the water which will be crucial for the higher-level species such as finfish. This process will slow down the production of carbon in the atmosphere which will reduce the global warming effects. Regulatory operations are also important aspects of the operation of the farm. The regulators must issue licenses that allow for the farming of multispecies in the same site, the interaction between different species as well as permit for flexibility for farmers of cultivating different species at the same time. These will promote the idea of nutrient trading through the IMTA system setup.
C.4. Product Description and Benefits
The IMTA model is very important in the UK as it provides multiple products, offering product diversity as well as creating new revenue streams for the farmers. The value of IMTA systems is commercial as well as providing ecosystem services that greatly benefit the environment. As discussed earlier, the IMTA model usually reduces the impact of fish and seafood farming on the environment, increasing its sustainability and encouraging circularity in the UK economic process (Buck et al., 2018) The model also meets the aspect of economic use of limited or scarce resources such as land. Overall, all these benefits give the consumer a boost in the perception of the business and increase the chances of a farmer acquiring societal and political approval to operate such as business. The business allows for optimal production and facilitates the path towards a business meeting its social responsibilities in the community.
C.5. Raise Capital
Starting the IMTA model in the UK will require between $100,000 and $1 million, this is inclusive of all the necessary different resources such as land, water, and other small equipment that the farmer will need to operate the business. A farmer can decide to start farmer as an individual or as a group. A farmer can use their funds to operate a pilot project of the business and then use the same financial records to submit a business plan to a bank for a loan. Also, a farmer can seek low interests rates loans for financing the business. Lastly, the farmer can seek investors to invest in the business through the financial records created during the pilot plan.
C.6. Financial Analysis and Projections
According to the existing earnings and growth in the business of IMTA, there has been an increased interest in farming by many farmers in the UK to start the business. The IMTA business has experienced increased sale prices, reduced production costs, decreasing interest rates from lenders, and increased market access in the UK markets. All these indicators suggest that, although the business is in its early stages in the market, it is projected to continuously grow in the future, increasing its market share in the aquaculture business in the UK and Europe (Knowler et al., 2020). This is because venturing into the IMTA business is linked to sustainable and economic viability as well as competitiveness in the aquaculture industry. With the aquaculture industry providing about 50 percent of the fish and seafood around the globe, adopting the IMTA systems will help farmers increase their competitiveness in the market. The IMTA is a flexible form of aquaculture farming that can lead to a combination of many other farming species and can be practiced in closed as well as open fish farming environments. The financial, environmental, and societal benefits of the IMTA are greats and this makes its success in the future more clearly.
Conclusion
The seafood industry, like all industries, is largely market driven. Seafood consumers are increasingly aware of the threats to global fish stocks, yet greater awareness is needed so that the market demands sustainable products from well-managed fisheries.
If aggressive fisheries are better managed, the laws regarding catches are better enforced and the use of aquaculture is increased, eco-friendly fishing practices can be implemented in the fishing industry: The importance of an eco-friendly business model is being more and more important in all kinds of industries. The fishing sector desperately needs a switch. But they fear the short-term loss over the long-term global benefit that can generate this switch. A study has been conducted which influenced how the suitability of marine life can be ensured.
Sustainable aquaculture can be reached using responsible technologies and practices. It should be environmentally efficient, socially beneficial, while being product diversified and profitable. The non-use of EAFM system will lead to an expending processing capacity and an expending of fleets and efforts, which is all we trying to avoid because it would mean a decline in the fishery resources (less fish at a lower quality). The EAFM became essential for a good fishery management: this tool help fisheries to work together with the ecosystem to determinate which resources can be extracted and where (appendix D). It ensures the company to generate profit without any bycatch, ensures an healthy fish stock, and control the expansions of fishing efforts for medium and large-scale commercial fleets as well as the expansions of processing capacity.
In conclusion, the integrated multi-trophic aquaculture systems usually share the important management of scarce resources such as water, land, and feeds with other farming systems. In this type of business, waste products from different species can be reused by other species in the systems leading to effective and efficient management of waste in a farm. This increases the revenue of the farmer as well as protects the environment. Therefore, it is an excellent business idea that fish farmers in the UK can adapt and increase their production and revenue at the same time. The business supports the development of healthier, more sustainable as well as resilient food systems in the UK. IMTA has a promising future.
Recommendation
Improve the public image: a mistake made in the growth of aquaculture, as well as the occasional harmful impacts of aquaculture on the environment, have received a lot of attention. However, nothing is done to educate the general population about the benefits of aquaculture or the environmental damage caused by other industries in addition to aquaculture. Scientists who only write in scientific publications do not adequately enlighten the general population. Relevant information must be delivered in the common man's vernacular, via channels that are accessible to the largest segments of the people.
Involve the local community in resource management: community-based resource and production facility management is more efficient than relying solely on government regulations. Most of the significant environmental damage in Asia in recent years has been caused by outsiders' rape-and-run strategy. Rural communities are assumed to be less exploitative of local resources and the environment, and they usually are.
Dual-culture activities will become the norm in the future. While large-scale commercial agriculture must be promoted further, small-scale farming must not be ignored. There is yet to be a comparison study of these two subsectors. Marketing may be an effective tool for separating manufacturing by source and selling items in markets that serve to different consumer groups.
Minimize the risks of introducing non-native species or genetically altered stocks used for aquaculture into waters where there is a substantial potential for spreading into the waters of other States to conserve genetic diversity and maintain genetic integrity of aquatic communities and ecosystems.
Increased public awareness of the nutritional potential of freshwater fish and the promotion of fish eating as a regular dietary staple are essential steps toward furthering aquaculture and aquatic product marketing. With the help of eco-technical solutions, the protection of marine life can be ensured. Along with this, it will also help in increasing and proving the developmental growth of business procedures in the fishing industry that will eventually result in increasing profitability ratios.
Enforce the laws and regulations, and keep an eye on things on a frequent basis: when laws and regulations are not enforced, it is naïve to expect profit-driven producers to behave responsibly. The lack of a suitable monitoring system or methodology is the most difficult aspect of enforcement. Remote sensing has shown to be an effective method for enumerating and monitoring production capacities, particularly ponds. The Joint Group of Experts on Scientific Aspects of Marine Environment Protection is currently creating international processes for monitoring the ecological consequences of coastal aquaculture in order to establish globally applicable standards.
To boost extra production growth, the government should encourage the creation of new fish species and new local markets, such as specialty markets and overseas markets. Furthermore, to improve high-yielding and high-valued fish strains, programs could be combined with new technology. New methods for incorporating environmental concerns into management choices must be developed. Instead of encouraging fisheries to increase their productions, governments should encourage sustainability: a better management of fisheries can be ensured as well as promoting sustainability through tax benefits, subsidies, etc.
Establish protocols for conducting proper environmental impact assessments and monitoring in order to reduce the negative ecological effects of water extraction, effluents, drug and chemical use, and all other agricultural activities.
Integrate agricultural concepts should be used: freshwater fish farming has a number of environmental advantages over coastal aquaculture, including the ease with which it may be incorporated into the farming systems of small farmers in Asia. Even without direct integration of fish with swine, poultry, or plant crops, this enables for sustained levels of output and develops interdependence among the many elements of the farming system. Overstressing the coastal ecosystem could be avoided by a similar indirect integration of fish and shrimp with mollusks and seaweeds. High importance should be given to research and development in the direct and indirect integration of aquaculture and agriculture.
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Signature Date: August 27, 2021
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