North Atlantic right whales are dying faster than they can reproduce. There are now only an estimated 72 females remaining.
Entanglement in fishing lines
As the whales move along the east coast of North America and Canada they pass through one of USA's largest lobster and crab fishing areas. Here lobster and crab gear connect traps on the ocean floor to buoys on the surface. Commercial lobster fishing in Maine alone generated $1.5 billion in 2021. As such these whales have to navigate multiple sets of traditional line gear. The population of lobsters increased dramatically leading to people catching them farther from shore.
Many whales face threats of entanglement in fishing gear. Over 85% of right whales have been entangled at least once in their lifetime, and the majority have been entangled several times. In 2023 there were 6 known deaths due to entanglements while 24 entanglement injuries were reported. Entanglement is the biggest single threat to right whales.
Ship Strikes
Secondly the United States East coast is home to multiple large ports and shipping routes. Ship strikes have been responsible for multiple deaths this year. There are now many areas with restricted speed zones however global warming has in turn moved the whales feeding grounds further north into unprotected areas.
The Initiative
There is a solution to help protect North Atlantic right whales. New 'ropeless' gear technology exists that would reduce the risk to right whales and allow fishermen to continue their livelihoods uninterrupted, often expanding access to waters previously closed off.
The ropeless or 'on-demand gear' does away with a traditional float and line. The fisherman navigates to the traps through digital mapping. Once near the fisherman can signal the release of a flotation bag to retrieve traps. The reduction in the amount of time that vertical lines are in the water dramatically reduces the danger to whales.
The adoption of ropeless gear is to date limited. Gear manufacturers require commercial signals from fisherman to ramp up supply and improve production costs.
Fisherman lack commercial support to enable the switch to ropeless gear. For many there is also the fear of the unknown for what is a traditional industry run on low margins.
Innovative financial mechanisms
This partnership would enable the design of the world's first impact bond for whales.
Right Whale Impact Bond - Using innovative nature finance and market incentives to protect the livelihoods of fishermen and the lives of whales
Required Seed Capital - $1 million - The development of the 'Whale Bond' includes engagement with investors, the creation of success payment criteria, and development of additional revenue flows through biodiversity credits, plastic removal credits and “whale safe” seafood branding.
Potential partner involvement: Flexibility to accompany the project in person, reflect the joint successes and benefit from establishing the world's first Whale Bond.
ROR - 2% minimum, with success payment to be determined.
