Applying TNFD nature-related metrics in the fishing sector: Insights from investors and industry
TNFD guidance for the fishing sector outlines how investors and seafood companies use nature-related metrics to assess risks, disclosure and stewardship. Findings highlight growing demand for traceability, stock health and bycatch data, while noting certification interoperability, persistent data gaps and emerging access to blue finance instruments.
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OVERVIEW
1. Introduction
The report complements TNFD’s 2025 fishing sector guidance by demonstrating how fishing value chain organisations can begin reporting nature-related metrics. It draws on interviews with investors and seven organisations across fishing, processing and retail.
Key findings show investors increasingly prioritise disclosures on stock health, Endangered, Threatened and Protected (ETP) species, traceability, Illegal, Unreported and Unregulated (IUU) fishing and gear type. The report found 17 of 24 TNFD fishing metrics can be fully or partially reported using Marine Stewardship Council (MSC) reports. Data gaps remain significant, particularly for organisations further down the supply chain.
2. Scope and participant organisations
The study involved BNP Paribas Asset Management, Norges Bank Investment Management and the FAIRR Initiative, alongside fishing sector organisations operating across multiple geographies and value chain stages.
Participants completed a two-month metrics exercise covering MSC-certified and non-certified fisheries. The task assessed reporting capability, data quality and collection complexity across metrics linked to ocean use change, pollution and resource use.
3. Investor interaction with ocean-related metrics
Investors use ocean-related metrics primarily for stewardship, engagement and risk assessment. MSC certification remains an important benchmark, but investors increasingly seek TNFD-aligned disclosures to improve comparability and assess nature-related risks.
Investors identified stock health, ETP species, traceability, IUU fishing and gear type as the most decision-useful indicators. These metrics influence assessments of seafood supply resilience, ecosystem impacts and reputational risk.
FAIRR, representing over 400 investors with approximately USD 90 trillion in assets under management, is launching the Coller FAIRR Seafood Index in 2026 to benchmark 20 seafood companies across 16 topics, including traceability and ecosystem impact.
The report recommends improving vessel-level transparency, traceability systems and standardised reporting processes. Investors also highlighted the need for collaboration between disclosure frameworks, certification systems and data providers.
4. Industry insights – TNFD fishing sector metrics and MSC interoperability table
The metrics exercise showed organisations can begin TNFD reporting using existing operational and certification data. Fishing companies generally had stronger access to primary data, while traders and retailers faced greater difficulty obtaining vessel-level information.
Companies successfully reported metrics relating to spatial footprint, stock health, bycatch, observer coverage and vessel tracking technology. Several organisations relied on MSC reports, FisheryProgress, FishSource and government databases to support disclosures.
Reporting gaps persisted for underwater noise, biodegradable gear and wastewater data. Organisations identified the need for improved technology, standardised supplier requests, expanded internal systems and stronger data collection capability to address these gaps.
The report also notes challenges caused by differing MSC report versions and difficulties identifying equivalent TNFD metric references.
5. Nature-related opportunities: Access to financial instruments
The report highlights growing availability of blue sustainability-linked loans, blue bonds, transition funds and insurance products linked to ocean-related performance. Organisations improving nature-related disclosures and risk management may gain greater access to these financing instruments.
Examples include Rabobank’s EUR 220 million blue sustainability-linked loan to Brim hf and Banco Bolivariano’s USD 80 million blue bond, which required TNFD-aligned reporting during the bond’s maturity period.
The report states that lenders and insurers increasingly expect stronger traceability, environmental assessments and sustainability performance. Improved TNFD reporting may therefore support financing access, resilience and adaptation to climate-related changes affecting fish stocks and seafood supply.
