Cape Cod Fisheries Trust: strengthening community and environment on Cape Cod.

DEPLETED FISH POPULATIONS, FISHING INDUSTRY decline and regulatory transitions pose serious challenges to the survival of New England fishing communities. The Cape Cod Commercial Hook Fishermen's Association (CCCHFA) responded to these threats by establishing the Cape Cod Fisheries Trust (CCFT), a community-based fisheries management program that provides affordable fishing permits to the local fishermen in exchange for adhering to conservation and community best management practices. CLF Ventures, Inc. is collaborating with the CCCHFA to launch this unique permit bank that supports the Cape Cod fishing community while improving the sustainability of a key regional industry. CCFT must move quickly to acquire permits since market forces may otherwise deprive communities of the quota on which their future depends.

CCFT's mission is to ensure a lasting future for sustainable fishing on Cape Cod by managing fishing quota as a community asset. CCFT will lease its permits to local fishermen that meet eligibility criteria and satisfy community and environmental covenants. Fees generated will cover program costs and generate capital for future permit acquisition, conservation initiatives and employment. CCFT will initially focus on groundfish such cod and haddock, as well as scallop and lobster species.

Without the intervention of CCFT, permits coming up for sale from retiring fishing vessels will be bought by large boat corporate fleets and will be permanently lost to Cape Cod. Losing these community assets will have a negative impact on the economy and the environment of the North Atlantic.

CLF Ventures is providing CCFT with strategic advice and business planning assistance, coordinating the legal services of law firm Shearman and Sterling, and designing a triple-bottom-line program evaluation process that takes environmental, social and economic factors into account.