eFishery launched inaugural sustainability report, affirming commitment to the aquaculture industry

To celebrate its 11th anniversary, eFishery is proud to announce the launch of the third edition of its Sustainability Report and Impact Report. This publication reflects the company’s strong commitment to sustainable aquaculture business practices and its significant achievements over the past year. As a pioneer in technology-driven aquaculture, eFishery leverages technological innovation to enhance productivity, profitability, and professionalism. eFishery focuses on three key areas—Technology-Enabled Sustainable Aquaculture, Biodiversity and Climate Action, and Thriving Communities—demonstrating its dedication to leading positive change in the aquaculture industry.

The eFishery Sustainability Report provides a comprehensive overview of the company’s performance from January 1 to December 31, 2023. The report details its sustainability strategy, key performance indicators, and alignment with the Sustainable Development Goals (SDGs). eFishery is committed to transparency in its operations and supply chain management and invites all stakeholders to participate in accountability efforts.

Prepared in accordance with global standards for corporate sustainability reports, including the Global Reporting Initiative (GRI) and International Financial Reporting Standards (IFRS), this report confirms eFishery’s commitment to good corporate governance practices and sustainable finance.

The report includes 12 long-term sustainability goals and an ESG score that outlines the company’s achievements in environmental and social aspects, providing greater impact and contributions to farmers and society.

This includes commitments to support 100,000 groups of farmers by 2030, a $100 million farmer financing program by 2030, and mitigating hunger for over 1 million people by 2050. Throughout 2023, eFishery’s revenue reached IDR10.8 trillion, and the company successfully distributed more than IDR653 billion in financing credit through Kabayan (Kasih, Bayar Nanti).

“Companies must understand their values and goals to formulate meaningful steps forward. It’s not just about being the biggest winner in the market; it’s about taking responsibility and creating a positive impact with every action. As a fast-growing unicorn, eFishery demonstrates a strong commitment to social initiatives, especially through its ‘Kasih, Bayar Nanti’ (Kabayan) program.

This initiative provides critical access to funding for local farmers, supporting sustainable aquaculture growth and fostering economic inclusion. eFishery’s social and environmental performance serves as a best-practice example of corporate responsibility, making a tangible impact on local economic and social development,” added Professor Iman Harymawan, CEO of the Center for Governance, Environmental, Social and Governance Studies (CEGSS), Airlangga University.

eFishery’s sustainability framework has developed rapidly through collaboration with research partners. The development of this report began with an early assessment based on four standards, benchmarking against global companies and leading ranking indices such as Bloomberg, Refinitiv, Corporate Knights, S&P, and Sustainalytics. This benchmark covers a wide range of sectors, including Food Products, Software and Services, and Food Retail, conducted by CESGS.

The Double Materiality Assessment, carried out with the support of Universitas Gadjah Mada, identifies key topics that eFishery should focus on and evaluates the financial impact of sustainability issues on operations, as well as the effects of the company’s activities on the environment and society. This comprehensive approach ensures that eFishery can address stakeholder concerns and strengthen the company’s resilience and long-term sustainability strategy.

Gibran Huzaifah, CEO & Co-founder of eFishery said,  

“Our mandate is to improve the lives of aquaculture farmers and strengthen the role of technology in aquaculture to enhance food security. We aim to support small-scale farmers throughout their journey, from start to harvest, transforming aquaculture in Indonesia for the better. As a leader in aquaculture technology, eFishery recognizes that sustainability is essential, not only for the success and growth of our business but also as part of our commitment to responsible corporate practices. Our dedication to environmental stewardship and social responsibility remains strong and is at the core of everything we do. Sustainability is an integral part of our mission and operations. These achievements are outlined in this inaugural Sustainability Report along with the third edition of our Impact Report,” 

Amy Novogratz, AquaSpark, President Commissioner & Impact Committee added, â€œIn 2013, when AquaSpark and eFishery began their journey, awareness of sustainable aquaculture businesses was just starting to grow. eFishery offers practical solutions that connect aquaculture farmers and unlock the true potential and value of sustainable aquaculture. At that time, eFishery was the only affordable and worthwhile investment technology solution in the industry. Now, nearly half a million fish and shrimp farmers have joined the eFishery platform, and demand for digitized aquaculture production is increasing across the global supply chain.”

The third version of the eFishery Impact Report highlights the profound impact of the initiative on farmers, demonstrating how the company’s innovations are enhancing the aquaculture industry. In collaboration with the Economics and Business Research and Training Unit (P2EB) at the Faculty of Economics and Business, Gadjah Mada University, eFishery conducted impact evaluation research using a causal inference approach to prove the benefits of its products and services to farmers.  This method enables eFishery to assess the direct impact of its offerings and provides clear evidence of their effectiveness based on data from 300 fish and shrimp farmers across five provinces and 16 districts and cities.

Dr. Evi Noor Afifah, Head of Research Team, P2EB UGM said, 

“We use the difference-in-differences (DiD) method to demonstrate the benefits of our products and services on the performance of farmers, using data from a survey conducted in 2022 by the University of Indonesia, with a follow-up survey planned for 2023. This report presents the results of the analysis regarding the impact of our products and services on the key performance achievements perceived by farmers. The outcomes from farmers reflect the company’s commitment to providing benefits.

“We hope this report will not only provide valuable insights for eFishery but also serve as a source of inspiration and guidance for other technology-based companies in the sector to continue innovating and enhancing sustainability.”

From this impact assessment, eFishery has summarized the overall effects, highlighting the positive impacts of eFisheryKu, Kabayan, and eFeeder on monthly revenue, net profit, and profit probability.

Specifically, the combination of using eFisheryKu (Beli Pakan–a feature to purchasefeed, Lapak Ikan–a platform to sell fish harvest, Kabayan–a program to access funding for farmers to buy feed) and eFeeder increases farmers’ total monthly income by 91%, resulting in an additional monthly net profit of IDR19.2 million and a profit probability of 28.6%.

Additionally, the use of eFisheryku (Buy Feed, Fish Stall, Kabayan) alone increases farmers’ total monthly income by 78%, leading to an additional monthly net profit of IDR11.2 million and a profit probability of 11%. The benefits will further increase if farmers use a combination of these services.

“These inaugural Sustainability Report and third Impact Report mark a significant milestone for eFishery. They not only demonstrate our commitment to responsible aquaculture but also reflect our dedication to transparency and accountability. As we strive to innovate and lead in sustainability practices, we invite all stakeholders to join us in creating a positive impact on farmers, society, and the environment,” said Trini Pratiwi, Senior Manager of Sustainability & Development at eFishery.

The inaugural Sustainability Report and third Impact Report can be accessed at www.efishery.com