eFishery Launches Sustainability and Impact Report, Reaffirming Commitment to Aquaculture Industry
Bandung, October 18, 2024 – In celebration of its 11th anniversary, eFishery is proud to announce the release of its inaugural Sustainability Report and the third edition of its Impact Report. This publication reflects the company’s strong commitment to sustainable aquaculture practices and highlights its significant achievements over the past year. As a pioneer in technology-driven aquaculture, eFishery leverages innovation to enhance productivity, profitability, and professionalism. The company focuses on three key areas: Tech-Enabled Sustainable Aquaculture, Biodiversity and Climate Action, and Thriving Communities, all aimed at driving positive change within the industry.
The eFishery Sustainability Report provides a comprehensive overview of the company’s performance from January 1 to December 31, 2023. It details sustainability strategies, key performance indicators, and alignment with the Sustainable Development Goals (SDGs). eFishery is dedicated to transparency in its operations and supply chain, encouraging all stakeholders to engage in accountability efforts.
Structured in accordance with global sustainability reporting standards, including the Global Reporting Initiative (GRI) and International Financial Reporting Standards (IFRS), this report underscores eFishery’s commitment to good corporate governance and sustainable finance. It includes 12 long-term sustainability goals and ESG scores that outline the company’s achievements in environmental and social aspects, providing a greater impact for farmers and communities. This includes a commitment to support 100,000 farmers groups by 2030, a $100 million financing program for farmers by 2030, and efforts to reduce hunger risk for over 1 million people by 2050. In 2023, eFishery achieved revenue of IDR 10.8 trillion and disbursed over IDR 653 billion in financing through its Kabayan program.
“Companies must understand their values and objectives to chart meaningful steps forward. It’s not just about being the largest market player; it’s about taking responsibility and creating a positive impact with every action. As a rapidly growing unicorn, eFishery demonstrates a strong commitment to social initiatives, particularly through the Kabayan program, which provides vital funding access for local farmers, supporting sustainable aquaculture growth and promoting economic inclusion. eFishery’s social and environmental performance exemplifies best practices in corporate responsibility, creating a tangible impact on local economic and social growth,” added Prof. Iman Harymawan, SE., MBA., Ph.D, CEO of the Center of Governance, Environmental, Social and Governance Studies (CEGSS) at Universitas Airlangga.
eFishery’s sustainability framework has rapidly evolved through collaborations with research partners. The journey 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 benchmarking encompasses various sectors, including Food Products, Software and Services, and Food Retail, conducted by CEGSS.
A Double Materiality Assessment was conducted with support from Gadjah Mada University. This assessment identified key topics for eFishery’s focus and evaluated the financial impacts of sustainability issues on operations, as well as the effects of company activities on the environment and communities. This comprehensive approach ensures eFishery can respond to stakeholder concerns while enhancing its resilience and long-term sustainability strategies.“Our mandate is to improve the lives of farmers through aquaculture and to strengthen the role of technology and aquaculture in enhancing food security. We aim to support small farmers from the beginning of their journey to harvest, transforming aquaculture in Indonesia for the better. As a leader in aquaculture technology, eFishery recognizes that sustainability is essential—not only for our business success and growth but also for our commitment to responsible corporate practices. Our dedication to environmental management and social responsibility remains strong and is at the core of everything we do. This achievement is encapsulated in this inaugural Sustainability Report, along with our third Impact Report,” said Gibran Huzaifah, CEO & Co-founder of eFishery.
“In 2013, when AquaSpark and eFishery began their journey, awareness of sustainable aquaculture was just starting to develop. eFishery introduced real solutions that connect farmers and reveal the potential and true value of sustainable aquaculture. At that time, eFishery was the only affordable and investable technology solution available in this industry. Now, nearly half a million fish and shrimp farmers have joined the eFishery platform, and the demand for digitalized aquaculture production is rapidly increasing across the global supply chain,” added Amy Novogratz, President Commissioner & Impact Committee of AquaSpark.
The third edition of eFishery’s Impact Report highlights the profound effects of its initiatives on farmers, demonstrating how the company’s innovations enhance the aquaculture industry. In collaboration with the Economic and Business Research and Training Unit (P2EB) at Gadjah Mada University, eFishery conducted impact evaluation research using a causal inference approach to validate the benefits of its products and services for farmers. This methodology allowed eFishery to measure the pure impact of its offerings and provide clear evidence of their effectiveness among 300 fish and shrimp farmers across five provinces and 16 regencies/cities.
“We used the difference-in-differences (DiD) method to validate the benefits of our products and services on farmers’ performance, utilizing survey data collected in 2022 by Universitas Indonesia, followed by a subsequent survey in 2023. This report presents the results of our analysis on the impact of our offerings on key performance outcomes perceived by farmers. These outcomes reflect our commitment to being beneficial to our clients. We hope this report not only provides valuable insights for eFishery but also serves as a source of inspiration and guidance for other technology-based companies in the sector to continue innovating and enhancing sustainability,” stated Dr. Evi Noor Afifah, Head of Research Team, P2EB UGM.
From this impact assessment, eFishery summarized its overall effects, highlighting the positive impact of eFisheryku, Kabayan, and eFeeder on monthly income, net profit, and profit probability. Notably, the combination of eFisheryKu (Feed Purchase, Fish Stall, Kabayan) and eFeeder increased total monthly income for farmers by 91%, resulting in an additional net profit of IDR 19.2 million per month and a profit probability of 28.6%. The use of eFisheryku alone increased total monthly income by 78%, with an additional net profit of IDR 11.2 million and a profit probability of 11%. Benefits further increase with the combined use of services.
“The inaugural Sustainability Report and this Impact Report mark a significant moment for eFishery. These reports not only demonstrate our commitment to responsible aquaculture but also reflect our dedication to transparency and accountability. As we continue to innovate and lead in sustainable practices, we invite all stakeholders to join us in creating a positive impact for farmers, communities, and the environment,” concluded Trini Pratiwi, Senior Manager of Sustainability & Development at eFishery.
The inaugural Sustainability Report and the third Impact Report are available at www.efishery.com.
