A World Bank/Global Environmental Facility funded project aims to explore the potential for incentive based tools and third-party financing to improve the performance of highly migratory fisheries with a high seas component (ABNJ fisheries). Under this World Bank project, the World Wildlife Fund (WWF-Inc.) is responsible for the work of a multidisciplinary global think tank. This presentation captures the main themes of the think tank findings based on its deliberations on developing on-the ground projects and assessments of relevant ongoing incentive based programs. The think tank assessed the prospects and challenges for reforming ABNJ fisheries based on the expected benefits and limits of incentives, which depend on the characteristics and enabling conditions of specific contexts. ABNJ fisheries are heterogenous across many dimensions that include: vessel size, catch composition on the high seas versus exclusive economic zones, value chain complexity, current value and potential post transformational value, strength and capacity of governance institutions and other enabling conditions for reform. Thus, risks, expected costs, speed of transformation, scale of investments and returns are variable across this spectrum that presents diverse challenges and opportunities for innovative design. This presentation also serves as an introduction to the session and poses critical questions for the panel discussion.