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Caribbean Biodiversity Fund: Sustainable financing for PA systems. Dr. Spencer Thomas Ambassador, Special Envoy for MEAs Grenada. Robert Weary Sr. Conservation Finance & Policy Advisor Caribbean, The Nature Conservancy. Caribbean Challenge.

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Caribbean biodiversity fund sustainable financing for pa systems l.jpg

Caribbean Biodiversity Fund: Sustainable financing for PA systems

Dr. Spencer Thomas

Ambassador, Special Envoy for MEAs

Grenada

Robert Weary

Sr. Conservation Finance & Policy Advisor

Caribbean, The Nature Conservancy


Caribbean challenge l.jpg
Caribbean Challenge systems

Formally launched in Bonn, Germany, May 2008, at CBD COP9, by the Bahamas, Dominican Republic, Jamaica, Grenada, and St. Vincent and the Grenadines


Caribbean challenge objectives l.jpg
Caribbean Challenge Objectives systems

  • Toeffectively conserve and manage at least 20% (8.2 million Has) of the Caribbean’s marine habitat by 2020;

  • Creation of sustainable finance mechanisms to support national systems of protected areas

  • Development & implementation of ecosystem based adaptation to climate change projects


Caribbean challenge timeline l.jpg
Caribbean Challenge Timeline systems

  • 2009

  • CARICOM endorses Caribbean Challenge

  • E. Carib GEF PIF approved

  • Bahamas, DR, and Jamaica GEF PPGs completed

    • 2004

    • 188 countries commit to a Program of Work on PAs (COP 7)

    • 2006

    • Micronesia Challenge launched,

    • Grenada makes 2020 declaration

    2004

    2005

    2006

    2007

    2008

    2009

    2010

    • 2005

    • TNC signs 6 NISP Agreements w/ Caribbean govts & OECS

    • Development of Master Plans for National System of Protected Areas

    • 2008

    • Caribbean Challenge launched, 5 countries endorse at COP 9

    • TNC pledges $20M in support

    • KfW pledges €10 M

    • Bahamas, DR, Jamaica GEF PIFs approved

    • 2010-11

    • Design of Caribbean Biodiversity Fund & national level PA Trusts

    • E. Caribbean GEF PPG completed

    • Bahamas, DR, & Jamaica GEF projects underway




    Purpose l.jpg
    Purpose systems

    Caribbean

    Biodiversity Fund

    Caribbean

    Biodiversity Fund

    (Proportioned to each Trust

    by Initial Donors)

    Initial Donors

    Board of Trustees

    • Caribbean Biodiversity Fund (the “CBF”)

      • International donors including GEF, KfW and TNC (the “Initial Donors”) propose to contribute US$40 million to a new endowment fund

      • To provide additional new funding to help pay for the long-term costs of managing protected areas in 8 Caribbean countries

    TNC

    Endowment Funds

    KfW

    Investment

    Manager

    GEF


    Structure l.jpg
    Structure systems

    Initial Donors

    Board of Trustees*

    Caribbean

    Biodiversity Fund

    (Proportioned to each Trust

    By Initial Donors)

    TNC

    Endowment Funds

    KfW

    Investment

    Manager

    GEF

    5% annual max payout

    Antigua &

    Barbuda

    Trust*

    Bahamas

    Trust*

    SVG

    Trust*

    Grenada

    Trust*

    St. Kitts &

    Nevis

    Trust*

    Jamaica

    Trust*

    DR

    Trust*

    St.Lucia

    Trust*

    Revolving

    Funds*

    Revolving

    Funds*

    Revolving

    Funds*

    Revolving

    Funds*

    Revolving

    Funds*

    Revolving

    Funds*

    Revolving

    Funds*

    Revolving

    Funds*

    * Majority non-government boards.

    Local Level Projects



    Basic principles additionality l.jpg
    Basic Principles: systemsAdditionality

    • Additional Funds:

      • The CBF would supplement, not replace, current government funding for protected areas

    • Matching Funds:

      • Within 2 years, each country will create new conservation finance mechanisms such as tourism fees, environmental fees, and/or PES (TBD by the country) that generate at least a 1:1 match to its endowment proceeds

        • Of note, matching requirement could be waived for up to 2 years in the case of events out of its control (natural disasters, global financial crisis, etc)


    Legal documents created l.jpg
    Legal Documents Created systems

    • NPATF legislation & bylaws

    • CBF Establishment Document

    • CBF Investment Strategy

    • Vertical Agreement (links CBF to NPATFs)

    • CBF Operating Manual


    Next steps l.jpg
    Next Steps systems

    • Review of CBF Establishment Agreement (early 2011)

    • Donor approvals (late 2010/early 2011)

    • Formal creation of CBF (early 2011)

    • Donors transfer funds to CBF (mid 2011)

    • Creation of NPATFs (ideally, during 2011)

    • First payout from CBF to NPATFs (mid 2012)

    • Matching conservation finance mechanisms instituted (by 2014 CBF payment to NPATFs)


    Conclusions l.jpg
    Conclusions systems

    • Donor coordination important

    • Country buy-in necessary

    • Time consuming process

    • Demanding & costly legal needs


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