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Caribbean Biodiversity Fund: Sustainable financing for PA systems

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

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  1. 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

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

  3. Caribbean Challenge Objectives • 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

  4. Caribbean Challenge Timeline • 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

  5. Public/Private Funding

  6. Why this project?

  7. Purpose 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

  8. Structure 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

  9. Donor Contributions (US$)

  10. Basic Principles:Additionality • 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)

  11. Legal Documents Created • NPATF legislation & bylaws • CBF Establishment Document • CBF Investment Strategy • Vertical Agreement (links CBF to NPATFs) • CBF Operating Manual

  12. Next Steps • 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)

  13. Conclusions • Donor coordination important • Country buy-in necessary • Time consuming process • Demanding & costly legal needs

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