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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

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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


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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


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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


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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


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    Public/Private Funding


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    Why this project?


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    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


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    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


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    Donor Contributions (US$)


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    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)


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    Legal Documents Created

    • NPATF legislation & bylaws

    • CBF Establishment Document

    • CBF Investment Strategy

    • Vertical Agreement (links CBF to NPATFs)

    • CBF Operating Manual


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    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)


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    Conclusions

    • Donor coordination important

    • Country buy-in necessary

    • Time consuming process

    • Demanding & costly legal needs


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