Under the backdrop of the Organization of Economic Cooperation and Development (OECD) Conference on Private Finance for Sustainable Development in January, the Caribbean Biodiversity Fund (CBF) and Blue Finance (BF) signed a Memorandum of Understanding to incentivize the adoption of new models for the management of marine protected areas and development of financial mechanism for conservation.
Among its objectives, the MOU aims to promote the development of sustainable financing mechanisms for marine conservation in Caribbean that bring together private and public sectors. BF and CBF will also work together to exchange experiences, knowledge and mobilize resources at the regional level. In implementing this MOU both institutions aim to bring to the table additional partners like government institutions, CBF partner national conservation trust funds, and private sector allies.
In celebrating the signing, CEO of the CBF, Yabanex Batista, said “this MOU is a significant step towards creating regional opportunities that can be translated into long-term funding sources for conservation at the local and national level across the region.” Nicolas Pascal, Blue Finance Executive Director, added “CBF and Blue finance have been collaborating for many years, it is time now to bring this partnership into action for the sustainable financing of marine conservation in the region ”.
Established in 2012, the Caribbean Biodiversity Fund (CBF) is the realization of a bold vision to create reliable, long-term funding for conservation and sustainable development in the Caribbean region. The CBF and a group of National Conservation Trust Funds (NCTFs) together form the Caribbean Sustainable Finance Architecture. Working as an umbrella fund with a flexible structure to implement innovative solutions for resource mobilization at the regional level, the CBF currently has two programs: a Conservation Finance Program, anchored by a US$75 million endowment fund, and a Climate Change Program anchored by a US$50 million sinking fund focused on Ecosystem-based Adaptation (EbA).
Blue Finance (BF) has a track record promoting collaborative management approaches and blended finance solutions for Marine Protected Areas (MPAs) in many locations worldwide with 10 projects currently in development. In the Caribbean, Blue finance and local partners have implemented a solution for the sustainable use of 800,000ha of marine resources in the Dominican Republic through the effective management of one of the largest MPAs in the Caribbean. They are a specialist international NGO with expertise and on-the-ground work in structuring and establishing solutions for management and sustainable financing of MPAs. When properly managed and financed, MPAs can restore marine habitats and fish populations, generate food and incomes from sustainable fisheries for local communities, create job opportunities in tourism and other blue economy sectors, enhance shoreline protection and provide greater resilience to climate change.