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1.8 million hectares of coral to receive Blue Finance funding
It’s widely recognised that well-managed and financed MPAs are essential to global efforts to “replenish biodiversity and nourish the growing human population.” Such benefits of improved marine ecosystems include enhanced food supply and fishing incomes for coastal communities, opportunities for Blue Economy businesses, shoreline protection, and a greater resilience to climate change.
But despite their importance, 70% of the world’s 20,000 MPAs struggle to meet minimum management standards. This is largely due to insufficient or short-term-only funding which is provided mostly through public and philanthropic efforts.
Blue Alliance and BNP Paribas have therefore introduced the Blue Finance programme to bridge the gap in marine conservation financing, support the development of innovative, reef-positive businesses, and bolster the Blue Economy in and around the world’s MPAs.
“We are proud to support Blue Alliance to scale up their management of Marine Protected Areas in emerging markets and amplify their positive impact on coral reef ecosystems and local communities’ sustainable development,” added BNP’s Pessez.
The pipeline of reef-positive businesses captured within the scope includes: responsible ecotourism, community-based aquaculture, blue carbon credits, and sustainable fisheries. The inclusion of local communities within participatory management roles of such projects will form a “critical part of each.”
Pradeep Kurukulasuriya, executive secretary of UNCDF, added: “With the fourth mass global bleaching now hitting record-levels, bolstering the effectiveness of Marine Protected Areas (MPAs) is more critical than ever.
“As part of this effort, the Global Fund for Coral Reefs, co-led by the United Nations Capital Development Fund, is proud to have supported the design and issuance of early capital to operationalise the MPA impact loan facility established by Blue Alliance.
“Now unlocking private finance from partners including the BNP Paribas Group, this innovative vehicle is scaling reef-positive businesses to address local ecosystem threats that contribute to financing 30×30 ambitions.”
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