Sustainable conservation financing in the Maldives Dr Francis Vorhies The designation of geographical entities in this book, and the presentation of the material, do not imply the expression of any opinion whatsoever on the part of IUCN (International Union for Conservation of Nature), USAID (United States Agency for International Development), Project REGENERATE or the Government of Maldives concerning the legal status of any country, territory, or area, or of its authorities, or concerning the delimitation of its frontiers or boundaries. The views expressed in this publication do not necessarily reflect those of IUCN, USAID, Project REGENERATE or the Government of Maldives. This publication has been made possible in part by generous funding from USAID. This research has been made possible with the collaboration and expertise of Ministry of Environment (MoEnv), and Environmental Protection Agency (EPA). Published by: IUCN and the Government of Maldives in collaboration with USAID Copyright: © 2020 International Union for Conservation of Nature and Natural Resources and Government of Maldives. Reproduction of this publication for educational or other non-commercial purposes is authorised without prior written permission from the copyright holder provided the source is fully acknowledged. Reproduction of this publication for resale or other commercial purposes is prohibited without prior written permission of the copyright holder. Authors: Dr. Francis Vorhies Citation: Vorhies, F. (2020). Sustainable Conservation Financing in the Maldives. Malé, Maldives: IUCN and Government of Maldives. 68pp. Cover photo: © Ahmed Basheer, IUCN . Layout by: Adam Zubin, adamzubin.com Produced by: IUCN Maldives, Malé, Maldives Sustainable conservation financing in the Maldives Dr Francis Vorhies CONTENTS 1. Introduction .................................................................................................................10 2. Conservation financing currently in the Maldives ............................................................10 2.1 Conservation areas in the Maldives ..................................................................................10 2.1.1 Legally protected areas ..................................................................................................................................... 10 2.1.2 Resort island areas ........................................................................................................................................... 10 2.1.3 International recognition ..................................................................................................................................... 11 2.2 Use of biodiversity in the Maldives ...................................................................................11 2.3 The REEFS proposal .......................................................................................................12 2.4 The Baa Atoll Conservation Fund (BACF) .........................................................................13 2.5 South Ari Atoll Marine Protected Area (SAMPA) ...............................................................15 2.6 Fuvamulah and Hithadhoo Climate Change Adaptation Project .........................................16 2.7 Biodiversity-based public revenue ...................................................................................16 2.7.1 Tourism sector ................................................................................................................................................. 16 2.7.2 Fisheries sector................................................................................................................................................. 17 2.7.3 Other sectors .................................................................................................................................................... 17 2.7.4 International donors ........................................................................................................................................... 18 2.8 Other public-sector experiences in environmental financing ..............................................18 2.8.1 The proposed Maldives Green Fund (MGF) ........................................................................................................ 18 2.8.2 Fund for Renewable Energy System Applications (FRESA) .................................................................................. 19 2.8.3 Green Climate Fund implementing agency ......................................................................................................... 20 3. Conservation financing opportunities from abroad .........................................................20 3.1 Conservation finance in multilateral policy frameworks ......................................................20 3.1.1 2030 Agenda for Sustainable Development ....................................................................................................... 20 3.1.2 Addis Ababa Action Agenda .............................................................................................................................. 22 3.1.3 CBD Strategic Plan for Biodiversity ..................................................................................................................... 23 3.2 Conservation finance in multilateral institutions .................................................................24 3.2.1 Global Environment Facility (GEF) ....................................................................................................................... 24 3.2.2 Green Climate Fund (GCF) ................................................................................................................................ 24 3.2.3 International Finance Corporation (IFC) ............................................................................................................... 25 3.2.4 World Bank ....................................................................................................................................................... 25 3.2.5 Asian Development Bank (ADB) ......................................................................................................................... 26 3.2.6 United Nations Development Programme (UNDP) ............................................................................................... 26 3.2.7 United Nations Environment (UNEP) ................................................................................................................... 27 3.2.8 CBD LifeWeb .................................................................................................................................................... 27 3.2.9 IUCN ............................................................................................................................................................... 28 3.3 Conservation finance in bilateral financial institutions ........................................................29 3.3.1 Export Credit Agencies (ECAs) .......................................................................................................................... 30 3.3.2 US Agency for International Development (USAID) .............................................................................................. 30 3.3.3 Agence Française de Développement (AFD) ...................................................................................................... 30 3.3.4 Japan International Cooperation Agency (JICA) ................................................................................................... 30 3.3.5 CDC Biodiversité .............................................................................................................................................. 31 3.4 Conservation finance in private financial institutions..........................................................31 3.4.1 Equator Principles Financial Institutions (EPFIs) .................................................................................................... 31 3.4.2 UN-supported Principles for Responsible Investment (PRI) .................................................................................. 31 3.4.3 Credit Suisse .................................................................................................................................................... 31 4 3.4.4 Althelia Ecosphere ............................................................................................................................................ 32 3.4.5 Conservation Capital ......................................................................................................................................... 33 3.4.6 EcoEnterprises Fund ......................................................................................................................................... 33 3.4.7 Livelihoods Fund ............................................................................................................................................... 34 3.4.8 Coalition for Private Investment in (CPIC) .......................................................................................................... 34 3.4.9 Natural Capital Coalition .................................................................................................................................... 34 3.5 Conservation finance in private foundations and NGOs ....................................................34 3.5.1 Mava Foundation