Sustainable Finance Analysis for the South Berry Islands Marine Reserve

Abstract

Because of interest in assisting the implementation of active management in the South Berry Islands Marine Reserve (SBIMR), we conducted a review of the sustainable finance literature for protected areas to highlight general guidelines and options for sustainable financing of the reserve. We then focused in on sustainable finance mechanisms that are of particular relevance to marine protected areas and the Caribbean region, and evaluated which of these offer the most potential for application in The Bahamas and especially the SBIMR. According to estimates derived from the Draft Management Plan for the SBIMR, active management of the reserve will require $1.8 million per year. Many potential options or mechanisms meeting this funding requirement are discussed in this report. In this summary, we focus on key options and mechanisms analyzed in the final section of this report.