Asia Pacific > Coral Triangle nations eye new fund to back marine action plan

Coral Triangle nations eye new fund to back marine action plan

Published 08:15 on June 14, 2023  /  Last updated at 08:20 on June 14, 2023  /  Asia Pacific, Biodiversity, Other APAC

The six-nation Coral Triangle Initiative is launching a conservation fund with initial contributions from German development bank KfW and USAID to back its new action plan for marine protection.

The six-nation Coral Triangle Initiative is launching a conservation fund with initial contributions from German development bank KfW and USAID to back its new action plan for marine protection.

The Coral Triangle Conservation Fund is intended as a sustainable financing mechanism to support a recently released strategic plan for 2021-30, according to an announcement by the Coral Triangle Initiative on Coral Reefs, Fisheries, and Food Security (CTI-CFF).

Designed as a series of goals, targets, activities, and expected outputs and outcomes, the Regional Plan of Action (RPOA) 2.0 builds on principles that have backed the initiative’s activities since it was founded in 2009.

Those include protecting the health and biodiversity of the marine areas surrounding the member nations – Indonesia, Malaysia, the Philippines, Papua New Guinea, Solomon Islands, and Timor Leste.

“This RPOA 2.0 was developed through deliberation with all member countries, partners, collaborators, and other relevant stakeholders, and we are confident that CTI-CFF will rise up to meet the challenges and opportunities ahead, and will contribute significantly to the global targets,” said Mohd. Kushairi Mohd. Rajuddin, executive director of the group’s regional secretariat.

According to an announcement, the new fund will be constructed as a trust fund to fill the gap in available finance for protecting the important marine resources in the region.

“The fund is currently in the start-up phase, with a highly committed board and early financial support from KfW/EU and USAID in designing the fund,” the announcement said.

“Coral Triangle Conservation Fund is actively pursuing funding for its first round of grant making, and expects to be fully operational in 2024.”

Providing long-term, stable support for Marine Protected and Conserved Areas (MPCAs) in the region will be among the fund’s key objectives, to contribute to the six governments meeting their targets under the Global Biodiversity Framework.

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