Canada’s federal government announced on Tuesday a C$335 million ($245 mln) allocation in blended finance to support First Nations in the preservation and stewardship of the Great Bear Rainforest’s marine and coastal environment.
The Indigenous-led Great Bear Sea Finance for Permanence (PFP) initiative will catalyse new investments in the area, including contributions from the government (C$200 mln), the province of British Columbia (C$60 mln), and philanthropic investors (C$75 mln).
During a press conference, Canadian Prime Minister Justin Trudeau said the initiative will add 14,000 square kilometres of newly protected areas to the existing 60,000 sq. km.
Additional private revenue sources will also be allocated over time to advance the 2023 Northern Shelf Bioregion Marine Protected Area (MPA) Network Action Plan, an initiative established to guide the implementation of a network of MPAs in the region.
Once fully implemented, the MPA network is expected to cover 30% of the Great Bear Sea, including new protected areas and potential enhancements to existing MPAs, the federal government stated.
“The investments announced today provide a lifeline to the thousands of species inhabiting the Northern Shelf Bioregion, one of the most ecologically productive cold-water marine regions in the world,” said Steven Guilbeault, minister of environment and climate change.
“Our government launched the largest conservation campaign in Canada’s history, with the goal of protecting 30% of lands and waters in Canada by 2030.”
The Great Bear Sea, also known as the Northern Shelf Bioregion, includes some of the most ecologically productive cold-water marine regions in the world.
It is home to globally significant populations of fish, whales, corals, seabirds, kelp forests, and other plant and animal species.
INDIGENOUS-LED
Managed by Indigenous-led Coast Funds on behalf of 17 First Nations, the Great Bear Sea PFP seeks to advance the protection of this highly diverse bioregion and contribute an additional 0.3% to Canada’s 30×30 marine conservation targets.
Between 2008 and 2023, Coast Funds delivered nearly C$112.7 mln in First Nations investments within the Great Bear Rainforest in 460 projects focused on stewardship, job creation, and the support of coastal communities’ economies.
“With today’s announcement, First Nations are extending a successful model of collaborative stewardship, backed by durable conservation financing, from the rainforest to the sea,” Eddy Adra, CEO at Coast Funds, said in a statement.
The fund will also support ongoing research, monitoring, and collaborative management of the area with the government and the province.
In 2022, during the COP15 UN biodiversity summit in Montreal, the Canadian federal government pledged to deliver up to C$800 mln in support of up to four Indigenous-led PFP initiatives, including the Great Bear Sea PFP.
By Giada Ferraglioni – giada@carbon-pulse.com
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