VI. Financial resources and issues
Suggestion 1: General provision for subsequent development of a mechanism[edit | edit source]
Provide for the establishment of a mechanism for the provision of financial resources to developing country Parties on grant or concessional basis. The agreement can provide that conditions to access this mechanism and financial support will be defined at a later stage by the Parties through its decision making body.
Suggestion 2: Obligation to contribute[edit | edit source]
States commit to allocate a specified amount of financial resources to support implementation of the agreement, including through:
- financial support and incentives for national activities to implement the convention
- new and additional financial resources to support developing countries in implementing the agreement
- support for projects and activities related to technology transfer and capacity building
References: CBD Art 20 (Financial resources)
Suggestion 3: Global fund[edit | edit source]
Establish a global fund, such as an ABNJ multilateral trust fund, for receiving and utilizing financial resources. This fund could support projects and programmes related to protection and conservation, benefit-sharing, capacity building, and technology transfer.
Suggestion 4: Funding from fees for activities in ABNJ[edit | edit source]
Fees or royalties from operations undertaken in ABNJ could be used to support implementation of the convention. These fees could be managed through a global fund or other mechanism set up by the agreement.
Suggestion 5: Designate existing funding body[edit | edit source]
Designate an existing institution (e.g. Global Environment Facility (GEF), Intergovernmental Oceanographic Commission of UNESCO) to provide framework for funding
Suggestion 6: Providing of the funding mechanism[edit | edit source]
Funding to support the implementation of the instrument could be provided through:
- Mandatory sources (contributions from States Parties and royalties and milestone payments from exploitation of marine genetic resources).
- Voluntary contributions from States Parties, States non-Parties, international financial institutions, donor agencies, intergovernmental organizations, non-governmental organizations; and natural and juridical persons.
Suggestion 7: Possible functions of a global trust fund[edit | edit source]
A global trust fund could be established to perform the following functions:
- Fund the participation of developing States Parties in the instrument’s processes.
- Assist developing countries in meeting their commitments under the instrument,
including through conduct of EIAs.
- Fund capacity-building activities.
- Fund technology transfer-related activities and programmes, including training.
- Support the conservation and sustainable use programmes by holders of traditional knowledge in local communities, including in areas within national jurisdiction, so as to support coherence in ocean management.
- Support public consultations at the national and regional levels.
Suggestion 8: Establishing an endowment fund[edit | edit source]
- Could be managed by the secretariat.
- Could promote and encourage the conduct of collaborative marine scientific research in areas beyond national jurisdiction including research activities related to marine genetic resources in these areas, by supporting the participation of qualified scientists and technical personnel from developing countries in marine scientific research programmes and activities and by providing opportunities to these scientists to participate in relevant initiatives.
Suggestion 9: Taking into account the special case of SIDS[edit | edit source]
Possible approaches to ensure that the special case of SIDS would be taken into account could include:
- Providing for a SIDS specific allocation in the fund(s).
- Providing for a special SIDS procedure with a pre-application process, which could then trigger a support mechanism to prepare the required application.
- Making use of existing funding mechanisms.
Suggestion 10: Ensuring that procedures for access to funding and reporting would not be burdensome[edit | edit source]
Notes: easing the procedures would contribute to the effectiveness of the funding mechanism.
Suggestion 11: Possible functions of a finance and administration committee[edit | edit source]
A finance and administration committee could carry out the following possible functions:
- Draft financial rules, regulations and procedures.
- Assess contributions of Parties.
- Draft rules, regulations and procedures on the equitable sharing of financial and other economic benefits derived from marine genetic resources and the decisions to be made thereon.
- Facilitate resource mobilisation for implementation of the instrument and provide assistance to Parties, especially developing countries, and among those, particularly LDCs and SIDS.
- Review and plan budget.
- Monitor the funds established in the instrument.
- Report to the global body.
Suggestion 12: Developing a mechanism to address rehabilitation and contingencies[edit | edit source]
A mechanism to deal with loss, damage and contingencies could be developed drawing on experience from the Warsaw Mechanism for Loss and Damage established under the UNFCCC, and other similar regimes.
- Such mechanism would have a residual nature, i.e. to enter into action only when the primary entities liable or responsible could not completely deal with the damage or rehabilitation need.
- Clear criteria would be established for the funding, which could come from an enterprise’s up-front payment, sponsoring States’ deposit of a bond, voluntary contributions, mandatory contributions, or a mix of all of these.
Suggestion 13: Establishing a rehabilitation fund[edit | edit source]
In line with the polluters-pay principle, a rehabilitation fund could be established. Private entities wishing to engage in the exploration and exploitation of marine biodiversity of areas beyond national jurisdiction would be required to contribute to the fund, in accordance with a scale tied to the degree of potential environmental harm stemming from activities related to marine biodiversity of areas beyond national jurisdiction of those entities. The fund would be used to finance the rehabilitation of marine biodiversity of areas beyond national jurisdiction, including their natural environments, in the event of pollution or other damaging impacts on marine biodiversity of areas beyond national jurisdiction and/or the areas beyond national jurisdiction in which they reside.
Suggestion 14: Establishing a contingency fund[edit | edit source]
A contingency fund could be established to finance environmental disasters, such as pollution and other catastrophic disasters caused by human activities.