VI. Financial Resources and Issues
Suggestion 1: General provision for subsequent development of a mechanism
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
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
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
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
Designate an existing institution (e.g. Global Environment Facility (GEF), Intergovernmental Oceanographic Commission of UNESCO) to provide framework for funding