Sustainable Finance in EU Overseas Territories
The Institute for Environmental Studies (IVM) and Wolfs Company have composed this report in collaboration with the Joint Nature Conservation Committee (JNCC) to review the current status of sustainable finance in the Caribbean, including analyses of trends, obstacles, interventions and opportunities. Sustainable finance is the ability to secure a stable, sufficient and diverse mix of financial resources, and to allocate them in a timely manner and appropriate form, to cover the full costs of sustainable management of natural assets and biodiversity conservation. This ensures protected areas and other conservation programmes are managed effectively and efficiently, and guarantees the provision of goods and benefits to local stakeholders.
Sustainable finance is a critical component of nature conservation in the Caribbean, and this report defines the different mechanisms available to provide finance, alongside relevant examples and case studies in the Caribbean. The review of sustainable finance mechanisms and their applications is used to form recommendations and suggestions for improving financial sustainability in Caribbean Overseas Territories and other Caribbean islands. Though there is no ‘one size fits all’ or standard blueprint for optimal implementation of sustainable finance mechanisms, research suggests that community-centric approaches increase support and improve chances of stakeholder buy-in. Additionally, on a regional level there are many benefits to Caribbean islands working collaboratively and utilising an island network to pool resources and capacity. Finally, working on standards to monitor, measure and communicate impacts is an opportunity to improve investment in nature management.