Marine conservation finance: the need for and scope of an emerging field

Bos, Melissa, Pressey, Robert L., and Stoeckl, Natalie (2015) Marine conservation finance: the need for and scope of an emerging field. Ocean & Coastal Management, 114. pp. 116-128.

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Abstract

The global oceans contribute to human wellbeing by providing marine ecosystem services, but the ability of the oceans to continue providing these services is jeopardised by anthropogenic impacts. There is a limit to marine conservation that has not been adequately addressed: finance. This paper reviews the state of marine conservation funding, identifies associated challenges, and recommends possible ways forward. We identify five challenges: 1) funding for marine conservation is inadequate in terms of the size, duration, and diversity of revenue, 2) finance mechanisms are under-developed and under-utilised, 3) finance is often disconnected from conservation planning, 4) the environmental side-effects of economic activity increase the gap in global conservation funding, and 5) few individuals and programmes specialise in marine conservation finance and integrate its disparate lines of thinking. We then propose five solutions: 1) financial strategies for marine conservation, 2) increased research on and development of finance mechanisms, 3) integration of financial planning into conservation planning, 4) engagement of businesses in reducing the gap in conservation funding for marine ecosystems, and 5) definition, focus, and specialists for the emerging field of marine conservation finance. Multi-sector and interdisciplinary collaboration is essential to reduce the marine conservation-funding gap and sustain marine ecosystem services.

Item ID: 39339
Item Type: Article (Research - C1)
ISSN: 1873-524X
Keywords: marine conservation; conservation finance; sustainable funding; marine resource management; conservation planning; impact investing; environmental externalities; marine ecosystem services
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A version of this publication was included as Chapter 2 of the following PhD thesis: Walsh, Melissa Sue (2017) Marine conservation finance: strategies and finance mechanisms to improve the amount and efficacy of investment into marine conservation. PhD thesis, James Cook University, which is available Open Access in ResearchOnline@JCU. Please see the Related URLs for access.

Funders: National Environmental Research Program (NERP), ARC Centre of Excellence for Coral Reef Studies
Date Deposited: 03 Aug 2015 03:28
FoR Codes: 14 ECONOMICS > 1499 Other Economics > 149902 Ecological Economics @ 30%
05 ENVIRONMENTAL SCIENCES > 0502 Environmental Science and Management > 050209 Natural Resource Management @ 40%
15 COMMERCE, MANAGEMENT, TOURISM AND SERVICES > 1502 Banking, Finance and Investment > 150299 Banking, Finance and Investment not elsewhere classified @ 30%
SEO Codes: 96 ENVIRONMENT > 9605 Ecosystem Assessment and Management > 960507 Ecosystem Assessment and Management of Marine Environments @ 100%
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