The Nature Conservancy in Belize (TNC) is encouraged by successful discussions with the Government of Belize regarding conservation commitments linked to TNC’s proposed Blue Bonds Financing. As of Tuesday, October 19, the full and final proposal has been provided and approved by Belize’s Cabinet and is expected to be presented to the National Assembly on Monday, October 25.
In an effort to provide as much transparency as possible, now that discussion related to the Conservation Commitments have concluded, we are pleased to provide a summary of the proposed commitments as well as a link to the formal documentation that would go before the National Assembly. TNC would like to thank the Government for its efforts to negotiate the Conservation Commitments that recognize the crucial role that Belize’s ocean plays for the Belizean people, their livelihoods and the economy at large. We look forward to outcome of the bipartisan review in National Assembly and Senate in the coming days.
Summary of Conservation Commitments
The proposed Conservation Commitments provide for a number of specific, measurable commitments that are either direct conditions of the proposed Blue Bonds Financing, or other conservation activities that Belize would undertake in good faith. The full details of these commitments are available here.
Key commitments are as follows:
- Completion of a Marine Spatial Plan
- Increase in Biodiversity Protection Zones from the current 15.9% of ocean area to 30% of ocean area by 2026
- Of the above 30% of ocean area, designation of half as High Protection (Replenishment Zones) and half as Medium Protection (Multi-use Zones)
- Designation of public lands with the Belize Barrier Reef Reserve System – World Heritage Site as Mangrove Reserves
- Revision of Belize’s Integrated Coastal Zone Management Plan to include marine and coastal biodiversity offsets
- Application for three formally designated marine protected areas to be listed as International Union for Conservation of Nature (IUCN) Green List Areas
- Implementation of transparent, science based, socially responsible regulations for a high-value, sustainable aquaculture and mariculture industry
- Implementation of a governance framework for domestic and high seas fisheries consistent with transparent, science based, socially responsible international best practices
- Development and implementation of a national regulatory framework for the development of blue carbon projects within the national carbon strategy
- Completion of an independent evaluation of the Managed Access Program and reasonable implementation of recommendations
- Finalization of revisions to the Environmental Impact Assessment regulations
- Meeting or exceeding minimum standards for development in World Heritage Sites
- Development of a watershed management plan for at least two major watersheds
- Delivery of an annual Conservation Report on the above commitments
Conservation Fund
Should the proposed Blue Bonds Financing come to fruition, a new independent Conservation Fund for Belize will be designed and established. The Conservation Fund’s core purpose will be to disburse funding received from the Blue Bonds Financing to projects and partners working in Belize to achieve conservation outcomes that are in alignment with the Conservation Commitments above and with Belize’s national conservation priorities. Both the Government and non-governmental actors (including non-profit organizations, civil society, academia and the private sector) shall be eligible to apply for funding with a specific allocation earmarked for Government to support its strategic efforts to achieve the Conservation Commitments.
The new Conservation Fund shall be established pursuant to an extensive stakeholder engagement process coordinated in collaboration with the Ministry of Blue Economy & Civil Aviation. The Conservation Fund will be an independent entity that is neither controlled by the Government nor by TNC. Additional details about the Conservation Fund will be presented to the National Assembly and Senate as part of the proposed Blue Bonds Financing.