The Tribune

By FAY SIMMONS

Tribune Business Reporter

jsimmons@tribunemedia.net

The Bahamas was yesterday said to be laying the foundation for how conservation groups will access and use funding generated by the country's $300m debt-for-nature conversion with officials working to identify staffing and capacity needs for marine protected areas (MPAs).

Speaking during the Bahamas Project for Marine Conservation (BPMC) monitoring and evaluation training workshop, Charles Hamilton, climate change adviser in the Office of the Prime Minister, said the exercise is intended to help agencies determine what resources and personnel are needed to effectively manage and protect these resources.

The workshop brought together representatives from organisations involved in marine conservation, including wardens and agencies responsible for overseeing protected areas throughout The Bahamas.

Mr Hamilton said the work is tied directly to the debt conversion transaction completed last year, which refinanced $300m of Bahamian debt and is expected to generate approximately $124m in savings for conservation initiatives over the next 15 years.

"This workshop is being conducted with the understanding that we're going to need personnel to help protect marine protected areas across the country," said Mr Hamilton.

"Through the debt conversion transaction, The Bahamas refinanced $300m of debt, generating approximately $124m in savings that will be reinvested over 15 years into conservation initiatives. The agencies represented here will play a key role in protecting those areas, so we're identifying the most pressing threats, prioritising needs and determining what capacity is required to do that work effectively."

Mr Hamilton said the workshop is helping agencies identify their priorities and staffing needs so funding can be directed where it is most needed.

"Once you understand your priority areas and the capacities that are needed, you can begin thinking about how to mobilise financing to the agencies that will need to hire or upskill personnel to protect these areas," he added.

Mr Hamilton acknowledged that while the funding generated through the debt-for-nature conversion will significantly boost conservation efforts, it will not eliminate all funding challenges facing environmental agencies. "We know the $124m over 15 years will help close the gap, but it will not completely close the gap," he said.

"Our partners on the ground understand what the costs look like, so they are correct that more funding is needed than what this transaction alone will provide. However, it is significantly more than they would have had before, and we're pleased that we were able to secure these resources for conservation over the next 15 years."

Mr Hamilton said the Government is exploring additional funding opportunities and innovative financing mechanisms to supplement the resources generated through the debt conversion.

"We're working with departments to identify other opportunities for funding, and to explore innovative ways of raising additional financing," he said.

Mr Hamilton also suggested that information gathered through the workshop could help conservation agencies secure support from donors and funding partners outside the debt-for-nature programme.

"If an organisation can demonstrate the size of the area it is responsible for protecting, identify its capacity needs, show what is already being funded through this project and highlight the outcomes achieved, it strengthens its case for additional support," he said.

"While this exercise is designed to support this specific project, I don't see how it would not also benefit organisations seeking funding and partnerships from other sources."