A four-day training workshop in Sustainable Financing in Marine Protected Areas (MPAs) was hosted in Dominica by Peak Investments.
The training is in collaboration with the Deutsche Gesellschaft für Internationale Zusammenarbeit GmbH (GIZ) and the German Development Agency through its Sustainable Marine Financing Programme in the OECS.
According to a press release by Peak Investments the aim of this event was to develop practical steps to operationalizing a sustainable financial mechanism in the marine sector.
“The workshop’s main objectives were to introduce participants to practical hands-on approaches, techniques, and principles of marine financing, provide useful knowledge and experiences for improving managers’ financial planning skills, and provide guidance on potential sources of funding which may supplement current funding mechanisms,” it stated.
The knowledge gained is expected to enable participating MPAs to tap into and capitalize on emerging opportunities and take practical steps to diversify their income streams. There was specific focus on how to set up and apply a sustainable financing mechanism for an MPA.
Additionally, the training highlighted the importance of sustainable financial mechanisms as the basis for marine resource conservation and supported the development of requisite skills to enable the successful implementation of non-traditional financing mechanisms for MPA management.
Facilitators Ms. Taletha Laudat and Mr. Cletus Joseph stressed the need for MPAs to increase their productive assets and reduce liabilities.
“The need [is] for the inclusion of the environment, social and economic factors in the decision-making process for investments made in MPAs. Additionally, facilitators reminded MPA managers that emphasis needs to be placed on the realization of climatic assessments, to collect data. The need for the identification of risks, selection of the most appropriate risk treatments, and greening of their financial planning process are few steps to the development of their sustainable financial mechanism,” it noted.
The capacity-building training workshop was implemented by Peak Investments and attended by MPAs in Grenada, St. Vincent and the Grenadines, and St. Lucia. For more information, please contact Peak Investments Inc., peakinvestmentsinc.da@gmail.
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