New Strategies for Resource Mobilization and Financial Sustainability of Cocos Island National Park and the Bicentennial Marine Management Area

  • FAICO and its strategic partners are making progress in identifying financial mechanisms and long-term economic planning to ensure the protection of Cocos Island National Park and the Bicentennial Marine Management Area.
  • A new financial plan and the identification of key donors will strengthen the management of Cocos Island National Park and the Bicentennial Marine Management Area over the next 10 years.

FAICO and its strategic partners have taken a fundamental step in the search for suitable financial mechanisms to strengthen the management of Cocos Island National Park (CINP) and the Bicentennial Marine Management Area (BMMA). Through two key consultancies, funding opportunities have been identified, and a financial plan has been developed with a 10-year horizon that will contribute to the effective protection of these marine protected areas.

Identification of Donors and Financial Mechanisms

The study “Identification of donors and suitable financial mechanisms to attract and mobilize resources to support the management of CINP and ACMC” is aimed at analysing and proposing adequate sources of financing to strengthen the conservation of these areas. Among its main achievements are:

  • Prioritization of 20 donors and related financial mechanisms for the management of marine protected areas, of which five were identified as the most accessible and viable.
  • Training of FAICO and ACMC officials on trends in international cooperation for marine conservation.
  • Definition of strategic areas for fundraising, including:
    • Voluntary individual donations.
    • Corporate and strategic partnerships.
    • International cooperation through grant writing.

Proposals for the development of the FAICO trust to guarantee long-term financial sustainability.

Financial Plan of the Cocos Marine Conservation Area (2024-2034)

The “Financial Plan of the Cocos Marine Conservation Area (2024-2034)» establishes a comprehensive economic management framework for the protection and management of CINP and the BMMA in the next decade. Among its main contributions are:

  • Prioritization of key aspects for funding, based on literature reviews and interviews with key stakeholders.
  • Identification of priority threats and essential operational programs to ensure the protection and management of CINP and BMMA.
  • Construction of objectives, targets, and monitoring indicators to evaluate the effectiveness of the financial plan.
  • Development of a Financial Gap tool, with 10-year projections of expenditures and revenue, as well as the identification of innovative mechanisms to mobilize resources in a sustainable manner.

These advances represent an important milestone in the search for financial solutions that guarantee the conservation of Cocos Island National Park and the Bicentennial Marine Management Area, contributing to the protection of its biodiversity and the strengthening of long-term management.

This collaboration is carried out within the framework of the Marine Conservation and Sustainable Coastal Development project, financed by the Blue Action Fund, managed by MarViva and executed by FAICO, in addition to the financial contribution of The Wyss Foundation and Blue Nature Alliance.