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

Citation

Boss, M and Pressey, RL and Stoeckl, N, Marine conservation finance: the need for and scope of an emerging field, Ocean and Coastal Management, 114 pp. 116-128. ISSN 0964-5691 (2015) [Refereed Article]

Copyright Statement

2015 Elsevier Ltd. All rights reserved.

DOI: doi:10.1016/j.ocecoaman.2015.06.021

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 Details

Item Type:Refereed Article
Keywords:marine conservation; conservation finance; sustainable funding; marine resource management; conservation planning; impact investing; environmental externalities; marine ecosystem services
Research Division:Economics
Research Group:Other economics
Research Field:Ecological economics
Objective Division:Environmental Management
Objective Group:Terrestrial systems and management
Objective Field:Assessment and management of terrestrial ecosystems
UTAS Author:Stoeckl, N (Professor Natalie Stoeckl)
ID Code:137257
Year Published:2015
Web of Science® Times Cited:18
Deposited By:College Office - CoBE
Deposited On:2020-02-06
Last Modified:2020-04-29
Downloads:0

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