Park Bonds / (Biodiversity Bonds)

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1 Park Bonds / (Biodiversity Bonds)

2 Introduction On top of EF-level strategies, Ressource Mobilization could take place at a regional or international level. It would allow: Additional source of funds A greater cooperation between funds Economy of scale Two main solutions: o International Association (in charge of additional fundraising activities for the network of EFs) o International Conservation Fund

3 Capital Asset Manager International Environmental Trust Fund Distribution of generated interests to individual EFs Interest International Parks Association Additional Capital raised by the Association, distributed to and invested by each Environmental Fund AM1 AM2 AM3 interest interest interest Capital interest Capital interest Capital interest EF1 EF2 EF3 EF1 EF2 EF3 FIELD ACTIVITIES, Protection of PAs FIELD ACTIVITIES, Protection of PAs

4 Total Bond Market (USD 100 trillion in 2012) Climate-themed bonds (USD 346 billion in 2013) Green bonds (USD 7.4 billion in 2013) Park Bonds???? Why Park Bonds? New concept but there should be an interest for such financial product (momentum) Easy way to propose ethical financial products to Pension funds or sovereign wealth funds Other tools could be designed but bonds allow to raise a lot of capital PARADIGM SHIFT

5 Question: if park bonds are issued, how to pay coupons? (main problem of Forest Bonds )

6 Socially Responsible Investment GREEN INVESTMENT STRATEGY Impact Investments Green bonds Regular financial instruments Upstream Environmental Positive Impacts interest i.e. 5% International Environmental Trust Fund Principal interest minus coupon i.e. 4% EF1 EF2 EF3 FIELD ACTIVITIES, Protection of PAs $ coupon i.e. 1% Bond holders (institutional investors) Downstream Environmental Positive Impacts option 1 By International Financial Institution Principal Park Bonds issuance Requirements: -low coupon -low risk - If possible AAA option 2 By an ad hoc institution (the IETF)

7 The positive aspects of this new proposal are that: it would allow networks of EFs to raise funds collectively, targeting big international investors if successful, it offers huge potential by favouring SRIs, impact investments and other ethically responsible financial products, such a proposal could serve to convince member countries of the CBD that currently criticize EFs it is likely to satisfy investors given its double positive impact (upstream with SRI and Impact Finance; downstream with the distribution of remaining interests to individual EFs).

8 For being successful, Parks Bonds will need: International acknowledgement of the positive role played by EFs (preferably including recognition from the CBD). The huge potential impact offered by park bonds, and the fact that at least a reasonable part of the raised capital would be invested in SRI, should add weight to the argument. An official letter of approval should be obtained from each country where EFs operate, to provide bond holders (likely to be institutional investors) with a guarantee that there are no sovereignty issues at stake. Investors should not be allowed to influence, or interfere in, the way interest will be used. Each EF should be able to use interests either to increase its endowment fund or to cover urgent needs in PAs (e.g. through a sinking fund).

9 For being successful, Parks Bonds will need: The board of each EF should officially approve this new type of financing. Investors should be given the complete picture of results obtained by the mechanism: Full financial transparency (publication of financial audits, not only from the Fund for PAs, but also from each individual beneficiary EF) Full environmental transparency (publication of periodic environmental assessments) As necessary, other reports to satisfy compliance with international standards for the good governance and management of EFs. Ability to offer a guarantee that interests and principal payments will be made, should the issuer default due to reasons such as insolvency. Certain government could be willing to offer such guarantee, in exchange for hosting the Fund for PAs. (Countries that are both financial hubs and environmentally friendly, such as Switzerland, could be interested in studying this type of proposal further.)

10 CONCLUSIONS OPERATIONS: Several types of park bonds could be offered to the financial markets, covering: the entire network of participating EFs Latin American EFs African Efs Marine Protected Areas BONDS are one solution but other similar mechanisms could be developed (for instance targeting private banking) STEPS FORWARD?

11 QUESTIONS and COMMENTS

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