STEPS TOWARDS THE EFFECTIVE MANAGEMENT
Once initial official support and resources are secured for each country, Blue finance’s activities go through the following phases, with collaboration from Governments for each step:
Phase 1: Feasibility and Design
The ecological, legal, management and business frameworks specific to co-management and MPA financing are assessed. A draft collaborative management approach is conceptualised and submitted for consideration to the Government and local marine stakeholders.
A full business plan is prepared including costing of MPA activities and capital needs, as well as innovative revenue strategies.
Phase 2: Financial and Legal Arrangements
A strategy to secure the most effective combination of finance types (grants, philanthropy, impact investment) is developed and blended finance solutions for the MPAs are designed. Fundraising activities with international and national stakeholders are held also.
Once completed, approvals from Governments are sought to establish governance structures consistent with project design and in compliance with national laws.
Phase 3: Start-up and Long-Term Management
The collaborative management entity implements priority environmental activities, establishes revenue mechanisms, hires basic management staff and purchases basic equipment. The Marine Spatial Plan is also completed/updated.
Blue finance provides long term technical support to the company in order to improve both environmental management and entrepreneurial skills.