Bahamas Protected Areas Fund (BPAF) was established from the bold vision of the Government of The Bahamas and international and local environmentalists in 2014. Our mission is to ensure a sustainable financial base for the effective management of the Bahamas National Protected Areas System and for conservation activities that protect the future and productivity of our national resources.
This mission underpins the innovation that has been at the core of our work. It is a deeply rooted principle that guides our strategy and our efforts on the ground – including our rapid response to Hurricane Dorian assessments and recovery, partnering with the Government of The Bahamas on several sustainable finance mechanisms and developing a regional capital raising plan to partner with private sector actors to leverage additional funds and technical support to help bridge the gap in funding for conservation and climate resilience, across seven Caribbean countries.
The Bahamas has established a significant legacy in conservation in our region. We have been pioneering in our policies and actions to drive conservation and sustainable development. These efforts have garnered political, ecological and economic benefits not only for our islands but for our neighbours in the north and south. The Bahamas has a long-standing commitment to the conservation of our marine resources in the Atlantic Ocean, resulting in the protection of more than 17% of our nearshore environment with one of the largest systems of marine protected areas (MPAs) in the Caribbean, comprised of nearly 6.8 million hectares. Despite our obvious contributions, however, we have struggled to bridge the gap in funding required for sustained biodiversity conservation and climate impacts, a struggle born partially by the application of one-dimensional economic indexes for assessing the wealth of our islands.
Today, we are excited that the Government of The Bahamas has again demonstrated high ambition and has embraced a new funding mechanism designed to deliver support for marine conservation across our islands, without creating additional foreign debt. The Bahamas Debt Conversion Project for Marine Conservation will produce catalytic impact across our islands for the next 15 years. Through funding that will be directed to a conservation endowment, the Project will also provide sustainable funding for marine conservation for generations to come.
The Project will support the funding of needed capacity within management ministries and organizations, ensure greater conservation impact across our islands, improve our resilience to climate change and realize new and sustained benefits for local communities through the expansion of the blue economy. Enhancing the conservation and management of The Bahamas’ ocean can help protect extensive coral reefs, seagrass meadows, and mangrove forests—all of which provide critical habitats for diverse species, protect coasts from storms and sustain local livelihoods. BPAF is accordingly pleased to have been selected to manage and disbursed funding unlocked by the transaction.
Glenn Bannister, Chair of the Board regards the Project as a “truly innovative and historical conservation solution”. He stated that, “Investments in conservation and climate resilience across The Bahamas yield considerable benefits across our islands and for our neighbours. Growing threats to our natural environment, including over exploitation and climate change, and increasingly limited funding, are impacting the sustainable management of our resources and have placed critical ecosystems and ecosystem services at risk. BPAF applauds the Government of The Bahamas, Inter-American Development Bank and The Nature Conservancy for structuring The Bahamas’ first debt swap designed to generate sustainable revenues to protect our important marine ecosystems and support Bahamian livelihoods”.
BPAF is an independent, corporate body, built on international best practices for conservation funds. The Fund operates on the core principles of transparency, independence and accountability. BPAF will work closely with the Government of the Bahamas and its partners throug