CoAct Database

Sustainable financing mechanism for Mediterranean Marine Protected Areas (Principality of Monaco)

The Principality of Monaco has a long-standing commitment to develop and promote MPAs. Among the initiatives undertook, Monaco set regional tools in cooperation with its neighboring countries such as the Pelagos Agreement1, establishing the Sanctuary for Mediterranean Marine Mammals in Mediterranean Sea, for which Monaco is the depository. The Principality would be willing to help duplicate some of the tools already implemented in the Mediterranean region to enhance support to MPAs in the world. In particular, a sustainable financing initiative for MPAs in the Mediterranean region could be built on in other regions. Indeed, while the financial resources of MPAs in the Mediterranean region today depend on rather conventional mechanisms (public funds, European projects, bilateral aid or international donors), there are other more innovative mechanisms that could contribute to perpetuate financial stability. 1 Signed in Rome in 1999 by France, Italy and the Principality of Monaco In the light of the absence of long-term financial mechanisms in the region, an initiative was launched jointly by France, Monaco, and Tunisia during the high-level session of the International Marine Protected Areas Congress (IMPAC3), in October 2013, to fill this gap. It was also raised at the Network of MPAs Managers in the Mediterranean (MedPAN) workshop in Albania in November 2014.