Reaching protected area (PA) coverage goals is challenged by a lack of sufficient financial resources. This funding gap is particularly pervasive for marine protected areas (MPAs). It has been suggested that marine conservationists examine examples from terrestrial protected areas (TPAs) for potential solutions to better fund MPAs. However, the funding needs for MPAs and TPAs have not been directly compared, and there is risk of management failures if any such differences are not properly considered when designing MPA financial strategies. We perform an in-depth literature review to investigate differences in distribution of costs incurred by MPAs and TPAs across three primary categories; establishment, operational, and opportunity costs. We use our findings to conduct a snapshot quantitative comparison, which we complement with theoretical support to provide preliminary insight into differences between MPA and TPA costs, and how these may influence financial strategies most appropriate for each type of PA. Our research suggests that TPA costs, and thereby funding requirements, are greater for the time period leading up to and including the implementation phase, whereas MPAs have higher financial requirements for meeting long-term annual operational costs. This may be primarily due to the prevalence of private property rights for terrestrial regions, which are less frequently in place for ocean areas, as well as logistical requirements for enforcement and monitoring in a marine environment. To cement these suggestions in greater analytical certainty, we call for more thorough and standardized PA cost reporting at all stages, especially for MPAs and PAs in developing countries. The quantity and quality of such data presently limits research in PA sustainable finance, and will need to be remedied to advance the field in future years.
Marine protected areas (MPAs) require sustained funding to provide sustained marine protection. Up until now government budgets, multi- and bi-lateral aid, and philanthropic grants have been commonly relied upon to finance the management and enforcement of MPAs. But new funding mechanisms, such as impact investments or blue carbon, are increasingly applied and developed. Here, we present a semi-structured review that identifies 11 or more sources of finance, 21 financial instruments and more than 75 potential combinations thereof that show the current diversity of financial mechanisms available to support MPA establishment and operations. Based on the review, we developed nearly 100 indicators reflecting environmental, governmental, socioeconomic, and management characteristics that can inform the appropriateness, and corresponding strengths and weaknesses, of applying these financial mechanisms to any given MPA. The outputs provide a series of recommendations for implementing new funding mechanisms and ways to improve the sustainability of in-place mechanisms. The findings were compiled into a replicable framework and excel tool that was pilot tested in May 2021 for Parque Nacional Natural Corales de Profundidad in Colombia that identified potential ways to improve upon financial mechanisms, including, hiring a full-time manager and potential alternative mechanisms like biodiversity offsets from fossil fuel exploration and exploitation, among several others. The research also identified barriers for implementing financial mechanisms that reflect broader systemic challenges for MPA finance worldwide.
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