1. Environmental Funds
This approach suggests that Belize's existing national environmental funds (EF) be optimized. The solution attempts to examine the regional and national landscape for EFs in Belize, as well as offer an optimization technique for EFs to use. National EFs are expected to use the optimization method and best practices to improve fund operation and management, investment management, and resource mobilization.
2. Green Debt
The Green Debt solution provides a tax incentive for financial institutions (banks, credit unions, and other financial organizations) to support "green" initiatives. Providing this tax subsidy would encourage local financial institutions to fund "green" initiatives, allowing the private sector to participate in the implementation and attainment of the NBSAP.
The use of donation crowdfunding platforms to fund initiatives and the conservation and management of Protected Areas (PAs) in Belize is proposed in this proposal. Using crowdfunding to diversify PA financing and infuse extra revenue into the NPAS would be beneficial. Revenues that can help with financial sustainability and can be used to fund long-term development projects in these PAs.
4. Compensation for Planned Environmental Damage
The Compensation for Planned Environmental Damage approach recommends incorporating a restoration sub-programmed/component into Belize's Environmental and Social Impact Assessment (ESIA) program. Private or public land developers who alter essential ecosystems (such as resource exploitation, pollution, and/or land-use change) would be required to restore other degraded ecosystems under the program (through payment for restoration works, carrying out the restoration or setting up a performance bond).
5. Debt for Nature Swap
The Debt-for-Nature Swap (DNS) approach offers the implementation of a debt-swap arrangement including repayment (partial or total) of Belize's foreign debt in return for future contributions (by GOB) to carry out conservation and preservation activities in Belize's prioritized ecosystems. A Debt-for-Nature Swap arrangement can allow Belize to lessen its debt payment load, freeing up budgetary space for public sector biodiversity investment and other investments/expenditures.
6. Carbon Market
Through the construction of a Clean Development Mechanism, the Carbon Market solution investigates the possibility of Belize participating in voluntary regional and worldwide Greenhouse Gas (GHG) emissions trading (CDM).
7. Establishment of a Biodiversity Office/ Department
The creation of a Biodiversity Office (BiO) inside the Ministry of Sustainable Development, Climate Change, and Disaster Risk Management to promote biodiversity management and NBSAP implementation was recommended as part of this proposal. The NBSAP's execution necessitates coordination between government ministries and agencies, as well as NGOs and the corporate sector. The Biodiversity Office will provide the necessary administration and coordination for Belize's NBSAP to be implemented efficiently.
This method offers getting grant financing for environmental work within protected regions. A evaluation of current PAs in Belize is designed as part of this solution, with the goal of creating best practice recommendations for business model creation and piloting this method inside PAs. The goal of this funding option is to gain funds for PAs that may be used to buy land for "corridors" or other conservation and preservation projects.
9. Results-based budgeting
The establishment of a Results Based Budgeting (RBB) framework for use by government agencies and PA managers is proposed in this solution. The framework would make it easier to plan and manage conservation funds using a results-based approach.
10. Biodiversity Investment and Impact Tracking Tool
This solution suggests improving the current Biodiversity Impact Investment Tracking Tool, which would be used to categorize/classify biodiversity expenditures using a methodology based on the BER classifications. The tool is expected to be implemented at the Biodiversity Office and throughout Belize's NPAS. The tracking tool would help the Biodiversity Office maximize its effectiveness in matching actions with national biodiversity goals.
11. Blended Finance Model
By using charitable donations or grants, private equity, and/or concessionary loan financing inside the PA system, this strategy aims to expand on PA business models. Both investors and the national PA system should benefit from an effective Blended Finance (BF) framework.