Side Event

‘Bhutan for LIFE’: “A long term Innovative and sustainable financing solution to conserve Bhutan’s extensive network of protected areas”

Organizer
National Environment Commission

Date and Time
13 October 2014 18:15 - 19:45

Meeting
Twelfth meeting of the Conference of the Parties to the Convention on Biological Diversity

Bhutan is one of the smallest countries in the world. But its commitment to conservation is bigger than almost any other. Conservation is one of the four pillars of Bhutan’s Gross National Happiness Index. And the country’s constitution calls for maintaining 60 percent of the country’s forest cover at all times. The country has done so. Bhutan is home to the world’s highest percentage – 51.44 percent—of protected land, most which is forest land interwoven with free-flowing rivers. In this session, participants will learn how the country set and is working toward its bold conservationgoals. They also will hear about the innovative finance mechanism being developed by the Royal Government of Bhutan and World Wildlife Fund to ensure the country’s forests and free flowing rivers are permanently protected. Driving the urgent need for this mechanism are rapidlyincreasing threats to Bhutan’s environment and economy.Bhutan for Life isan innovative funding approach that will allow Bhutan to fully create its network of protected areas and ensure they are properly managed forever. The approach, borrowed and adapted from Wall Street, is called Project Finance for Permanence (PFP). A centerpiece of PFP is a single “closing” that delivers pledged funds at the time conditions for permanence are met, which serves to motivate the parties and draw out new resources and commitments.