Financial Resource Strategy Expert Workshop

About This Event

The Coral Triangle Initiative on Coral Reefs, Fisheries and Food Security (CTI-CFF) Regional Plan of Action, which was first endorsed in 2009 as the 10-year guiding framework captures the joint goals, priorities and commitments of the CT6 Member Countries. The RPOA has led to a wide range of accomplishments in the CTI region. A renewal of the RPOA needs to revise the priorities/course to be taken by the CTI-CFF, taking into consideration emerging issues and changes in priorities, nationally and regionally.

From 30th April to 2nd May, the first phase of the series of Workshops for the renewal of RPOA was undertaken whereby the 1st Consultative Workshop on Renewal of RPOA and the Third Regional Priority-setting workshop (RPW-3), together with the MEWG Meeting and CT ATLAS workshop were conducted. These workshops provided fora for exchange of views and analysis on the achievement of the current RPOA and the recommendations on regional priorities.

PT Hatfield Indonesia has been appointed to facilitate and engaged to develop the renewal of the Regional Plan of Action (RPOA2.0), PT. Hatfield Indonesia has prepared a team with highly relevant experience for the purpose of optimizing engagement of key stakeholders across different countries. The team will divide the consultation tasks across team members in the CT6 to improve time-and cost-effectiveness.

A coordinated participatory approach will be utilized to deepen the level of analysis required for effective planning and development of the RPOA 2.0. The review of the effectiveness the RPOA 1.0 forms an important foundation to the discussions towards the RPOA 2.0. One of the main needs identified is the mobilization of financial resources for the VCTI-CFF vision, goal and objectives. A financial business plan for the Financial Resources WG would improve its effectiveness and a sustainable finance mechanism would significantly increase the sustainability and effectiveness of the CTI.

While the CT6 member countries mobilize annual contributions to the implementation and operations of the RPOA, the RPOA 1.0 review suggested that to ensure high level government support and to sustai these financial contributions, closer integration of the CTIprogram into the activities of the lead government agencies involved in the program as well as pther government agencies is needed. The aim should be the inclusion of the CTI in the budget of other Ministries or national planning agencies so that it is viewed as part and parcel of the mandate of these agencies. This will require work to communicate the logic of working at a regional level clearly and more effectively to specific target audiences and individual decision makers. It was considered important to put more effort in engaging Planning and Finance Ministries and higher decision-making bodies of governments (including thsoe ministries related to foreign affairs and law enforcement).

It was also recommended that the CTI should avoid duplicating work that is already done by other regional organizations and focus on its core competencies or whereit holds a competitive advantage. Aligning more strategically with other organizations will allow the CTI to indicate its unique relevance while working hard and effectively to complement work done by others. To support this and mobilize national, regional or international funds, it will be iprotant to clarify whether the delivery of the CTI lies. This clarity will help more people understand the actual value of the CTI lies. This clarity will help more people understand the actual value of the CTI and support it to achieve its full potential.

Lastly, and importantly, many respondents to the RPOA 1.0 review suggested that the private scetor should become more structurally engaged and involved as a key stakeholder for the RPOA, and include also large private donor foundations and impact investents initiativs by working explicitly on profiling ecponomic and social impacts of good ocean governance. Aspects linking productive coastal ecosystems with investment security would be useful as well as pointing out how a muti-laeral arrangement like this could help stabilize situations as a network of actors is more resilient than an individual unconnected set of things. Discussing topics such as blue bonds and related innovations would easily attract attention. Also, when private sector actors become connected to a plac, which they can support financially, often thrugh supportive tourism developemnts, but also by providing access to technological innovations that could benefit capacity development across the CTI, for EAFM fo example.

Building on the review findings and considering the potential application of different finance strategies and solutions, experts will help draft a financial resource mobilization plan in support of the RPOA 2.0. This Terms of Conference (ToR) describes the objectives of the expert workshop and tentative agenda.

The CTI-CFF Regional Secretariat is requesting the Department of the Environment and Energy, Australia to kindly support activities Financial Experts Strategic Workshop which is planned to be held in Singapore in July 2019 for the amount of USD20,000 (refer to Section 6 on Budget) and its separate detail.