Sustainable financing mechanisms for Marine Protected Areas in North Devon
This report synthesised emerging and established best practices for the financing of Marine Protected Areas (MPAs) and identified MPA models that might be suitable for the UK and recommended models for the North Devon case study area. The initial stage of this project consisted of a literature review of funding sources and instruments which are used in MPAs around the world. In the second stage of the project, potentially feasible investment projects which could support North Devon MPAs were identified through stakeholder engagement in several areas, including fisheries, tourism and recreation, aggregates/navigation, blue carbon, biodiversity and water quality improvements and aquaculture. In the final stage of the project, six candidate financing models for channelling investment into the different investment projects identified were proposed and recommendations were made regarding local and national level policy changes which would facilitate the monetisation of MPA ecosystem services.