Coral Triangle Countries Eye New Public and Private Partners in Upcoming High-level Roundtable

PRESS RELEASE

MANILA, PHILIPPINES — Ministers and senior officials of Environment, Fisheries, Marine Affairs, and Science from the six countries that surround the richest marine area in the world—known as the Coral Triangle (Indonesia, Malaysia, Papua New Guinea, Philippines, Solomon Islands, and Timor-Leste)—will meet with Finance Ministers for the first time at the High-Level Financial Roundtable on 3 May 2012 in Manila. The discussion will focus on sustainable financing strategies to support the future of the Coral Triangle Initiative on Coral Reefs, Fisheries, and Food Security (CTI-CFF).

The initiative is a regional cooperation program among the six countries to sustain the wealth of marine and coastal resources in the Coral Triangle region. Spanning 6 million square kilometers, this area nurtures the highest diversity of corals, fish, and marine life on the planet, supporting over 120 million people. The Triangle’s resources are threatened by destructive fishing, overexploitation, poorly-managed coastal development, and the potential impacts of climate change.

Since its launch in Manado, Indonesia, in 2009, the six countries and a core group of development partners have invested in the initiative to address crucial issues such as food security, climate change, conservation, and sustainable management. Thousands of coastal communities depend heavily on the Coral Triangle’s resources for food, livelihood, and their way of life. Without adequate protection and preparation, they are among the most vulnerable to natural disasters such as tsunamis, storm surges, and floods, as well as the effects of coastal degradation.

Leading environmentalists and political leaders have affirmed that investing now to preserve the health of coastal ecosystems like those in the Coral Triangle will prevent far higher costs in the future. For instance, reefs of the Coral Triangle provide an estimated $2.3 billion annually in ecosystem services to people—including coastal protection. According to Rod Salm, The Nature Conservancy's Director of Marine Conservation Programs for the Asia-Pacific region, degraded reefs would cost governments between US$250,000 and US$15 million per kilometer of coast to replace with man-made coastal defenses.

The roundtable, themed “Investing in the Coral Triangle Initiative for a Sustainable Future,” will strengthen engagement between finance and environment ministers by focusing on broad-based financial strategies to support the initiative’s long-term priorities. It will also introduce the initiative to development partners, civil society, and the private sector.

Malaysia’s Science, Technology, and Innovation Minister Datuk Seri Panglima Dr. Maximus Johnity Ongkili, Chairman of the Coral Triangle Initiative Council of Ministers, supports engaging both existing and new partners. He also proposed establishing a Business Council within the initiative, a move previously endorsed by participating countries at the 3rd Ministerial Meeting in October 2011 in Jakarta, Indonesia.

“The establishment of the Business Council is timely, as member countries have expressed the need to apply inclusive innovation and enhance private sector participation in the sustainable development of marine resources through public-private partnerships,” he said.

Coral Triangle Ministers are expected to discuss how to mobilize resources from national budgets, leverage private sector investments, obtain development partner assistance, and develop other sustainable financing mechanisms, such as payment for environmental and ecosystem services.

Minister Ongkili’s participation in the roundtable demonstrates leadership in guiding the initiative. Following his election during the 3rd Ministerial Meeting, he visited his Indonesian predecessor, Minister of Marine Affairs and Fisheries Bapak Sharif Cicip Sutardjo, in January to ensure a smooth transition and set up the Regional Secretariat. During his Manila visit, he will meet with Secretary Ramon Jesus P. Paje, Secretary of the Department of Environment and Natural Resources, to discuss sustainable financing for the initiative.

The roundtable will be followed by the Marketplace, where national coordinating committees will present priority projects with budgets to prospective development partners and stakeholders. The Marketplace will serve as a networking session, initiating discussions on resource needs and matching them with interested partners.

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The High-Level Financial Roundtable and the Coral Triangle Initiative Marketplace are scheduled on 3 May 2012 at Meeting Rooms 2 and 3, Secretariat Building, Philippine International Convention Center (PICC) in Manila from 3:00–5:30 PM. They are side events during the ADB’s 45th Annual Meeting.

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