Chile government readying bond to incentivize future conservation

By Oliver Griffin

CALI, Colombia (Reuters) - Chile's government has designed a new bond to encourage the South American country to protect nature and shield conservation efforts from future changes of government, Environment Minister Maisa Rojas said on Tuesday. 

The bond framework, developed with Chile's finance ministry, includes goals for conservation that could result in financial penalties if they are not met, Rojas told Reuters on the sidelines of the United Nations COP 16 biodiversity summit in Cali, Colombia. 

"It means that the country has a commitment because we don't want to pay penalties," Rojas said, adding that future finance ministers will have to make sure their governments are also advancing in conservation goals, particularly the 30-by-30 goal agreed by most countries globally, which must set aside 30% of their land and sea territories for conservation by 2030. 

"Not always but in many cases, the way a country, a government addresses an environmental issue can sort of depend on the color of the government," Rojas said. "You don't want that because the types of environmental degradation that we're facing require long-term vision."

Mostly ready, the bond is waiting for certain goals and targets to be finalized for inclusion in the framework, Rojas said. These targets could include deadlines and quality-based targets connected to the 30-by-30 goal. 

On Monday, Inger Andersen, head of the U.N. Environment Programme, urged countries to ensure their approach to conservation was based on the quality of protected areas and not just their size. 

Chile has so far designated close to 22% of its territory as protected, according to the government.

Chile is also pushing for the ratification of the so-called High Seas Treaty, which looks to protect marine areas beyond countries' national jurisdictions.  

Fifteen countries have ratified the treaty so far, with another 45 needed to sign up for the deal to go into effect.

Chile wants the secretariat if the treaty - also called the Biodiversity Beyond National Jurisdictions agreement - is successfully ratified, Rojas said, adding that it would represent the first UN secretariat based in the global south.     

"We need the ratifications," Rojas said. "The idea is to have a portfolio ready of areas to protect, so that it not only comes into force, but we have immediately, you know, the studies, the cases ready for protection in the high seas."  

(Reporting by Oliver Griffin; Editing by Andrea Ricci)