The Green Fund of Trinidad & Tobago: Innovative Financing

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Presentation transcript:

The Green Fund of Trinidad & Tobago: Innovative Financing Regional Workshop for Caribbean Countries on Updating National Biodiversity Strategies and Action Plans St-George’s, Grenada, 17-21 October 2011 Maurice Rawlins The Cropper Foundation Trinidad and Tobago

T&T: Green Fund Introduced in 2001 under Miscellaneous Taxes Act Secured by legislation: Funds kept separate from other taxes but represented in National accounts 0.1% tax on Gross Sales or receipts – on every dollar spent in T&T Administered by the Ministry of Finance, advised by the Ministry of the Environment To date the Green Fund – TT $2.4 Billion (US $400 million) Green Fund only used for Conservation, Remediation and Restoration activities

T&T: Green Fund NGOs and CBOs can apply for funding under Green Fund Three projects to date: Reforestation Project: TT $1.9 million (US $.5 million) Plastic collection and recovery: TT $852,000 (US $143,000) Nariva Swamp Restoration Project: TT $68 million (US $11 million) Potential funding for PES projects Linkage with GEF Funded Project for Ecosystem Services 3