FSM, Palau and Guam Contribute $214,024 to the Micronesia Challenge Endowment Fund
- Category: News
- Published: Tuesday, 19 March 2019 03:57
- Written by Bill Jaynes
- Hits: 738
Micronesia Conservation Trust
The Federated States of Micronesia, Republic of Palau and Guam recently contributed to their Micronesia Challenge (MC) Endowment accounts with the Micronesia Conservation Trust (MCT). Each year Palau and FSM contribute to their accounts which were established in 2008 and 2012 respectively. And this year Guam launched its MC Endowment Account with $40,000 from the Guam Visitor’s Bureau (GVP), which was approved by the Guam Legislature and the Governor earlier in 2018. The FSM has, until now, contributed an annual amount of $50,000, but this fiscal year decided to increase that amount to $100,000 in order to increase its ability to reach its goal of a total endowment of $29,000,000. Palau has surpassed its contribution commitment of $9,000,000, however, it continues to invest between $70,000 to $100,000 each year to continue to grow its endowment fund. Palau’s contributions come from a percentage of the Green Fee collected from visitors to Palau. Guam’s seed funding of $40,000 is the first step in allowing it to reach its $2,000,000 goal. Earnings from the invested funds go back to each respective jurisdiction to support their protected areas systems and associated activities. The Micronesia Challenge is a common commitment by the Micronesian jurisdictions (Republic of the Marshall Islands, Federated States of Micronesia, Guam, Commonwealth of the Northern Mariana Islands and the Republic of Palau) to conserve 30% of their nearshore marine resources and 20% of their terrestrial resources by 2020. This conservation goal also comes with a financial commitment to establish mechanisms that will sustain these conservation efforts moving forward. All jurisdictions are working to achieve both conservation and financial commitments by 2020 and beyond. In 2006 the Micronesia Conservation Trust was selected to serve as the financing mechanism for the Micronesia Challenge Endowment Fund by the Chief Executives of Micronesia.