Project

Rhino Impact Investment (RII): An Innovative Financing Mechanism for Site-Based Rhinoceros Conservation

Lead country

New York - GEF

Participating countries

Regional

Project status

Closure

Implementing period

From March 11, 2016 to November 18, 2020

SDGs addressed by this project

SDG targets

  1. 15.a Mobilize resources for biodiversity conservation, sustainable use
  2. 15.7 End wildlife poaching, illegal species trafficking

Project ID: 5382

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Technical team

  • Ecosystems and Biodiversity Programme

Technical area(s)

  • Ecosystem management and restoration
  • Strengthening conservation areas

Sub-area(s)

  • Biodiversity financing
  • Wildlife conservation

Landscape(s)

  • Conserved areas

Sub-landscape(s)

  • Key biodiversity areas (KBAs)

Transformed sector(s)

  • Other sectors

UNDP role(s)

  • Policy advice
  • Thought leadership
  • Convening / Partnerships / Knowledge Sharing

Strategy

  • Management operation
  • Governance
  • Finance economy

Sub-strategy

  • Management effectiveness (METT)
  • Wildlife and habitat conservation
  • Partnerships
  • Inter-sectoral coordination
  • Nature finance
  • New/other financial schemes/mechanism
  • Awareness raising

Social inclusion

  • Private sector

Gender equality

N/A

Gender result effectiveness scale

  • Gender responsive

Pathway(s)

  • Systems pathway

Risk reduction target(s)

  • Reduce exposure
  • Improve resilience

SDG target(s)

  • 15.a Mobilize resources for biodiversity conservation, sustainable use
  • 15.7 End wildlife poaching, illegal species trafficking

Conventions and protocols

  • Convention on Biological Diversity (CBD)
  • National Biodiversity Strategies and Action Plans (NBSAPs)

Private sector(s)

N/A

Hot topic

  • Public-private partnership

About this project

Description

This project addresses the global environmental problem of the illegal hunting and poaching of rhinoceros and the resulting risks to rhinoceros population growth and persistence. The main threat to rhinoceros conservation is caused by the increasing demand and very high prices being paid for rhinoceros horn, which fuels escalating poaching. In Vietnam, retail prices of USD 50,000 to USD 65,000 per kg have been quoted in the media, which is higher than the price of gold. Demand for illegal wildlife products is reportedly increasing in Southeast Asia due in part to the region's economic boom and resulting affluence . Vietnam imported USD 10 billion worth of luxury products in 2010 and the current trade in rhinoceros horn reflects this new consumption pattern. The demand for rhinoceros horn in Vietnam will continue to rise as its economy grows and more people can afford this high-status commodity.

Objectives

To demonstrate a scalable outcomes-based financing mechanism that directs additional private and public sector funds to improve management effectiveness of priority rhino populations.

USD $1,821,500

Grant amount

USD $6,414,000

Leveraged amount (co-financing)

1

Source(s) of fund

Sources of fund

 

  • Global Environment Facility – Trust Fund ($1,821,500)

Implementing partner(s)

  • The Zoological Society of London

Project metrics

Outcome 1:

Gap analyses of priority rhino sites conducted, shortlist of rhino sites identified for inclusion in the live investment and RII investment performance metrics tested and demonstrated in Tsavo West, Kenya

 Indicators:

Establishment of a novel Payment by Results mechanism for species conservation, with endorsement by key conservation and financial stakeholders
Change in capacity of demo site specific aspects of capacity to be determined during project inception
Change in financial sustainability of shortlisted investment ready sites, totaling 1,970,982 ha, with regards to:
Business planning and tools for cost-effective management;
Tools for revenue
Change in site management effectiveness (PAME) in shortlisted investment ready sites (specific aspects of management effectiveness to be determined during project inception, but likely to include:
Law enforcement
Protection systems
Staff training
Management of budget
Monitoring and evaluation)
Feasibility of a RII determined based on information gathered from demonstration sites
Key stakeholders of demonstration site understand the RII concept
Performance-based payment triggers simulated
Stakeholder endorsement of the performance monitoring and management framework by relevant conservation agencies involved in demonstration
Percentage of relevant stakeholders (to be defined at start of project) in selected sites who understand and support the RIB mechanism
Percentage of selected sites verified as having met investment readiness criteria (to be defined at start of project)
Willingness of key stakeholders (to be defined at start of project) to engage with the Rhino Impact Partnership
5 Investment Blueprints developed Financial, payment and MRV structures of RII endorsed by relevant stakeholders
Management, legal and governance structures of RII endorsed by relevant stakeholders
Outcome 2:

Bring 5-10 rhino sites up to investment readiness and prepare sites to deliver against the RII
Outcome 3:

Investment Blueprints developed, financial structure built, management, legal, and governance structure developed

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Project reports and documentation

 

Project Document (ProDoc)