Operationalising the BBNJ financial mechanism: The role of the special fund
This brief examines the role of the Special Fund within the broader financial mechanism established under Article 52 of the BBNJ Agreement, with a focus on how financial flows can be structured to deliver on the Agreement’s ambition.
Moving beyond institutional design, it highlights key considerations for negotiators, including governance, access, accountability, and delivery to ensure that the commitment to provide adequate, accessible, new and additional, and predictable financial resources is translated into practical outcomes at COP1 and beyond.
Finance with purpose sits at the centre of the BBNJ agreement. The “spinning wheel” of the Special Fund provides an opportunity to think holistically and systematically how this mechanism can help to support the BBNJ ambition. The Prepcom 3 negotiators are at an important juncture to weave this thread further so as to ensure that the first BBNJ COP will be able to set in motion an effective implementation of the finance mechanism.
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