Historic Great Bear Sea PFP initiative led by First Nations, in partnership with government
On June 25, 2024, the Great Bear Sea Project Finance for Permanence (PFP) initiative was announced. The historic agreement was led by 17 First Nations, in partnership with the Government of Canada and the Province of British Columbia, and is the realization of decades of collaboration.
The initiative is a model for long-term conservation that brings together partners, funding, and plans to manage 10 million hectares of culturally and environmentally significant ocean, through a network of marine protected areas. Once the MPA network is fully implemented, the area will cover an estimated 30 percent of the Great Bear Sea, including new protections and potential enhancements to existing MPAs, and conserve 84 species at risk, using traditional knowledge and science.
The PFP will bring $335 million in new long-term financing to support durable conservation, community-led economic development and diversification, long-term funding for Indigenous Guardian programs, and stewardship and management. Built on a system of co-governance, the PFP is estimated to create 3,000 new jobs and 32,000 days of skills training.
“This ground-breaking initiative, led by 17 First Nations, launches a new era of collaborative governance in marine conservation, stewardship, and Marine Protected Areas. It represents a beacon of hope for the future ‒ a future where ongoing management and stewardship are not just aspirations, but realities. Together we have forged a path where prosperous communities and stewardship go hand in hand, where economic growth is synonymous with environmental stewardship.”
The Great Bear Sea project is part of Enduring Earth’s global network of PFPs. Prior to Enduring Earth, the founding partners had worked with five countries to conserve 86 million hectares of lands, ocean, and freshwater using the PFP model. The partnership was established in 2021, and since this time Enduring Earth has facilitated the agreement of three new PFPs, securing 89 million hectares in durable funding for long-term conservation and community development. These agreements include the Herencia Colombia PFP in June 2022, the Eternal Mongolia PFP in April 2024, and the Great Bear Sea PFP in June 2024. This success is built on local leadership, co-development and governance, and the support of an engaged global community that is committed to this innovative and proven sustainable finance approach.
Currently, 175 million hectares of lands, ocean, and freshwater are durably conserved through the PFP model worldwide, an area equivalent to three times the size of France.