To preserve marine biodiversity and meet global conservation goals, the Costa Rica Forever Association has established the Blue Fund, an innovative financial trust, that marks a turning point in the protection of Costa Rica’s marine ecosystems. This project is supported by BLP’s legal advisory, which played a key role in the development and structuring of this essential instrument. 

🌊 What is the Blue Fund? 

The Blue Fund is an irrevocable investment and fund management trust designed to finance the strategic protection of Costa Rica’s marine conservation areas. This financial instrument mobilizes resources from national and international donors, ensuring the sustainability of marine protection initiatives over time. 

Through this mechanism, Costa Rica aims to achieve the global goal of protecting at least 30% of marine and terrestrial ecosystems by 2030, a commitment the country has made under international environmental conservation agreements. 

📈 What are the objectives of the Blue Fund? 

  • Protection of key marine areas: Finance the management and protection of public marine conservation areas, and future designated areas, ensuring their long-term sustainability. 
  • Promotion of sustainable fishing: Foster the implementation of responsible fishing practices and the adoption of monitoring technologies on fishing vessels. 
  • Maritime surveillance and control: Ensure that protected areas are monitored to prevent illegal extractive activities. 
  • Conservation of marine biodiversity: Support projects that protect marine ecosystems, focusing on biodiversity and restoring critical habitats. 

 

🌱 Why is this project relevant for environmental conservation? 

The Blue Fund serves as an essential tool to strengthen marine conservation in Costa Rica for several reasons: 

  • Achievement of the 30×30 goal: Backed by the Blue Fund, Costa Rica is advancing toward the protection of 30% of its marine ecosystems by 2030, a key commitment under the Convention on Biological Diversity. 
  • Long-term financial sustainability: Establishing a trust fund enables the continuous mobilization of resources from international donors, such as the Bezos Earth Fund and the Moore Foundation, ensuring the continuity of conservation actions. 
  • Public-private alliance: The collaboration between the Costa Rica Forever Association and the National System of Conservation Areas (SINAC) strengthens the management of protected marine areas, aligning efforts between the public sector, private sector, and our society. 
  • Promotion of sustainable fishing: The trust supports adopting technologies that identify and control fishing vessels, thereby contributing to sustainable fishing practices and the conservation of marine species. 

 

📖 BLP’s Role in the Creation of the Blue Fund 

BLP played a fundamental role in the proper legal structuring of the trust. As legal advisor to the Costa Rica Forever Association, BLP drafted the Investment and Fund Management Trust Agreement, ensuring that the project complied with Costa Rican regulations and adhered to international best practices. 

The legal structure guarantees transparency, legal certainty, and traceability in the administration of the Blue Fund’s resources. It also ensures the participation of a Governing Council to decide investment priorities and implement conservation actions. 

 

💡 Conclusion 

The Blue Fund provides a concrete example of how financial innovation and public-private collaboration promote environmental conservation. This initiative supports the goal of protecting 30% of marine ecosystems and establishes a replicable model for other countries interested in strengthening marine sustainability. 

At BLP, we are proud to have contributed to the legal development of this trust, reaffirming our commitment to environmental conservation and projects that positively impact the planet. 

For more information or legal support in creating conservation trusts or projects contact us. We are here to help you create a greener and bluer future.