According to Daniel Currie from the High Seas Alliance, a very important part of the BBNJ, particularly for developing countries is capacity building and marine technology transfer. The provisions are to provide funding for participation in the agreement and implementation by developing countries. Supporting cooperation for the development of marine sciences and technical capabilities. Ensuring access to technology on fair terms. Activities like monitoring, sharing of data, research facilities, and vessels. Furthermore, institutional collaboration for the improvement of their own national regulatory frameworks for compliance and implementation of the agreement and tools for monitoring and compliance. Finally, the creation of the CBTMT committee to oversee the fulfillment of these activities.
The funding mechanisms through national contributions by the parties set up a budget for the BBNJ agreement. More so, there will be a voluntary fund; a special fund provided by Marine Genetic Resources. The contribution will comprise a flat annual fee plus contributions in the form of private enterprises, donors, philanthropists, and the Global Environment Facilities (GEF). Basically, a country member of the party will contribute a percentage of the overall budget. Further down the line, the monetary benefit sharing such as royalties or milestone payments or any other form of monetary payments would also go to the special fund. Lastly, the establishment of a finance committee o financial resources is established for oversight and implementation.
Source: High Seas Alliance
