Abstract

According to the International Union for the Conservation of Nature (IUCN) now known as the World Conservation Union (IUCN), a protected area refers to a clearly defined geographical space, recognised, dedicated and managed through legal or other effective means, to achieve the long-term conservation of nature with associated ecosystem services and cultural values. The recognition of the role of protected areas in biodiversity conservation is manifested in several regional and international policies and legislation underscoring the need for financing of protected areas. These policies and legislation include the Convention on Biodiversity, Convention on International Trade in Endangered Species of Wild Fauna and Flora (CITES), World Heritage Convention and the Ramsar Convention on Wetlands. Most countries have ratified these conventions and consequently formulated national policies and legislation supporting biodiversity conservation and most are at implementation stage. However, protected areas are still not adequately funded regardless of their unique contribution to nature conservation. Challenges and opportunities in protected areas financing have been identified, conceptual frameworks for sustainable protected areas financing have been formulated and the various components that make a successful protected area are known.

Key words: Protected area, sustainable financing, tourism, international conventions, values, biodiversity, conservation, heritage.