JAKARTA - An Indonesian conservation group is developing what it describes as the world's first results-based financing mechanism dedicated to manta ray conservation, aiming to secure long-term funding to protect the threatened species and support coastal communities.
Called the Manta Impact Bond, the initiative is being developed by Konservasi Indonesia in partnership with Conservation International for launch in early 2029, with an initial fundraising target of $5 million and an anticipated duration of 20 years.
Under the proposed structure, private investors would provide upfront funding for conservation activities and receive returns only if conservation targets such as stable manta populations are independently verified as having been achieved.
Two pilot sites have been selected for the initiative -- Raja Ampat Regency in Southwest Papua Province, which hosts one of the world's largest manta ray populations, and East Flores Regency in East Nusa Tenggara Province, where conservation efforts have proved successful but difficult to sustain financially.
"In Raja Ampat, the focus is on preserving manta populations and ensuring the benefits of sustainable ecotourism, while in East Flores, the focus is on further reducing threats to manta rays while strengthening livelihood options for coastal communities," oceanographer Iqbal Herwata Putra of Konservasi Indonesia told Kyodo News in late September.
Manta rays are frequently targeted for their gill plates, which are used in traditional medicine, and are also caught accidentally by fishermen. Habitat degradation, vessel strikes, pollution and climate change-related shifts in food availability are also putting pressure on manta populations worldwide, conservationists say.
Many tourists want to snorkel in Raja Ampat "mainly to see manta rays, especially at Manta Point, where a lot of them gather," said travel guide Sunarto, who regularly brings visitors to the area.
Conservation scientist Edy Setyawan of the research group Elasmobranch Institute Indonesia said Raja Ampat hosts the world's second-largest identified manta ray population after the Maldives, with an estimated 2,000 reef manta rays and 900 oceanic manta rays.
"In Raja Ampat, the overall level of threat remains low, as we can see that manta ray populations are growing well. However, if not addressed, those threats could intensify over time," Setyawan said.
Meanwhile, integrated conservation efforts involving local communities, the government and conservationists in East Flores between 2013 and 2018 slashed the number of manta rays killed from an annual average of 159 between 2013 and 2015 to just 15 in 2018, according to Iqbal.
However, funding for conservation and livelihood-development programs was not fully sustained afterward, causing some initiatives to lose momentum and raising concerns about renewed pressure on manta populations. The number of manta rays killed rose to 154 in 2024.
"This experience demonstrates that conservation success cannot be sustained by short-term, piecemeal interventions alone. Sustained and integrated support is required," Iqbal said.
"That is one of the reasons we are exploring the Manta Impact Bond -- to design long-term financing that aligns with local needs and supports an integrated approach to manta ray conservation and the strengthening of community livelihoods."
Inspired by the World Bank's so-called Rhino Bond in South Africa, the Manta Impact Bond is designed to mobilize private capital and tie it to measurable conservation outcomes.
"It is designed to mobilize private investors in providing the initial capital to fund manta ray conservation activities and link results-based payments to measurable conservation outcomes," Iqbal said.
Those outcomes are expected to include stable or increasing manta ray populations, lower mortality rates, improved protection of key habitats and sustained reductions in illegal exploitation, he said.
Potential investors are being identified and assessed, including philanthropic institutions, family offices and development finance institutions interested in results-based conservation financing, said Ruth Aprilia Kusumawati, Konservasi Indonesia's sustainable finance manager.
Unlike the Rhino Bond issued by the World Bank and listed on an exchange, the Manta Impact Bond will not be a tradable debt security, Kusumawati stressed. Instead, investor funds would be channeled directly to an implementing agency rather than through a bond issuer.
"Upfront funders will receive repayment of their principal and a return from outcome funders only after the successful achievement of conservation targets has been independently verified," Kusumawati said.
The funding would be used to strengthen law enforcement, establish marine and species-monitoring systems, improve data management and develop livelihoods that support manta ray conservation. It would also be partly used to establish a trust fund aimed at helping ensure the program's long-term sustainability, she added.
