The small self-governing Pacific Ocean island of Niue is aiming to raise NZ$32 million ($20 million) for ocean conservation and climate resilience through the sponsorship of conservation credits, called Ocean Conservation Commitments (OCCs) under Project Niue and Ocean Wide (NOW).

The project consists of 127,000 OCCs, with each representing the cost of protecting one km2 of Niue's Moana Mahu Marine Protected Area (MPA). The country has a total of 321,018 km2 of marine territory. An OCC sponsorship is sold for NZ$250 for 20 years. The price reflects the cost of conservation of a kilometre of the MPA for 20 years. So far it has raised approximately $4 million.

Proceeds from the OCCs sponsorship are managed by the Niue and Ocean Wide (NOW) Trust, which was established as a public private partnership, between the Government of Niue and a local non-profit organisation, Tofia Niue.

"We are democratising ocean conservation by providing a fair way to leverage the type of funding and support needed to ensure a lasting and significant commitment to ocean conservation," said Coral Pasisi, president of Tofia and NOW Trustee. "One that does not leave a burden on a small ocean country but rather enables them to become the leaders of this protected ocean asset in perpetuity in spite of the huge climate change impacts they are experiencing."

The NOW Trust suggests this transaction demonstrates a pragmatic, actionable approach that is well-suited to the capacities of small and developing states and to conservation initiatives led by indigenous peoples and local communities (IPLC) led. The hope is this concept can be replicated in other parts of the Pacific and across the world.

Niue is a self-governing island country in free association with New Zealand, with a population of fewer than 2,000 people. It forms part of Polynesia.