February 2021 – July 2022
The program will support stakeholders in Greece (Regions of Attica, Central Macedonia and the Peloponnese) and Cyprus (Pedieos River catchment) that are exposed to multiple environmental challenges such as river flooding, flash flooding and extreme droughts. Another 16 catchments in Cyprus are facing similar challenges and thus are expected to benefit.
The program aims to develop a common vision for resilient and safe river catchment management strategies that would be co-designed and accepted by local stakeholders. Through a multi-stakeholder and multi-sectoral engagement process and dialogue the program will support local knowledge exchange through capacity building activities and facilitate a common understanding of the benefits of NBI in local contexts. The final outcome will be pre/feasibility reports that would define NBI projects that need to be implemented in local contexts to address recurring floods.
In addition, we are proposing an innovative financing model that will use avoided damage costs to finance the implementation of NBI delivering flood reduction services and other cobenefits (e.g. enhancement of biodiversity, provision of habitat, soil erosion control, carbon sequestration). This model leverages reduced public funding by aiming to attract the private sector which so far has not played a significant role in mainstreaming these assets. The program will support local authorities in developing business cases for NBI.
The Project is divided into three distinct implementation stages, labelled as Phases I, II & III. A grant agreement for Phase I was signed between GIB and MAVA on 23 December 2020. Separate grant agreements between MAVA and GIB for Phases II and III will follow, the signature of each being contingent upon the success of the preceding phase. The present Forwarding of Funds Agreement concerns exclusively Phase I of the Project. Should Phase II and III be approved by MAVA, GIB and Funds Recipient will sign separate agreements for each of those phases.
ICATALIST will build on its experience from the Horizon 2020 project NAIAD and its concept ‘natural assurance schemes’ focusing on the insurance and the assurance value of ecosystems. It will support stakeholder engagement using its participatory planning tool called the “natural assurance scheme” business model canvas, development of training materials and final dissemination and replication supported by their experience in other contexts.