Developing a Model for Sustainable Financing for Biodiversity Conservation in Namibian National Parks

Biodiversity conservation is essential for maintaining ecological balance and fostering sustainable development. Biodiversity conservation efforts in Namibia encompass activities such as monitoring protected areas, preserving natural resources, preventing poaching, adapting to environmental changes, promoting tourism, and engaging in forestry work. Despite these efforts, funding for biodiversity conservation is insufficient, thereby necessitating innovative strategies to secure additional financial resources. Consequently, this study evaluated the total economic costs and benefits of biodiversity and its conservation to create a sustainable financing model for biodiversity conservation in Namibian national parks. This study aimed to develop a model for sustainable financing of biodiversity conservation in national parks, specifically within the context of Namibia. The research addresses the chronic underfunding of conservation activities and explores innovative financial strategies to bridge the funding gap. The study was based on the philosophy of pragmatism, used a mixed-methods research approach, and employed a concurrent research design. For the quantitative aspect, the study used the census sampling approach on 60 respondents. For the qualitative aspect, the study used purposive sampling on nine participants. To collect data, both aspects used structured questionnaires which were self-administered online using Google Forms, whereby the questionnaire for the quantitative aspects comprised closed-ended questions, while the one for the qualitative constituted open-ended questions. The study employed various analytical tools to analyse the data, precisely the PLS-SEM in SmartPLS 4 software for the quantitative aspect and the reflexive thematic analysis with direct quotations in ATLAS.ti for the qualitative aspect. The quantitative aspect of the study ensured reliability in terms of internal consistency using Cronbach’s alpha and composite reliability using omega-a (rho_a). The quantitative aspect of the study used convergent validity based on the factor loading of the indicators and the average variance extracted (AVE), as well as discriminant validity using the Fornell-Lacker and Heterotrait-monotrait (HTMT) ratios. The findings indicate that effective financial management moderately and positively impacts the financial stability of biodiversity conservation in Namibia. Moreover, the study shows a strong positive and statistically significant correlation between sales revenue and financial stability in biodiversity conservation. However, numerous challenges hinder the financial stability of Namibia’s national parks. The study concludes that sales revenue should be a managerial focus in achieving financial stability. Drawing on these findings, a comprehensive model for sustainable financing was developed, which identifies key revenue streams and management practices crucial for long-term financial viability. The results of this study provide a noteworthy contribution to the current state of research, shedding new light on key issues and themes, and elucidating financial obstacles and opportunities pertinent to biodiversity conservation.